Member Info for Newuncle

S1,

I think if you look closely at DVRG and MSYS accounts you will find Gerry got paid out in fees quite well via associated companies. Takes a bit of digging though.

I can only think the £1.4m dvrg debt is seen as bad debt rather than good debt? £1.4m is a big number v msys revenues that we have for 2022 1st half . My concern is how on earth that was allowed to happen and expect Gerry had some influence on not addressing that last year?

Revised 2023 revenues moved to 6.5m. q1 £1.95m + £0.3m in q2 sale of existing business + say £0.15m from 12 month licence deal to follow leaves @£4.1m revenues over next 3 quarters. Av £1.36m per quarter. Looks fairly conservative imo fwiw.

Good news or not so good news?

RNS just out from DVRG

DeepVerge confirms that amounts are currently owed by DeepVerge group companies to Microsaic totalling approximately GBP1.4 million.

DeepVerge also confirms that a settlement plan ("Settlement Plan") has been proposed to Microsaic, the terms of which are substantially agreed, and that it has made an initial payment in line with that plan. In addition, DeepVerge confirms that Microsaic has continued to supply services to DeepVerge during 2023, and all amounts arising during the current financial year continue to be paid under normal 30 day terms, in line with commercial agreements between the two parties.

DeepVerge shares a common director, Nigel Burton, with Microsaic, and finalisation of the Settlement Plan will fall to be treated as a related party transaction, and will require notification, under AIM Rule 13.

DeepVerge currently expects this agreement to be agreed in due course - and until that point it is able to, and will continue to, pay amounts in line with the Settlement Plan as proposed.

Further to commentary in the Company's 17 April 2023 notification, at present the working capital position of DeepVerge is such that the sum total of its trade receivables (net of impairments) and cash balances together exceed the sum total of its trade creditors and other payable balances (with the amounts owing to Microsaic set out above included in this).

In addition, the Company has agreed payment plans, or payment phasings, with substantially all its creditors.

The Company is exploring funding options including trade finance as a stronger balance sheet would enable the Company to accelerate delivery of some existing contracts and increase confidence in seeking new business.

The Company will issue further announcements as required in line with the AIM Rules for Companies.

SP Angle has upgraded its forecasts and Cornerstone FS could make a profit in 2024.

Increasing direct revenues mean that gross margins are improving. There was positive EBITDA in the first quarter.

Full year forecast revenues have been increased from £5.7m to £6.5m

Proactive interview out.

CEO explains that the Q2 caveat relates mainly to number of Bank Holidays in Q2 meaning reduced days to trade and said simply that "It's better to under promise and over deliver".

Very upbeat overall for the whole year. Lots of news expected with results or maybe even earlier.

https://www.proactiveinvestors.co.uk/companies/news/1012609/cornerstone-fs-upbeat-after-exceptional-first-quarter-1012609.html

I said dvrg getting hammered and msys getting damaged in the process bid was 0.36 yesterday for sellers today sellers taking 0.32 nothing more.

Dvrg getting hammered again down 20% and msys taking collateral damage in the process.

The q2 caveat stopped this moving this morning because no one can understand it.

20 to 25p but if no one's buying what's the point?

But MSYS have stated they will be looking for Assurances re payments being made

A settlement plan has been proposed by DeepVerge to Microsaic, the terms of which are substantially agreed subject to clarification in respect of suitable potential security for the balances due. DeepVerge has made an initial payment in line with that plan, the value of which exceeds GBP0.1 million. In addition, Microsaic has continued to supply services to DeepVerge during 2023, and all amounts arising during the current financial year continue to be received by Microsaic under normal 30-day terms, in line with commercial agreements between the two parties.

I'm thinking DVRG will be forced to go down the CLIN road again to raise cash in a hurry?

MSYS mcap only £2m right now, DVRG mcap has fallen off a cliff lately to just ££4.5m

Can anyone actually define what is meant by "Trade Financing"?

Is it a posh way of saying yet another discounted placing is coming or are they going to opt for CLIN based finance or something else?

TIA

Gone Red, nit many takers after todays news. Guess the caveat re Q2 earnings has spooked some. Very disappointing volumes so far.

Doesn't help that MMs have deliberately set the published spread up and also moved it intra day moved intra day to ensure nearly all buys show as sells.......blatant manipulation

Amigo up 220% now and no I don't hold as its a POS business but this rise needs investigating for more than anything DVRG might or might not have done.

Hexam, both main market - in that case that's even worse. Where are the regulators to see wtf is going on here?

Roxy,

Some seriously dodgy trading being organised here and with AMGO...must be totally illegal or well outside market rules but as usual AIM Regs just let it all happen instead of suspending the shares which are technically worthless.

Amigo +130% on nothing more than a totally organised P&D operation....effin joke of a market

And Amigo, another busted flush company flying today. AIM really is a joke now.