Member Info for mugginsthedog

As I forecast SP back in single figures despite the desperate ramping by the deluded fanboyz. I can see no reason why the SP will not fall to below the level GB effectively disposed of a whole bunch of shares which was, as I recall, around 8p.

As for Mrs GB - that really was an inspired time to sell!

GB has over-promised and under-delivered.

The Trotsky - Thanks for this. I admit than when I read the RNS I did not pick up that there was a whole bunch of warrants issued on each draw down. If that is correct then that really shows how desperate they were. Death spiral funding indeed.

I thought guidance of £24m turnover was a little optimistic, however, even I am surprised by a 25% collapse. Combined with higher overheads and lower margins this is a profits warning by any rationale analysis.

As ever with GB what is really instructive is what he has missed out. Why is there nothing on cash? We know DVRG is manufacturing stock without a buyer, so presumably this is costing. What is the cash figure and what is the year end forecast? For small companies like DVRG cash is key yet we are not given any indication how bad it is. As they appear to have chewed their way through £10m from the last share based funding round in double quick time, an update on cash would seem to be critical.

I fear that the SP is heading back into single figures. Those who have labelled this a unicorn should relabel it a financial black hole.

Smeeno - for once you have actually addressed the issue. You should not have to spend time digging around in tweets and interviews to understand what an RNS means. An RNS should set out the whole story but unfortunately DVRG seems incapable of writing anything coherently.

Prospective institutional investors will look at hundreds of RNSs every day and expect to understand the main points from an RNS. They will certainly not be expecting or wade through the twaterring or interviews to understand.

Argy - you are quite right, my apologies about rithmetic

Gidgit – I think that it is potentially good news. However, it is actually very difficult to say as the wording of the RNS is so sloppy it is almost impossible to understand the underlying story. This is very frustrating as this is, as I say, potentially good news.

It appears that there are 2 projects (or possible more). However, GB only talks about the AMBC project with nothing on the desalination project in the RNS which is odd.

The size of the project(s) are described as £2.1m. However, it is not clear if that is for the whole project or just DVRG’s share. This is an important point if the partner is taking the majority of the work.

DVRG has not mentioned Al Amaq Holding Co, the partner on the desal project, previously and it would have been quite useful to have had a bit of background. Al Amaq is a Libyan company with a focus on the oil and gas sector. Libya is subject to certain sanctions, including the transport of oil and gas on designated vessels, but there are, as far as I know, no sanctions on companies that are involved in producing oil and gas.

DVRG has previously stated that they have changed their strategy and were not looking to do anymore long term capital projects and instead focus on longer terms revenue streams. These contracts appear to be one off capital projects (there is no mention of longer-term support contracts etc.) What is the strategy?

So it could be very good news but the wording of the RNS is so unclear that it is impossible to really understand if it is any kind of breakthrough or not. Given the lack of clarity (and I suspect the history of non-delivery) the market has clearly taken a fairly reserved view. Very frustrating.

I am afraid that virtually all the RNSs are a fog of indecipherability, and it is impossible to say what is actually going on. Perhaps they should employ someone who can write coherently. Until this changes potential investors will assume the worst.

The brokers note is the market expectation. That is the rule and GB has confirmed that previously (I suggest that you check).

As I recall TP have given guidance of £24m. If it appears likely that the number will be materially different (I recall 10% either way - but I might be wrong) the company has to inform the market.

Therefore we are expecting £23.8m to £26.4m.

Lets hope that we get there.

Damay - you make some very reasonable points. Of course, borrowing costs for most small AIM companies are going to be higher than large, established companies. Even so 18% plus shares/warrants (on a basis that I cannot fathom) is expensive even by AIM standards. I am not suggesting that they should be borrowing at LIBOR but even so 18% is penal. I think that this is the point that LeatherRebel was also making.

I suspect that the SP went up because the market believed GB's jam tomorrow sales pitch - what did happen to cruises, the breathalyser, China, numerous JVs, acquisition accounting manipulation, uneraned shares, Mrs GB share sales, loads of warrants to city mates, options to NXDs etc etc all of which failed to materialise. Understandably they are less forgiving now and want to see results rather than endless unfulfilled promises and assurances.

Dear oh dear! People do seem to be a bit sensitive today.

I think that I have made some pretty inocous comments which are undeniably true.

18% interest (plus shares/warrants) is not a sign of a company that the financial markets have any confidence in. Undoubtedly true.

A falling SP and a disastrous placing does not indicate a company that the market has any faith in. Undoubtedly true.

There may well be a couple of idiots who cannot see that and no doubt that is why they reproduce the ongoing mindless drivel which they repeat ad nauseum day after day.

Rather than engage with posters that suggest there might be some issues with the company, they instead choose to insult. Even LeatherRebel who made the mildest of points was subject to the normal barrage of insults.

Gidget - you are not really suggesting that borrowing at 18% (plus shares/warrants) is a sign of a company that the markets have any confidence in?

Perhaps the last disastrous (discounted) placing at 30p suggests that the company has limited financing options as clearly the market has, unsurprisingly, lost faith.

I see another one trying to avoid any rationale analysis.

To make it simple for you newliberty, good companies do not have to borrow at 18% plus whatever the share/warrant deal is. You might want to consider that a little more carefully

That the company has no other choice than to beg for money at a rate of 18% (plus shares - although the RNS is so badly worded it is impossible to really understand what the conversion prices are) gives a real indication of the perceived extremely high risk nature of DVRG. The SP falling from 70p is also a bit of a giveaway.

Seems that any criticisms of the company Ratty continues to provide his standard ‘sell if you want to’ response. Perhaps a more considered response might be appropriate Ratty otherwise, to answer you own question, you are indeed wasting your time on here. Your endless posts on here of irrelevant drivel and getting increasingly boring. How many ramping posts a day- must be at least 10

Gidget - I am still waiting for you to confirm that Labskin sales fell from 2020 to 2021

Gidget - there is a long record of this company misleading PIs. Labskin sales are just the most recent one. This is far from a one off. I am happy to repeat these misleading statements but I do not want to be accused of having an agenda.

As to a liar I think that you will see that my analysis of this company has been pretty much spot on - from forecasting the fund raises (even when the company denied it) to being astonishingly accurate on the SP.

I see no reason to be embarrassed to be pointing these out. This is hardly an ‘agenda’ but rather pointing out a management team that have a distinctly vague relationship with reality. No wonder the SP has fallen from 60p plus.

As to turnover I am rather surprised that the company did not confirm Turner Poop guidance of £24m. They have in the past and I am wondering they did not use this opportunity!?

Gidget - are you happy that the company has misled you (again)?

Gidget I am still waiting to hear if you agree that Labskin sales fell from 2021 to 2020 . I look forward to your response.

Seems like anyone who puts up a contrarian view gets shouted down. Given the SP performance maybe there should be rather less shouting down and rather more careful analysis?

Gidget are you saying that Labskin sales did not fall?

The SP dropped well below the price when I made this comment and even after GBs ramping it is scarcely above it and will no doubt fall back when investors consider the vacuous presentation in more detail.

More pertinently GB has been caught out again. He has said all parts of the business are growing when that is patently untrue. Based on DVRGs own figures Labskin sales FELL from 2020 to 2021. It seems that this was spotted by others but they were shouted down.

Ratty - perhaps you should focus on why sales fell when we were assured that all parts of the business were growing?

A pathetic attempt to distract.

Sorry 2020 sales £4.483m (not 2021)