Member Info for buyout18p

When will this nightmare be over? we are such a toxic share, it never seems to work out for mmx, employed too many muppets for too long.....nightmare

the chinese comes out as ?

This is a great initiative??????3?????????????Web????URL?E????????????????????

?????·??·???????.law????URL??????????????????????????????Web????????????????????

Bearing in mind MMX sales have been slowing for a year or so and sales in the sector are generally slower we are now at the end of the innovative road, excepting A block that may give us a little boost this year, it really is time to fold out DUMs in with a larger outfit.

Dr K, I agree, the temp team are here to keep the show on the road, keep the balls in the air etc.......the II's trusted others to run the company for shareholder benefit, well that didn't work did it! so I think the II's will be pretty focused on all that is happening and how they want to see things going forward: the direction of travel will be set by the II's not a temp team. So what is the direction of travel to be and when might we know. The when is probably when we have year end of year figures to look at so anytime Jan - April next year. I find it hard to think any shareholder wants anything but a sale, if the II's had wanted a divi they could have forced it so getting fat on divi's is unlikely to be their choice, my guess is that they want to sell, but first they need to right the ship and have a strong narrative that all is well with mmx and that nothing dodgy is oing on......how long will that take....I dunno but it will not be immediate, so for me its a sale asap perhaps 12 - 18 months. Difficult for Hony at 13p maybe buy more to get buy price down or take a hit of a few pence? dunno we will have to wait......Huckster

The RNS number 6964D makes it clear 'the Board considers it prudent to postpone the proposed tender offer'

We in my view are in no way out of the woods yet, I imagine the new temp team will take stock of where we are and issue some sort of a statement, all we really know is that some folk have resigned and a temporary team have taken over pro tem there is no real clarity on anything else, only really what SJL said, all the trains will still run on time ergo its business as usual for now, still a very concerning time the last thing we need is unnecessary doom and gloom on this board.

SJL sells at 0.99% 6p and buys back in at 4.3p, whats not to like, wish I was in that position. It's not as though SJL doesn't know the new top guy or Guy himself, probably would mean he (SJL) would not post here though.

Bakky, the thing is that in difficult times peoples loyalties change, so Toby in his efforts to do well for MMX and s/h's tried to boost sales and look successful and to show that to attract investors, Guy very probably knew and yes, thought this is the way to go, but if the II's did a 65% bellyache (hey - who's in charge here?) all over Guy for the poor conception of MMX and the diving sp, as they almost certainly did Guy is in a position to help, the II's can sit back and look as genuinely surprised when the shock news is uncovered, its just my theory, but who owns the company?.......Huckster

Come on Bakky......II's complain to Guy, **** there's no shareholder value here, market doesn't like us,, sp going down, this Toby chap has not got a clue how to keep s/h on side, GUY....well! the thing is they have been cooking the sales figures for years now booking blocks of sale or return domains as actual 'here and now' sales to boost the sales figures and revenue, SJL thinks he spotted it but they b/s their way out of it, II's.....really! we could have MS for that, and TH too, you blow the whistle and conduct an investigation, we'll just sit back whistling and wait for the inevitable result and you get clear them out!........GUY as long as my jobs safe OK.................job done.

Whilst we have pretty good awareness of what has happened internally at MMX due to our specific knowledge of the company and SJl's very individual knowledge (even that is not all seeing) the full story is not really out and about, the rns announced issues with one contract with vague reference to other contracts, effectively only giving the most hazy detail. We surmise this to be ,vip, .work and A block but quite frankly the company cannot be accused of 'coming clean' at all, there must surely be clarification to come giving transparent detail, clearly the new CEO will be considering how to do this, but non mmxers will still be fairly clueless, so I think there is more to come out to explain this. As is customary in these circumstances TH and MS are always going to be very handy scapegoats for anything ills the company may have, I still think the II's got Guy to blow the whistle to initiate an investigation which was calculated to oust MS and TH in very short order, it is hard to believe the II's, like us,were happy with the way things were going. I don't expect a massive uplift in sp until the smoke clears and we know exactly how many real DUMS we have and and how the y/e figures look, that for me is when the reset button is pressed.......Huckster

Sunday.......Toby definitely had his blind spots as you say, he had no empathy with shareholders and what they wanted from MMX that's for sure (wait 5 years and we will see) probably was not really quite tough enough to effectively run MMX, I believe he had good vision as to the business model and what that could achieve which will remain with us. I believe the II's and the chairman saw he had run his time and had him ousted, SJL probably would have done it if he had the evidence. But Sunday, it will take some time to alter the hearts and minds of the sector and new investors, sales are pretty stagnant so nothing mega is going to happen, it is a matter of being prudent and cutting costs and changing the sectors perception of MMX that is not an overnight thing, we will see...........most of all I hope the BoD see a sale of the company as the preferred direction of travel......................atb Huckster

All in all I think Toby did good things with MMX, he pushed us along very well, but he was too keen to just push the revenue figures and was guilty of creating a slightly false picture, I think we can take the good Toby did for MMX and move on with the new impetus the new man will bring, the damage is in the market cap and the way MMX is viewed in the sector and the sp which will take quite some time to sort out, so some of us will need breathing apparatus to a good while longer .....Huckster

The Board of top level domain name company MMX (London AIM: MMX) has concluded an investigation into revenue recognization at the company. The casualties include the company’s CEO, CFO, and income statement.

Earlier this month, the board announced it was looking into a contract under which it believed revenue was prematurely recognized. The board issued a statement today:

The Board believes that revenue attached to the specific contract has been incorrectly recognised. As previously announced, cash of $1.125m was received in connection with the specific contract and revenue of $938,000 was recognised in FY-2019. Following its investigation the Board believes that any cash sums initially received pursuant to this contract should have been classified as a deposit against future sales and then recognised as revenue as the Company’s partner made sales to end-users. To date, the Company’s partner has made $201,900 of end-user sales under the contract.

The board also discovered two additional contracts that were incorrectly recognized:

In addition to the above, the investigation has identified two additional contracts entered into in FY-2019 totaling $790,000 where receipts were incorrectly categorised as revenue. These contracts were offset with payment contracts that have been recorded as deferred charges or capital expenditures, thereby impacting earnings. The reversal of these amounts will not impact the cash position of the Company.

The impact on MMX’s financials is as follows:

restated financials for MMX

It’s unclear who the counterparties were on these transactions.

Toby Hall, Chief Executive Officer, and Michael Salazar, Chief Financial Officer, have resigned from the MMX board in the wake of the investigation. They have apparently left the company, too: Tony Farrow has been named interim Chief Executive Officer and Bryan Disher is the interim CFO.

MMX postponed a £3.0m tender offer it planned for November.

Thinking about this, it is clear Toby and co were basically jumping the gun showing deposits against future sales as actual revenue ergo impacting on profits immediately. They calculated that the actual sales would catch up pretty quickly, this basically made the revenue position look slightly better than it was. I can see why they did this, in many companies the Bod would tolerate this provided it was unseen by investors and auditors, the crime is getting caught. Personally I think it was in all probability pretty endemic in MMX for some considerable time as SJL eludes. The thing is that if someone wants Toby out all you need to do is to break trust and alert the auditor and the II's that something is amiss. The rest is automatically set in train, as no real damage was done to MMX's cash position this looks internally political within MMX, quite possibly instigated by the II's. Lets imagine SJL had been given specific knowledge of this practice as opposed to suspicion what do you think he would have done.

SJL, your thoughts are incredibly welcome, we have been trying to fathom wtf has been going on for months, there was a realization the source of revenue didnt add up and results were described as percentage increases of things we had no knowledge of, so much worry and concern. Toby and others were trying to create an aura of fast rising sales and success to breed more success, but dodgy doings have a nasty way of unraveling sooner or later and then it all ends in tears. Thank you for your insights.
Pity Mr Farrow couldn't run the day to day and you join MMX on a fixed contract with share options to make the 'event' happen, we could perhaps be all done and dusted in just a few months! that would be nice......Don't be a stranger.............Huckster

SB, yup ,agree with every word, I am hideously over invested in MMX, combination of getting buy price down and anticipating a sale at the end of the review. I have broken all the investor rules, thought I would pay dearly, maybe not now.................. atb to all......Huckster

Got up late missed all the fun.......Well Well....................I think Toby and co were trying to make the sales figures look better than they actually were thinking this would look good and boost his and the companies fortunes.......how wrong can you be......I am surprised Toby would go along with this type of ruse he seemed straight, we just want an open clean honest little company that can be respected and acquired. Hope SB is feeling better, this has got you down mate, should see some bounce back esp when a new CEO is appointed. Leadership is so important it lights the way for everyone else, hopefully the new CEO will recognize the need to cut out hangers on and reduce overheads, If Toby had reduced staffing and cut costs instead of fiddling the sales figures he would have achieved so much more, the company would be in a much better position ,hey ho we move on, much needed cleansing rns.....Huckster

We need a massive public spring clean, no b/s, no dodgy dealers some shareholder value, cost cutting including letting a few go and just a straightforward transparent company making a profit.
hmmmm is there a place for any of the current senior management in such a company.....not really, we really need a new broom to do this work, maybe this is what needed to happen.................

The unhappy upshot here, looking forward is that if we have no future as an independent player and no-one would risk buying us out ....where do we go from here?

As you can see much of this is above our understanding, I appreciate your views, To be clear it seems you are saying the issue here really should have been clearly picked up by senior management thus there has probably been some kiddology going on here, that being the case i expect some element of coming clean and some element of cover up in the hope of avoiding too much condemnation, ie no sackings.......... My real worry in regard to what you have said is that MMX are viewed as a toddler in this sector and have had a series of skeletons in various cupboards, the senior management are perhaps a little tainted and it cannot be ruled out that there are more skeletons to come to light, all meaning MMX IS TOXIC AND WE WONT BE BOUGHT OUT BECAUSE NO-ONE WOULD RISK IT AS IT COULD TAINT THE PURCHASER ........**** that is seriously bad news, am I reading this right ?? Huckster

SS I think you right, this will take time, although the basic business model is in my view perfectly sound it will take a top sector insider and a good deal of time to regain shareholder, industry and eventually market confidence. Hopefully this is what is happening now.