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Let's just say there won't be many sellers when the share suspension is lifted....

Ports – I’m a pain aux raisins man myself… but I agree with you about the derogation: it looks like it’s open-ended; but AIM may well have intimated that it could be pulled at any time if there is a lack of progress. If so, the RNS could at least have stated “the listing continues for the time being”. The RNS kind of says that, by saying “the shares will remain suspended”….if so, it could have been better worded.

The vagueness about the CG issue is something else, and may be understandable. It is generally not in the best interests of a business to wash its dirty linen in public, so I can live with not knowing the details, for the time being. Of course, that makes it difficult to judge the potential impact of the issue…but the company have discussed the matter with finnCap, who haven’t seen fit to resign, so they can’t be that unhappy about it, and must feel it’s manageable; neither has the issue prevented PKF from accepting the auditor’s appointment.

But as I say, I’m only breathing a little easier. When I first saw the RNS, like most PIs, no doubt, I was shocked and dismayed, and can see why some, including FJ, feel pessimistic. I accept that we face another worrying few months, however I would hope DX have learnt their lesson and are now being completely straight with the auditors (and the NOMAD of course), and that audited accounts will follow as a matter of course. M&A is not therefore part of my thinking at this point: the closest thing to that will, I think, be further depot announcements…

Most posters on this board thought we’d never get this far, and avoid a delisting…but we have, admittedly at the eleventh hour. Having achieved that, now is not the time for the company to snatch defeat from the jaws of victory!

My two penn’orth…

On the face of it, we have a derogation from AIM and the audit of the accounts should be completed by 30 September. But the share suspension cannot be lifted until the accounts have been filed at Companies House, following approval at a shareholders’ meeting to be held perhaps in October (which should be interesting!).

So we’ve come a long way since mid-May, when we were given the shocking news that they were still without an auditor!

My only concern is over this mysterious, never-ending CG Inquiry. I can live with not knowing the gory details, as long as it doesn’t, as it did before, get in the way of the accounts. However, in this regard, we can take considerable comfort from the fact that the NOMAD, who must be fully au fait with the CG issue by now, will have approved the wording of the RNS, in particular the expectation expressed therein that the Inquiry and the audit should be completed by 30 September.

So, it's too soon to crack open the champagne, but we can at least breathe a little easier…

If the NOMAD had any concerns about the probity of the BOD, they (i.e. finnCap) would have resigned. AIM can only go on what the NOMAD tells them, so this shouldn't be a problem, and fingers crossed we'll get the news we're looking for tomorrow.

But I suppose it's always possible that AIM want more time - maybe a week or two - to think about it; meanwhile the listing would presumably remain in suspense...so more sleepless nights till the decision is finally made.

In this event, the company should at least issue an RNS tomorrow saying discussions are still ongoing.

Sister - I believe finnCap could not realistically have gone to AIM before they could say with a high degree of confidence "the accounts are expected to be signed off by x date".

It's now late in the day because the auditor's appointment was late in the day unfortunately.

Following the auditor announcement on 14 June, it may have taken DX a week or so to agree an audit timetable - only then could finnCap approach AIM with a proposal for a time-limited extension. So it may only have been in AIM's court for a week or so, and they won't have to make a decision till today. I suppose if it were a clear "no", they would already have said so. I remain hopeful therefore...

Plonker

KBK - I also winced at the word "hopeful". I don't think I've ever seen that in an outlook statement before. I suppose it's one notch up from out-and-out pessimism!

dc2 - a thoughtful, balanced appraisal.

I think prior year cash was exceptionally high (flattered by tax deferrals), rather than cash this year being exceptionally low. They do need to keep an eye on this though.

On going concern: "We are optimistic about securing a number of Fleet deployment contract renewals during the remainder of this year.” In April, they were more cautious, so a definite improvement in sentiment here.

However compelling the logic, a merger with Microlise may still not happen for any number of reasons, and I agree with you that we should not set too much store by that possibility; particularly since, though Raza clearly believes in the company - which is comforting coming from someone so highly regarded in the industry - he does appear to be indecisive on the M&A front.

Approx £5m HSBC term loan 5.1% over base. An increase of 1 % - 2% means a hit of £50k - £100k this year. Obviously unwelcome as the company looks to go from breakeven and into profit, but not a complete disaster....

Yes, probably Monday, though if AIM notify finnCap of its decision today, there'd be nothing to stop DX from issuing an RNS later today.

Re today's drop, it's largely the market, with indices down 2%. Even Microlise is languishing again.

Let's hope the recession will not be as deep and prolonged as feared. It wouldn't take away the logic for a merger, the opposite in fact. But Microlise don't seem to be in any hurry to honour their IPO pledge...

Sunbbeams/mel - they need to get occupancy levels back to pre-pandemic levels. With all the additional costs these days, they probably need at least 60% occupancy just to break even.

Booking volumes may have doubled in Q2, relative to Q1, but that only took them to 69% occupancy. If there were "pent-up demand", you'd expect 100% occupancy and a waiting list, wouldn't you?

The rather negative outlook in April is what knocked the SP from 20p to 15p. With today's much improved outlook, this ought to be reversed, though with practically zero share trades it could take months...and that still won't get long-suffering LTHs off the hook.

As expected, Allenby Capital have issued a research note today, viewable on its website, which is well worth a read.

FWIW, its assessment of fair value is 29p/share.

FJ: there is a limit of course to the number of depots it's economic to have, but they obviously don’t think they’ve reached it yet. The proof of the pudding will be in the Express profit margins which they achieve, and eventually report.

Meanwhile, I'm more concerned about the threat of delisting, which is still hanging over us. I’d expect to hear by the end of next week, though I suppose we could be kept waiting till Monday 4th. The problem with hearing so late in the day, assuming the decision is unfavourable, is that there’d be no time before the 5th for the company/shareholders to seek a judicial review on the grounds of procedural unfairness/irrationality by the LSE (though this could still be done after the event with a view to the listing being reinstated).

I don’t think they are opening depots for fun. I trust what they are doing. They know their business.

As they say in the latest annual report, extending the network of depots has several beneficial effects: “it reduces stem miles; improves our ability to sell new business into the local area; enhances service levels by being closer to our customers; and increases vehicle productivity by enabling double delivery runs on certain routes.”

Thrifty - I have been on a cruise, but not recently, and not a Carnival one. However, I have seen several reports in the press of Carnival customers who have found the experience uncomfortable, shall we say, due to excessive mask-wearing and testing. It’s horses for courses I suppose. The main problem for nervous investors I think is the ever-present threat of further clampdowns - which would have previously been unthinkable, but not now after the precedent set by Covid - and decreasing affordability.

“Book a cruise and relax”? They say they are still “facing constantly changing and far more restrictive protocols than broader society and travel at large”. If that means suffocating behind a face nappy, I wouldn’t call that “relaxing”.

Yep, we're set up for a great cycling summer thanks to the RMT!

Bodes well for a more upbeat trading update in September, which should help reverse the recent drop.

In the meantime, the SP may drift even lower due to the general market gloom, so picking the right moment to invest before then is tricky.