Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
After the Boohoo ESG scandal, poor state of the Boohoo business and awful share price performance, Boohoo should be banned from ever getting anywhere close to taking control of the board.
However I'm struggling to see how the Revb board can fend this off completely, apart from delay it, if Boohoo have support of the founders. Some form of legal action maybe?
I think BooHoo are just using the two founders for their own benefit. Not quite sure what is in it for the founders if Boohoo try to take out on the cheap, although they're used to giving out sweeteners so not exactly going to turn down accepting them! Maybe they're also hoping to be the new non-exec directors lol!!
For those that haven't read the Interim Results in detail, they have clearly stated the work that has been completed over the last 6 months, and work to be finalised, all towards lifting of the share suspension. For longer term investors (i.e. those that weren't buying into the suspension hoping to make a quick buck ), Bob and his team are exactly who we need in place to structure the business and lay foundations for growth. More than happy with all the work that has been completed so far.
Hello Davwal, They have stated the below is still to be completed before readmitting to AIM. It looks like they have had much compliance and processes to review and implement, with a little more to do.
"The remaining work to be completed includes a review of working capital and finalisation of internal policy documentation".
I think this is the final hurdle!
Seperately, Considering Bob's comments in the FY22 results. I believe the forecast for FY24 are conservative, or to use Bobs words "prudent". I expect to see trading updates and interim with results above forecast. Under promise and over deliver! Nice to see costs under control and building cash.
The FY22 accounts state that BH Cosmetics was delisted by a major US retailer when acquired, which I think will have had a severe impact on BH revenue. I believe this was Target, so would say that accounted for a large percentage of BH revenue. BH was previously only sold in the US and Germany, and it sounds like things are still going well in Germany. BH is being trialled in Superdrug and is listed on Beauty Bay in UK. So I see a lot of potential if they can introduce BH to Revolutions worldwide customer base, including those in the US (Walgreens, Walmart). Plus they have many additional complimentary products such as makeup brushes, accessories etc. I think with some focus BH can be revived and contribute some good numbers in future.
Interesting read online, regarding BDO delay
CityAM
WEDNESDAY 26 JANUARY 2022 12:42 PM
Tetrosyl seeks £1m in compensation from BDO over 9-month audit delay
BY:LOUIS GOSS
Rochdale-based car products manufacturer Tetrosyl is seeking more than £1m in compensation from Belgian accountancy firm BDO, over claims that BDO’s “inadequate” handling of its audit damaged Tetrosyl’s relationships with its contractors and led to Tetrosyl’s directors facing criminal proceedings from Companies House.
In documents seen by The Times, Tetrosyl said BDO’s nine-month delay in filing its audit cost the car care products maker £1m, as it was unable to re-tender supply contracts due to BDO’s late filing.
Tetrosyl said it was left feeling “completely powerless” by the audit delays, as it was unable to switch to another auditor without BDO resigning from the job.
The delays saw Companies House warn Tetrosyl that it would begin criminal proceedings against its directors. Prolonged delays to Tetrosyl’s audit also damaged Tetrosyl’s reputation, harmed the firm’s relationships with suppliers, and raised its financing costs, Tetrosyl said.
After Tetrosyl was first told by BDO there would be a three-month delay in filing its audit, the Rochdale based firm warned its suppliers and insurers, only to be struck by even more delays after the three-month deadline had passed.
The additional delays further damaged Tetrosyl’s relationships with its suppliers, amid doubts as to whether the firm was telling the truth.
Short staffed
The filing claims that BDO’s service deteriorated in early 2021, after it had previously audited Tetrosyl’s accounts in 2013, as changes in personnel saw BDO request the same information from Tetrosyl multiple times, while work ground to halt when just a single member of staff was away.
According to the Times, work stopped for several works when BDO partner Julien Rye, who was overseeing the project, left on sick leave for several weeks. BDO also admitted that its Manchester audit team had prioritised other clients over Tetrosyl, The Times said.
Speaking to The Times, Tetrosyl chairman Peter Schofield said he suspected BDO had taken on too much work, which it had been unable to complete due to being short staffed.
Tetrosyl claimed that its competitors took advantage of the situation by calling into question the viability of its business.
In an email to City AM, BDO said it could not comment due to being bound by client confidentiality.
Seems to be audit delays all over the place
https://www.dorsetecho.co.uk/news/23352258.questions-dorset-council-audit-accounts-delayed/
Struggling to be optimistic of an RNS in May! Would be nice if it lands this week. Also an update on the Medichem revaluation negotiation and new Non-Execs joining the board. Can't understand the lack of progression on all these matters. Hoping a positive trading update and outlook make up for it.