Member Info for LTbeliever

Sol,

RNS stated 3rd July...so today is last day of trading...for a few weeks...months...or forever!

Let's say that I will be extremely surprised if suspension lasts just a few weeks, but I won't be, if it's forever.

Have a good rest of the summer everyone, albeit with much less money unfortunately.

Maybe it's Gerry, trying to up his stake so that he is not kicked out?

Have these people not read the RNS?

Yeap, I guess Gerry has burned MSYS too, 2 PLCs in 2 months...what an achievement for his CV!!!

That's it guys, 1 hour left of trading before the first numbers after waiting 1 whole year!!! Not much left to say, we covered all angles, Mr Market will give its verdict tomorrow at 8am.

I hope it will not be a damp squib, I think we all expect some fireworks tomorrow, many expect MSYS to burn or drown with Gerry etc. A lot of luck is needed, for all of us.

That's why I hope that - whoever puts new funds in (hopefully, not much though) - will demand Gerry's departure as CEO.

I reckon Gerry hoodwinked him twice, once at DVRG (as a NED) with little personal loss and here at MSYS, at a huge money loss (he owns 5%), and since Feb 22, down 90% on the 200k he invested by exercising his options.

Maybe NB is trying to get Gerry kicked out?

That's absolutely true and I think nobody will disagree with you.

It's also the issue of if RNSs cannot be relied on, what's the penalty for those who mislead investors? Isn't the LSE concerned?

Yankee,

To me at least, it's clear that they scre..wed us; but as I am still holding on to my stock, I still think that MSYS can be a great business (preferably without Gerry at the helm); in 2022, maybe 80-90% of Sales were to DVRG whereas current pipeline (not Sales, yet) as of April was 90% non-DVRG - this shows value in the services provided - which, I repeat - are highly specialised and save money for clients.

All the losses we have taken are SUNK costs right now, so yes I have a vested interest in MSYS surviving and flourishing; hence why these Audited FS are important, their release will - I hope - shed light on a lot of things; DVRG collapsing should - just IMO - make the Auditors extra wary of Gerry's BS so maybe the numbers will not be cooked up.

1 day to go. GLA

Just to add that, yes we know that Gerry and NB are after their own interest, they may have acted criminally etc, but I am wondering - do they have the ball..s to continue acting in this manner, now that DVRG has gone under, everyone saw that Gerry simply took 1.4mln of MSYS money and flushed it down the DVRG drain etc?

Especially if new funding is announced tomorrow, will the funder/s let Gerry continue these shenanigans?

What I am saying is, the worst may be behind us (MSYS shareholders).

Let's wait and see.

Sp2, using your logic, what you are saying implies that IF Audited FS are released tomorrow - on a going concern basis - with funding options available, then MSYS will be a going concern and with cash sufficient for at least a year; this - excluding a potential dilution and the impact on the SP - would be great news, right?

Yankee,

I am an existing investor, so I have to wait and see; if you are an existing investor, why have you not sold out?

If you are not an investor, I quote you from your post below "Plenty of more investment opportunities out there to gamble on, stay well away from these people."

Yes, I guess this is why an Audit for DVRG could not be completed (not a going concern, thanks to GJB's shenanigans) whereas it seems for MSYS they try to be more transparent e.g. they mentioned the "going concern" label in 2 different RNSs; so we just need to be a bit patient and see the numbers, the cash, the margins and what funding options they have in mind.

For me the biggest question for tomorrow, or Friday's release, is - how potential funding needs comply with the going concern "label", assuming of course the Auditors do indeed approve the Audited FS with this label. The definition follows, implying that - whatever happens - the Co is/will be funded for the next 12 months (the release of next year's AFS):

A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the two). The presumption of going concern for the business implies the basic declaration of intention to keep operating its activities at least for the next year. Hence, a declaration of going concern means that the business has neither the intention nor the need to liquidate or to materially curtail the scale of its operations."

And all will be revealed (whether it's accurate or not, that's another story!); No RNS today, RNS tomorrow or Friday, so just 24-48 hours to wait. Knowing GJB, a surprise cannot be excluded. GL to all suffering shareholders, and the new ones (who might prove very lucky, if things turn around).

Spants,

A few points from the last RNS (fwiw):

1. "Company continues to meet its obligations as they fall due and expects to notify, later this week, its accounts for the year-ended 31 December 2022 with the financial statements having been prepared on a going concern basis."

Going concern means that the Co can meet is obligations for at least 14-16 months, no caveats (how this does not contradict the potential need for WCap, I can't say!);

2. "pipeline having grown substantially since the last update on 18 April 2023, excluding any prospective revenue from DeepVerge ...", again fwiw

"A further update will be provided in the results statement later this week, in relation to current trading, outlook, funding strategy and the adoption of a going concern basis for the full year accounts." whatever this means, very open to interpretation IMO.

735k in H1, and 900k to DVRG in H2 (minimum, FWIW) as this was the net increase at Y/E 2022 of the DVRG debt, plus other income (200-300k maybe)? Close to 2mln for Full 2022.

2mln pipeline in Q1 2023 (1.8mln non-DVRG related), how much in Sales? 400-500k? just assuming.

So maybe another 700-800k in total for H2 23? Co said "slow start", whatever this means.

Yankee,

All you say is not unreasonable; but can you pls explain these 2 potential flaws that I see in your reasoning:

1. to enrich myself (NB and GB) personally, I need to have the cash to buy DVRG business; and even if I have this money (big IF), the assets will be sold at a price determined by the Administrator - what guarantees that some other party may not offer more? so, why destroy my personal wealth?

2. if the plan was for MSYS to buy DVRG business, them two own only 9% of the company; so again, they have destroyed a huge chunk of their wealth to buy something for MSYS? But MSYS has no money for such an endeavour. IMO

I agree with most of your points Yankee, except the enrichment part; how can they enrich themselves if their personal wealth is already down (from their stakes in both companies) by hundreds of thousands of Pounds?

DVRG was worth 60mln at one point and MSYS 12mln - Nigel has a 5+% stake and GB over 3%, plus options. I call it ineptitude (as a minimum).