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P. I also think the communication has generally been pretty good apart from addressing the obvious headwinds recently more directly but obviously it's not been good enough for Gatemore. The news today I generally think is good for share holders but thinking about it a bit more I do think Gatemore have sounded out the other ii's.

To make a demand that their managing partner is appointed to the board is dramatic and must have the support of Canacord who have a similar shareholding. I wonder what they are thinking and what their position is.Lombard are currently down about 25% -30% so they won't be feeling that great.

It wouldn't surprise me if we do get some greater clarity this week on the problems but it seems Dx have been prepared to deal with the institutions in private about the governance issues but not in public. For Gatemore to come out with todays letter in public they are basically saying DX have not dealt with the matter in the right way and they will no longer accept any lack of transparency.

It seems then that Gatemore ave been fully aware of these governance issues for sometime as they have been in regular communication about it with DX. It' concerning Gatemore are losing faith in the Directors of the company but not it seems to the extent that they would reduce their holding as they see the future value. A letter like that is pretty strong and is effectively saying sort yourselves out. It's not good news and is really a shot across the bows. I should imagine some interesting discussions are about to take place. My view is that Dx have been solely concerned about driving the substantial growth and have lost sight of the bigger picture of corporate governance.

Ron Series ( Chairman) who bought shares today is responsible for the corporate governance within DX. Is that a good sign.........?

If the Non Execs buy I'll feel a lot more comfortable. If they don't ... there may be quite a problem !!!

Well, these have been the two most exciting days in all the time I have been holding DX shares and
I've quite enjoyed it and reading everyones view. The question to ask ourselves is really I whether the DX director buys are part of a strategy to reassure the markets like Boohoo did a while ago or to deflect from the seriousness of the problem or perhaps they just see the value. I must admit I increased my holding yesterday mainly because of a change in strategy whilst the markets are so volatile.

I don't think they would P. Corporate governance enquiry covers virtually anything but we can assume something is seriously wrong. "I hope they are not purveyors of the bent pencil" Hopefully we will get some information but the directors have not covered themselves in glory

All the best Chelsea. This really is a shambles.

A week before the results are due we get a delay and then on the morning of the AGM we are told they can't produce the annual report. What are the directors playing at.!!!!!!!. Someone has to be for the high jump.?

Lost a bit of faith in the directors but staying in on the fundamentals as it's a short term problem relatively but it's a close call.

This is very bad news and nothing to do with a takeover. There is obviously some governance / financial irregularities . Very muddy waters. Some thinking to do.

Sister.... I felt I had to respond to your post. Both you and Jamie are entitled to opinion. The difference is that Vox/Jamie hold positions of influence and with that comes responsibility. Many private investors look to them for tips/advice and support of their investments so to some degree it has its use. But I tend to agree that to say a share will multibag without any form of reasoned justification bearing in mind the financials, targets, competition, macro sentiment, headwinds etc, etc is in my view short of the required standard. Taking to much notice of people of influence is one of the reasons in my view that many private investors lose money especially when investing in the AIM.

Good to see some new posters starting to contribute. The more the merrier and it’s good to get different perspectives. Long may it continue. Welcome. This is a long play for me and I don’t think I will have much to contribute as I watch the strategy play out. My views and concerns are well known to those who read this board so there is little point in using different language to say the same thing as I don’t see much change for while. So my name will be a little more infrequent popping up. Every confidence DX will get there in the end. Good Luck All.

Wincanton won the primark contract recently. It's a shame that DX is not big enough to compete and win these contracts from the big players as they simply don't have the logistical footprint and infrastructure to compete as yet so are limited to picking up the smaller stuff. Hopefully they'll get there especially if they drive the more profitable freight growth. ( Does anyone know the big player who exited the IDW space as indicated in the last RNS).

It would be good if DX would occasionally announce contract wins now and again but it doesn't seem to be their strategy.At the moment I think its just a matter of hoping DX can continue the expansion strategy in the face of strong headwinds.

An interesting View... but why would DX move to the main market?. What would they gain?

Overseas investors can already invest. They are barely out of a turnaround embarking on a growth phase working on 4% margin with a target of 7.5% to 10%. Why would the funds you talk about invest. Dx are a tiny company relatively. They invest in companies that make substantially more money than Dx will ever make in the market they are in.Only specialist funds would invest in long term growth companies like DX.

Moving to the main market changes nothing.. sentiment or interest. Pianista comments and investment in Chemring prove the point.The big players are constantly monitoring the markets and know exactly what is going on. Respect your view though.

Absolutely Pianista. I often wonder who would invest in DX. There is a good list of institutional holders, directors with a good holding and 5 or so regular posters on this board. Compare that with companies who are scratching around in the dirt for a fortune, awaiting a fortune in the covid space with test approval, etc, etc and those companies consistently losing money and constant fundraising, share dilution etc. Many of these companies have hundreds of posters and posts a day and the vast majority moaning about how long it takes to achieve their stellar return. Dx have a clear proven strategy that works although going through choppy waters. The private investor generally won't wait 3 to 5 years plus they are far too impatient. Dx could finish this calendar year 10% -15% down despite a good year so some investors will walk away and that would only attract a considered thoughtful private investor who understands the strategy. How many of those are around investing in the AIM.

Pianista, I didn't really have any expectations of any of the metrics. The most pleasing for me was the margin. It remains to be seen if they can sustain this this year with all the inflationary pressures in the system for a while. Who knows what the SP will be, director buys will undoubtedly help though and a trading update if positive at the AGM. For me market and sector sentiment is the driver so the SP response doesn't surprise me and the I don't think you can say DX is undervalued based on the figures but If they follow the trajectory and start to achieve their objectives the analysts targets of 50p + would be about right even conservative. I think the figures though and mood music will please the institutional investors.
Good results doesn't always generate sp movement.. you've only got to look at SCS perhaps the generally accepted most undervalued dividend paying share out there who announced excellent results recently and SP falls.
Sometimes the face doesn't fit regardless of the metrics.

Unsurprisingly the SP has done nothing today. The results were as expected although a bit better than the markets expected but not great enough to change sentiment so it was priced into some degree. The results have also been announced into the worse sector sentiment there could probably be. The figures are good although my well documented concerns are still there. The balance sheet is a bit stronger which was and is needed especially with the continued aggressive growth strategy. Looking for Director Buys, Depot Openings or Trading Update to see any SP growth.

Reading between the lines I think this financial year will be difficult. Last update they said this financial year was trading in line with expectations.... today there is no mention of trading in line with expectations as far as I can see but there are trading challenges which I take to read is slightly worse. ( just my view).

The directors have done and continue to do exactly what they have said they will do and are to be congratulated. If they achieve all they have set out to do in the next few years then I for one will be slightly surprised but happy share holder..

Minimum three year play for me.

Well a few surprises in that little lot.

"DX are planning an international express offering in 2022 with a partner."

A major competitor has left the IDW market

15 new sites in 2 years.

Split of exchange and parcels in express division. ( sale of exchange offering in the plans)

Considering acquisitions

Considering dividend reinstatement.

DX refusing to be blown off course by current headwinds.Full steam ahead with Lloyd at the helm. !!!!!!

well, I'll have a good look at the figures at lunchtime. Dx continue to talk a good game and are intent on following the strategy.No real update apart from trading challenges currently in labour shortages and customers being short of stock due to supply chain issues. I fear this may the point that reflects sentiment today so we may not have much sp movement. Who knows.
You know me though... Mr Cautious. !!

Interesting that DPD who are a direct competitor to DX on domestic courier business have just reduced their prices by about 20% via parcel2go depending on weight until 31st December.The advantage they have over DX is that they're already cheaper than DX and have a few thousand drop-off points or collect where as DX is collection only. This has always been my worry with the courier business and I still can't undertand why they seem determined to grow in an area where they have no competitive advantage and its a crazy low margin. I'm intrigued as to what the figures will show and I hope we get a detailed breakdown of the divisions within express of course although courier is starting from a low base.

Nothing really to add. It's all been said by some intelligent/sensible posters in my view.

Those that read my posts will know that I have been using the DX volume 24/48 hour courier service for our business.Well I have stopped now really because there are to many problems currently and I needed to go to a business with a greater geographical logistical coverage.ie royal mail et al.I can't say it is much of a surprise .That isn't a reflection of my confidence in DX in the next few years ... on the contrary !

Exactly Sister !