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From LinkedIn - MSYS:

Per- and polyfluoroalkyl substances (PFAS) pose significant environmental challenges worldwide, requiring rapid and efficient monitoring for effective decision-making. Trajan Scientific and Medical, Australia is developing a pioneering field-deployable LC-MS platform to address the limitations of traditional PFAS analysis methods. Microsaic's Service Director, Steve Vigar, travelled to Australia earlier this month to work alongside David Melville, Rahul Singh, John Lam, Boyjie Firme and Andrew Gooley of Trajan to incorporate the Microsaic MiD 4500 into their platform as part of this project.

Commenting this week, Steve said "The integration of Microsaic's MiD 4500 into Trajan's field-deployable LC-MS platform marks a significant milestone in advancing on-site PFAS monitoring capabilities. Our compact and highly sensitive MS system empowers rapid detection of trace-level PFAS compounds, ensuring timely and accurate environmental analysis. Collaborating with Trajan has been an exciting journey, and we are proud to be part of this pioneering project that aims to revolutionise environmental monitoring for a greener and healthier planet".

To find out more about this project, please visit Trajan's website https://lnkd.in/ee46piC5

I believe the words I used - crooks, heavy dilution as best scenario, possible delisting to rip us off - do not need much of a counter :)

I gave an example, definitely not comparing apple to an apple.

Sol,

MSYS will do well but with the crooks in charge, don't hope too much.

Dilution (heavy, probably) is the best scenario for us; Audit will come through eventually, the Co - IMO - will not go bust but they may still take it private (as a way to recoup the millions they lost in their DVRG holdings).

All we can do is wait (I reckon another 2 months minimum) for news.

Https://www.lse.co.uk/SharePrice.html?shareprice=APTA&share=Aptamer-Group

Assuming (big IF) that the MSYS board are NOT 100% crooks, today's RNSs by APTAMER might offer a ray of hope?

Aptamer's SP dropped from 100p to 4p last week, on the verge of running out of cash, CEO/Founder kicked out (no explanation) and today it has announced placing of 3.6mln, @1p (so, 75% discount to the SP); however, the SP dropped to 2.5p, meaning the new holders have more than doubled their money.

Anyway, I have no idea what will happen but MSYS still posts on Linkedin

Below the link to its newsletter, FWIW

https://zurl.co/AZ10

Very simplistic, superficial analysis; they haven't even bothered to see that about half of that cash burn in 2022 was non-recurring study fees for Kola and DX; which means that it has still funds for a few more months;

However, a) the situation is still very risky if the EPC is not released soon b) the Robot is still on 100% de-ramping mode.

DYOR and avoid Robots.

Alas, GB has stated a lot of BS before; at this stage, I will just wait for the next RNS; yes, complete wipe out is real and highly probable .

Sol, too many unknows, increasing by the day;

We need to know current trading, margins, when and at what terms funds can be raised at etc;

Gerry 's reputation will not definitely help the fund raising; I don't think we need more than 1mln but it could still be hugely dilutory; only a miracle would save us from dilution, miracle being DVRG selling assets quickly with enough money left over to pay the MSYS debt (aka "Gerry's gift to himself, whilst being DVRG CEO").

So, all is not lost yet but chances of recovery are getting slimmer by the day.

Sol, it depends on current trading -

"Statement of Cash Flows: Cash fell £902,136 from £3,464,876 at 31 December 2021 to £2,562,741 at 30 June 2022.

The main... reduction was due to cash used in operating activities... increased to £997,506 ....Cash absorbed by operating activities before working capital movements improved by £309,342 to £579,451 ..... However, this was offset by working capital movements amounting to a net increase in cash absorbed of £418,055 .... The largest component of the working capital movements was due to an increase in trade receivables by £485,413..."

So, cash for opex in H1 22 was 579k, i.e. about 100k pm (excl. Wcap movements);

IF MSYS has a GM of 60-65%, it needs a monthly Turnover of, say, 170-180k to be cash neutral; as it has said, it is paid on 30 day terms; with cost reductions (not paying Gerry and Nigel would be a good start), delaying payments to suppliers etc, it might squeeze through to the Y/E. Maybe this is the intention i.e. not to dilute shareholders UNTIL DVRG manages to sell some of its assets? This is too risky though.

What I don't understand is why they can't release unaudited financials eg for H1 2023, or H2 2022? It would help to know Margins and revenues from non-DVRG sources.

Congrats to Gerry and Nigel for their DVRG "stewardship", BTW.

To avoid incurring additional costs, the Board has today decided to issue redundancy notices to all remaining staff to take effect on 31 July 2023.

Robot, the people that matter here already know You so I will not waste THEIR time.

I will disappear again but please go on mentioning me, it's fun to see how traumatised a Robot can get.

But I am really really flattered that you still mention me...even though I don't reply.

Reminds me of people who kick those lying on the ground.

I am still here, Robot...hahaha

Still enjoying reading your hilarious posts...

I only disappeared because Fluffy asked me to...naf said.

Enjoy your incessant de-ramping, the abuse you receive and the rude remarks you make to other posters (especiallt those who choose to ignore you.

Fwiw, from MW's LinkedIn

"Modern Water’s US office will be closed from June 30th to July 4th in observance of Independence Day. The office will reopen on July 5th at 8:00 AM EST. We wish all our customers, distribution channel partners, and suppliers a healthy, happy, and safe 4th of July!"

So it seems that they are trying to keep MW going, obviously it's worth more to a buyer as a going concern; and if a buyer is found with deep pockets, it should be positive for MSYS (question is, who will be the owner of MSYS in a few months?).

Https://www.lse.co.uk/rns/DVRG/update-8nipl9sumoz3ty4.html

For MSYS, the below is relevant, as it means business is still ongoing:

"The Company also provides an update on operations. Despite the limited working capital position referred to in previous notifications, the production of Modern Water reagents continues and arrangements are under discussion to enable installation and commissioning of already delivered equipment to continue."

Sol,

I am with you on this one; MSYS will do well IMO (but for whom?), my main worry is how big the dilution will be, the negative effect on future business of Gerry's "impeccable" reputation and the possible fallout between Gerry and Nigel (who invested tons of cash in both DVRG and MSYS, gone down the drain thanks to Gerry's "integrity").

On the plus side, MSYS have a good team of experts (will they stay on?) and with low unemployment/high inflation, it makes sense for clients to outsource micro-engineering work to MSYS.

But pls wait until the end, we shouldn't scare potential clients!!

If you find Gerry (disguised probably)...be gentle!

Feel free to pay them a visit tomorrow! Gold Sponsors...

The Microsaic Team are at #SolutionsInScience in Cardiff from tomorrow! We are delighted to be Gold Sponsors for the event. Thomas Sutton, Applications Specialist at Microsaic will present #MicrylaMiD - Microsaic's acrylamide-detection service to the UK audience. Come and visit us at Booth #22, we look forward to meeting with you there!

For those that will NOT sell in the next hour...some numbers:

DVRG had Admin costs (cash burn) of 6mln in H1 2022; it had cash of 1.2mln at H1 end; let's assume that on 31 October when the funds were raised, it still had appx 1 mln? it raised a net 5.8 mln (after loan was paid off); so on Nov. 1 it had appx 6.5-7mln?

Assuming all salaries were paid on time in Oct., it means that it needed to spend another 2mln for the last 2 months of 2022 (6mln / 3), so at Y/E it had 5mln plus it got 1mln from MSYS in Wcap financing (so it hadn't used its own cash for generating sales/servicing contracts. Assuming that it was still receiving some cash from ongoing and previous sales/open contracts etc, and these were spent as WCap, it might (just might) started 2023 with - say - 4 mln cash?

Since it started mothballing/downsizing from February 2023, then accelerated cost savings in April, has it burned more than 2-2.5 mln in H1 23?

This might leave it with at least 1mln in cash now, plus maybe some cash due from Debtors, some stock sales during H1; therefore, IF (huge IF) it manages to sell Labskin, some STC data, or even MWater, MSYS could still receive a big chunk of its debt; the main problems I see though are:

The Administrator's fees;

The time for a sale may come long after MSYS goes ahead with a dilutive fund raising;

In any case, I am wildly speculating so...good luck with your other investments folks.

Yes, that's also a quite possible outcome, NU.

Hopefully, Gerry will be in jail before this happens!