Member Info for portswigger

It might Be Pianista. On the face of it for DX to appoint an auditor either DX or a potential auditor would need to move their position and for the last the last four months it would seem that no-one has and the question is why. I can't see just because DX delists how that changes anything.

I don't believe that changes the position of DX or an auditor. Notwithstanding your discussions with ATPM regarding transparency etc I just don't see it.

I can't imagine a discussion in the boardroom in early February.

" Right chaps.. the easiest way out of this is to play hardball for 4 months or so , wait until we are forced delist and then it be easier to get an auditor" If that is the case and I don't think it is the negatives far outweigh the positives.

A company becoming quasi-private doesn't change this.

I still have a view that there is legal possibly criminal aspect this which has to take due process and the question for me is that if this enough when presented to the AIM is to get an extension.

We could take some comfort with Meidar being on the board to help steer the situation but he will need the other ii's on board to do this.

It wouldn't surprise me if Meidar has gone ahead and done the capital allocation and growth strategy review and we'll have some news on that after we delist or in the short term if we get an extension. I think from memory there are meant to be 3/4 more depot opening announcements due before year end in early July. If we don't get them it's more than likely changes are on their way. !

Some interesting points raised and viewpoints. I personally can't see why DX would use this as an opportunity to take advantage of a desire to take the company private. A forced delist for a variety of obvious reasons including personal credibility, reputation both personally, professionally, and business wise just doesn't add up. There is no way Lombard/shroeders would have got involved last year if they were told of a desire to change the legal status of the company. It doesn't make one jot of sense to take the company private at this stage in the business cycle and with a very uncertain economic outlook. If there was that desire by the current board and majority shareholders to do this why hasn't it been done by now when perception of it would have been far more favourable than a forced delist.

The situation at DX will be public knowledge in the audit and logistics community. A someone said says where is the support for DX going to come from in all it forms if it is forcibly delisted. A headline in 6 weeks time saying DX have been forced to delist from the AIM due to a failure to appoint an auditor and produce audited accounts due corporate governance failures and potential breaches of the law by the executive is not a good look. Just imagine that in the trade press, it's a gift to their competitors and a complete own goal.How can that be part of a strategy !

If it does go to a forced delist then there must be something happening in the background and my guess is that DX will emerge a very different company when all is done and dusted. It's an interesting watch.

I still believe an AIM extension may not be out of the question and in my view it is still the best option.

The position of the institutional investors is an important one. I have no doubt they have been talking to each and one of the reasons why no shareholders meeting was called is maybe because there are various differences of opinion and a majority was unlikely. Normally the institutional investors with this % holding can force the issue but in this case they are dictated to by the situation and limited by the CG issue, lack of auditor and impending delist.

I think this saga in one form or another has a long way to run.

Agreed Pianista. I think we can assume that GT have been fully justified in their actions.
Meidar was appointed some six weeks before GT resigned so he should have been fully involved in the process.
It really is unacceptable that the situation is shrouded in mystery and the current board should take full responsibility for that. You can only judge directors by their actions and I can't see any justification for the lack of clarity over the last six months unless there are very serious legal issues at play.

The claiming of privilege over the investigation and Inquiry. Why would you do that unless it was very serious.!!

The last RNS did it for me with no mention of the corporate governance issue. They really should have told us about this and if they had applied for a AIM extension which was the obvious thing to.

My faith in the BOD continues to dwindle. !

Probably the case Pianista. The audit community will be fully aware of the scenario surrounding DX.
Sister, I don't see any opportunities for a " cunning plan".
If we trade on the OTC, I can't see the interest being there. The ii's aren't going to get a price that they'll be happy with and they'll have a problem getting rid of that many shares.

The best hope at this moment in time is a AIM extension.

As you say the the Corporate Governance issue and Audit issue will need will to be concluded before we see anything positive.

Dx have dug themselves a very big hole.

Interesting that KPMG have been fined over 3m for failing to address matters in the audit which indicated a risk on non compliance with laws and regs with Rolls Royce. Perhaps any potential auditors are petrified of the FRC and any comeback if they get involved with DX who obviously have a dark cloud over them.

Pianista is right about the Auditor issue. It's worth recapping on the contents of GT's letter and Ron Series reply. Ron Series stated that the audit cannot be concluded because the corporate governance inquiry has not been completed. Ron said it remains focussed on concluding the enquiry as soon as possible. So presumably that still stands.

The last RNS made no mention of the corporate governance inquiry and that is very concerning in itself. Is it still going on, who is leading it.I don't think it is still going on and at the risk of repeating myself it is my feeling that this has moved on to become a legal (perhaps criminal matter) which could take months or over a year to sort out.

Day to Day though Dx have to live with that until it reaches a conclusion but it will end at some point... somehow.

They have to focus what is best for the business moving forward and it would seem to me that being forced off the AIM all things considered is the least desirable option.

It's very hard to believe that we are just six weeks away from the ignominy of being booted of the AIM. If there is a strategy to relist at some point it can't be a sensible strategy.. the embarrassment will be a millstone around their necks.

Although I think it is to late now... a voluntary delisting would have been a far better option.. but perhaps they sounded out the II's and don't have the support....... perhaps they don't have an agreed alternative.

If they delist , I don't think there is the slightest chance DX will apply to relist in its current form.

We private investors have certainly been put through the wringer. !!

I take Pianistas point that there is no reason why the two NED's couldn't head the CG inquiry. But I also sympathise with Sister as regards a conflict of interest and I can understand that view. The investigation and inquiry is subject to privilege so we are never going to find out but the DX statement that the inquiry was not being expedited as quickly as hoped does indicate a bit of breakdown between the NED's and the executive board and that's real shame. I have no doubt that they did resign dismayed at the approach of the people responsible for the day to day operations.

I continue to be amazed by DX's silence. It is now 6 weeks away from a forced delist. If there are other things a foot it really must be going right down to the wire.

Fair point Sister.. maybe we should have considered this months ago. Any of the shareholders owning over 5% could have made this happen. Even those under could by getting together.

It is quite obvious that ii's don't have the concerns that we have otherwise they would have done so. They will be kept in the loop and fully aware of what's going on. We don't know what's going on... whether they are onboard...or what conversations are taking place.... for all we know they may have buyers on the scene the moment we trade on the OTC.

Sister.... I'm not sure on this. I thought it was discretionary but I think I read somewhere that if it is a forced delist there is wait to reapply. It doesn't really make sense to allow a delist and relist adhoc so I am sure there is some system in place. I think 5 years wait might apply to the nasdaq.

I 'm not sure a delist and relist makes any sense on the AIM. Sentiment and Goodwill to DX will be reduced. The same team will be in place who presided over this debacle and they haven't taken any responsibility for it. Are any new institutional investment possibilities really after due diligence going to get involved?.

If it goes to a delist and trading on OTC the decisions of the II's will govern what happens. If they want to jump ship and they find a buyer at a price they are happy with then I think there is every possibility it will be taken private. If they don't and stick with it there may be another strategy at play behind the scenes. I'll be scanning the OTC records as soon as I can.

It may be the case that we will have to make a decision in the coming weeks on our attitude to further risk. If it does delist transparency reduces and risk increases.!!

I have prepared myself to lose money on this investment. I'm not interested in investing in a quasi - private or private company, in a low margin business and a growth strategy that I'm not a 100% behind. I think it was quite telling that Gatemore are not onboard with the growth strategy.

They've had six months and if they best they can come up with is..."we are still hoping to appoint an auditor" I'm afraid they are not people who instill much faith in my opinion.

Thanks. I wasn't completely sure on that. DX have issued a 2021 results presentation on their website and I wasn't aware the annual report needed to be completed before further interims could be made public.

Yes, the clocking is ticking.

I can understand to a degree why there is no corporate governance updates, but I find it difficult to understand why there are no interims. What could possibly be the reason for with holding them. It's a totally different issue. Its hard to understand a company with seasoned experienced PLC directors at the helm with a substantial institutional shareholder base acting as if they have no-one to answer to.

Well DX have prepared us for the forced delist and it's looking that way. They really need to be calling a general meeting imminently if they want to do it voluntarily. If they don't then it would seem that whether its a forced or voluntarily delist it doesn't really matter as the outcome essentially the same but it will affect any desire to relist in the current form.

Dx didn't tell us in the RNS if they had applied for an extension. I don't think they have. If they haven't got an auditor in place and willing to proceed then really they have no justification in asking for an extension.

Dx are sticking to the current line of trying to appoint an auditor so the question really is.... Will they pull a rabbit out of the hat at the death.

Sister.. I think it's just a badly written statement and open to misinterpretation. I think the situation is that the board has not been able to reach an agreement with a potential auditor.

It may be FJ. I've been investing a long time have learnt a lot. Self interest is paramount and no one has the interests of the private investor at heart. The private investor is essentially used on the AIM. That is my belief so you have to play the game. I read so many posts from private investors moaning about the Aim, lies , constant fund raising, dilution etc. The Aim was set up specifically by the London Stock Exchange so small companies could raise money on capital markets. We shouldn't be surprised by any shenanigans that goes on.

Of course anyone can take any action they wish to. But taking action is normally pretty fruitless in my opinion. I read many posts from private investors ( no disrespect to anyone) on all sorts of discussion boards who expect companies to act in a manner they want them to ....... constant communication.. regular updates, complete transparency as if they were running the company. That's a perfect world and it doesn't exist. In all companies mistakes are made, people tell half truths, use flowery language, hide bad news.etc, etc. People in power and those with money always win. The system supports it.There is no doubt that DX have not acted in a manner that we would expect but in my opinion we are fooling ourselves if we think we can change anything. Just have to accept it and play the game.

I don't think everyone is relaxed. We are all disappointed they way this has gone. But what can we do about it... you have to be pragmatic... it's part of the inherent risk of investing and that risk is magnified on the AIM

Delisting is not always a bad thing. Companies delist for all sorts of reasons... not all are negative. There are plenty of examples if you care to research it. : ie moving to the main market, change of domicility, to take private etc. All sorts of reasons.

If DX were in financial trouble it would be far more worrying. That is the most common scenario when a delist causes a loss of investment.

It's pointless moaning about it. If we lose money ....we lose money .... that's life.

I'm as critical as anyone regarding the behaviour of the DX directors in last six months.

Having re read the RNS I had a thought.

It would be wrong to assume and I probably have, that the potential auditors they have been
speaking to have turned them down. It may not be the case, they may be talking to them in the premise that there is an end in sight to the corporate governance issue. For all we know it could be concluded in the next few days. Either Scenario could exist.

I still think a delist is on balance favourite though.

Sister makes a valid point that DX's reputation is probably shot in capital markets until there is come clarity or conclusion to the corporate governance issue.

It's good to have some pianista positivity. !

I think though if it was a question of Auditor resource issue we would have been told. There is nothing to stop an Auditor being appointed but there being a delay in the audit. They would have told us that and probably the AIM that as part of an extension application.

A sale may be desired outcome but it must be way off. There are no audited accounts or interims for someone to look at.

Delist is favourite but I would be surprised if it is forced as that means there must be some fundamental shareholder disagreements. A voluntary delist is far more preferable.

I think there is a 5 year wait for a relist so it is likely to result a change in the legal status of the company.Personally I think we be on the OTC for a while and I think a break up and merge is the likely scenario.

Anything could happen at anytime though. Like Sister I can't see the institutional investors being on the same page as Lloyd and the board now. Something has to break.