Member Info for mugginsthedog

Is GB one of the worst AIM directors of all time? He has ruined DVRG and he also ruined Alltracel. It seems that he is doing a similar job at MSYS. There must be real questions over the viability of MSYS who have clearly overextended credit to DVRG. And who ran both organisations - oh yes that will be GB.

GB has consistently failed to follow the rules on AIM and not follow best practice. Transgressions include failing to announces Mrs GB’s DVRG share sales in a timely manner, giving options to NXD claiming that it is normal practice when it is clearly against best practice, consistently over promising (largely on Twitter) and under delivering. Then there is the matter of competence, signing up the worst financing deal in history with DVRG which ultimately cratered the SP.

According to the Irish Times his training is as a plumber - we all hope he goes back to that profession.

Maplinman - you make some good points. Ignore the idiots who infect these boards.

Even more fundamentally it is about cash - something that DVRG have very little of.

I fear that the reality on product development etc will be nowhere near the hyperbole from our ex CEO.

It is pretty clear that the posts from ex-employees suggesting that the some of the developments were little more than a figment of an over active imagination were pretty much on the money unfortunately.

An update on the cash situation would be most welcome.

There has been virtually no buying interest for months as witnessed by the SP graph over the last year. Unsurprisingly no one trusts the CEO and there will be no rerating until he gets the boot. His behavious at DVRG and other companies has been shown to be useiess at best and crooked at worst. That is clearly demostrated by the halving of revenue guidance following his departure from DVRG, he and his missus selling shares during this period and bypassing official channels for news replacing with unregulated social media. His list of misdemeanours is endless.

Trills - I am glad that you can now see that. The Emperor's New Clothes and all that.

Let's hope that the police/FCA etc come calling for him. I am astonished that he is still at MSYS - with him there I suspect that MSYS is uninvestable.

On BoD I would like to see a clear out of those directors who oversaw the previous shambles.

Also, there is a clear conflict of interest with one director being on the board of DVRG AND MSYS. He has to go from one - presumably from DVRG as he over saw the shambles and was clearly one of GB's 'dodgy mates'.

From the last set of financials Labskin made an operating loss. Since then the US, supposedly the main driver for growth, has been closed down. Also, we have no idea how much of the revenue overstatement relates to Labskin so the performance could be materially worse. Why anyone would think that we could sell this for mills is utterly beyond me.

DVRG has £1m in cash. It owes MSYS £1.4m as well as a bunch of creditors. For years it has been annual net cash outflows and with the apparent reduction in turnover I cannot see that this will change - even with a reduction in costs. The company will almost certainly require additional funding and without that will likely go bust.

We have been promised new contracts for years and none have been forthcoming. Let's hope that changes.

Those who think the SP will suddenly shoot up to make the warrants worth exercising are living in a different universe. This company is very much living on the edge and will require a massive change in investor sentiment before anyone is foolish enough to put good money after bad. They have got through 3 lots of investor funding - each time at a lower price than the last and I cannot see that changing.

It would not surprise me if the company has further investigations by the authorities. Where has all the money gone? Why was turnover half the stated level? These are fairly basics questions and we have not had answers.

We need news of more contracts.

If he stays then you are in deep trouble. No one will back him because of his record. You will never raise finance from reputable sources, you will never attract institutional backers. GB is an international pariah

The DVRG PIs have been shafted by GB and I hope that he does not do the same to you.

I see that Winnifrith has put a letter in to the authorities. I hope that they do something. People like GB need to be made responsible for their actions.

LT - thanks for that. You are an inspiration

The MSYS BoD should have got rid of GB when it was apparent that he had completely shafted DVRG. I fear that PIs are feeling the impact of that now.

DVRG has £1m in cash and owes £1.4m to MSYS. For years DVRG has been haemorrhaging cash, I have lost count but somewhere near £21m over the last few years (much of it by its then CEO, now your Chairman). I rather doubt that DVRG will be able to raise additional funds. Therefore there is a significant risk that DVRG will enter administration.

Unfortunately the impact of that, both financially and reputationally, on MSYS will be significant. Obviously DVRG owes considerable sums to MSYS which will be unlikely to be repaid and also DVRG is an important customer to DVRG. Further, the problems of DVRG clearly originate at the hands of GB who is the current Chairman of MSYS. One of the other MSYS directors is, I believe, a director of DVRG. The reputational issues of a fall out from DVRG are clearly there, particularly with GBs involvement and there will be a significant impact on MSYS which is no doubt behind the fall in SP of MSYS.

I think that you will find that GB is actually a plumber by training (according to the Irish Times).

So we have ghad a crooked CEO, sales half that forecast, signed up the doggiest financing possible, got through £tens millions, closed US operations, have negative cash flow, have £1m in bank and owe MSYS £1.4m.

We clearly need addituional funding but who would be stupid enough to follow good money with bad?

LT - you did say the direction, I quote;

‘ the SP is very likely to move up on the next RNS’. Please note the word ‘up’. That seems fairly clear

No I will never be an investor here as I have seen all too often the impact on PIs when GB gets involved in companies. Why I dislike his involvement is very simple - every time he gets involved the PIs get shafted. Very simple. I would have thought that a 98% fall in SP is ample proof.

I think that you are rather missing the point. GB announced forecast turnover, this is what he said;

"The Company continues to expand across all divisions with record H1 half-year sales and expectations of £18m for the full year.‘

So he was clearly responsible and you cannot say that he had nothing to do with it. I am not sure that you really understand some of the basics and perhaps it might be safer if you worked with an advisor

If you look at the RNS you will see who has been held responsible;

‘ "Whilst it is extremely disappointing that 2022 revenues are likely to be so far below the figures provided by the previous executive management team, I'm confident that the new management has robust plans in place to deliver the order book during 2023 and 2024."

At the time the CEO was GB and he has clearly been fingered.

As CEO GB had responsibility for the error. You only have to look at his LinkedIn profile to see that he claims financial skills. Let’s not forget that while he was artificially ramping the DVRG SP he and his wife were selling shares. That does not look good.

Let’s also not forget the disastrous refinancing that bought the company to its knees.

Perhaps you should look a little more carefully at his track record?

LT this is your post on Friday about the DVRG share price, since when the SP has halved. Perhaps you are not best suited to being a PI pundit!?

‘ Technicals and logic'd suggest that the SP is very likely to move up on the next RNS, IMO.
After the very costly leak of last year (leading to the doldrums of today), I assume that the Co is very careful about new contract releases; hence why I think that the next RNS will be impactful.
Already 6mln c/f from Q4 22 ( 33% of 2022 Sales) with no other news so far of 2023 Sales.’