Member Info for portswigger

I think its much simpler than that Unhooked. The market makers have to make a market and they are making a market around 29p. The only way the SP will increase is if demand to buy is stimulated by results or news. Nothing is stimulating it... you've only got to look at the daily trading volume. So why will it increase ? Good figures don't stimulate demand unless it hasn't been signposted. I think it was FJ who said it we will only see big movement if there is an offer or in my view a share buy back which I think may come in 2024. Personally, I don't think the Tuffnells claim has much effect but it will depend how it pans out and news surrounding it. The ii's will be pretty happy at the dividend policy. So unless we get some news to stimulate demand to buy or sell I think we will languish 10-20% or so of where we are.. Maybe something will happen.. who knows but steady as she goes is not that bad but a pretty boring watch. The market cap is pretty healthy even with the share options and the yield so it's hardly screaming undervalued. !

I'd agree with that FJ. I really don't see substantial growth in our investment without the possibility of merger/sale or a reasonably substantial share buy back policy. If I didn't have a reasonable dividend I'm not sure I would stick it out. I think Lloyd and Ron were probably looking at a sale in the not to distant future but I think the new board are a bit longer term and I don't yet get a clear picture of an exit strategy. Notwithstanding the outstanding options I'llbe keeping an eye on the major and institutional shareholders so see if there are any clues moving forward.

Nice to hear from you Pianista. Hope all is well. You and Sister are both on the money in my view. DX is a hard share to get excited about... margins are low and turnover is not really big enough to prick anyones ears up. It's hard for a company like that to really generate sentiment of any description. My mind drifts back to Stobart years ago who really did an excellent job in that area. DX are undoubtedly on the right track I think and payment of a dividend will keep me interested for a while.
As regards the share price I'm with sister regarding dilution but I can't see how it gets to Broker forecasts of 55p +. Mind you brokers never really give a time frame. No share is perfect ofcourse... but the direction of travel is good even if it is nothing spectacular.

Sister... I know who you are talking about and had thought about investing. But what seems the perfect investment case is not always an investment case on the AIM. ! Somethings are difficult to understand !

I agree FJ that index trackers have their place but I have some sympathy for deep. Everyone has to start somewhere and the mistake most people make is listening to to much noise especially by their investment peers and choosing high risk shares on the AIM rather than looking at the 150/250 many have stars in their eyes looking for the big returns.You've only got to look at various comments on AIM chatboards to see that many have only a basic understanding of what they are doing. Many joined the AIM investment game during covid and many have had their trousers taken down and bottom slapped. I've learnt that there is lot more to investing than understanding investing. Its about economics, how business works, psychology and a multitude of other things. Businessis is so difficult, it's not easy to make money and many PI's think companies are run by people of proberty... they are not much of time! There are companies on the Aim that are losing substantial money year after year with market caps of ridiculous figures. Many smaller companies on the AIM are trying to break into markets dominated by larger beasts with very deep pockets.. that's a unbelievably difficult thing to do. The aim was set up specifically for smaller companies to raise money in the markets. To survive companies have to make money to continue ongoing operations, if they don't they have to fund raise or take on debt. We all the know the AIM is a unforgiving place but if you are investing in a company that is making money and paying a dividend you are in a better place than many.

Absolutely Deep. The payment of the dividend is very welcome and if we do reach a total yearly dividend of 1.5P it is a good outcome. We can to an extent thank Gatemore for that. Although at the time I was very critical of their heavy handed approach it has resulted in a capital allocation policy that will benefit all shareholders.I meant boring in the context of continued organic growth and operational efficiencies, as long as that continues with appropriate increases in margin and turnover we should be looking to a consistent yearly dividend policy.Not withstanding the macro economic factors. Logistics is not a business that will attract the crowd of Pi's with the constant ramping/deramping and all that goes with it so I'm grateful we are where are. Sure we may receive the odd curved ball but that can happen to anyone at anytime. Excitement may come within the tuffnels claim but based on what we know I'm pretty satisfied moving forward.

My only real take away from yesterdays announcement was that DX.. parcel division is "growing strongly" which is ofcourse what we want. Taken with a slight pinch of salt because really it's all about profitability. Looking forward to my dividend in a couple of days.

Agree with that Sister. The details of the 20-25m three year investment programme have been know for many months and well over a year. As positive as it is will various announcements increase share price growth. I don't know... if it stimulates demand then possibly... the dividend strategy will encourage interest. The MM's have to create a market and we are where we are for a reason. We now have a younger BOD in place. As I understand it is currently steady as she goes organic growth complimented by efficiencies. So what are we looking at 10-15% growth every year, and dividend increases possibly. Alot of course depends on the exit strategy of the major stakeholders.
Is that going to get us to 40p plus. Who knows but I doubt it for awhile.We also know that DX have concerns over the number of shares in issue. I don't see any sustained growth in the SP, unless we see further director buying, and the introduction of a share buy back strategy will I personally feel is more likely 2024 and onwards. But the AIM is full of surprises.!

To some degree it is now a bit of boring share in my view... we know what's coming.(Apart from Tuffnels claim) Sometimes though boring is ok.

Fair comments Deep. Correct me if I'm wrong but if you were told when you became a shareholder that in about three years you'd be looking a dividend of 1.5p with a strong financial position I think you'd have a smile on your face. The dividend is very welcome although I'm not sure we'd have had it if Gatemore hadn't prodded them in that direction.Sure there have been bumps in the road and that's true of all businesses. The previous directors were instrumental in us being where we are today and they should take some credit even if they did eventually shoot themselves in the foot. Substantial rewards for directors is just a fact of life.

Not surprised in the slightest. If you go through the accounts over the past few years you will see that the directors have always feathered their own nests very well. Why ?........Because they can !. There is also a number of other participants in the PSP and they are quite entitled. A fact of life I'm afraid. !. Dilution is the name of the game on the AIM and a lot don't realise it.

It wouldn't surprise me deep if we saw a slight increase in the sp as we approach ex-dividend date.. it's quite common... followed by a fall at ex div date and after.

Interesting RNS announcement from Wincanton this morning. Albeit they have lost a HMRC contract.... They are forecasting a reduction in customer volumes and consumer spending. A bigger and slightly different beast to DX but there is a read across to an extent.

Yes, FJ. Confirmation of the interim dividend of 0.5p is good news with a projected total dividend of 1.5p. Growth in margin to 5% is a step in the right direction and 15% increase in total t/o. Trading in line with exceptions in the traditionally stronger second of half of the year. On the face of it a positive RNS although I'm personally a bit disappointed 2 Man freight year on year is pretty flat. In saying that it's pretty good considering the headwinds they have had to navigate.

To quote deep.... onwards and upwards. !!

It seems the markets are pretty unconcerned with the tufnells news so far. There's been hardly any reaction SP wise, down around 5% give or take. Normally markets over react to news good or bad.

Sister... I'd agree with that. It would surprise me if it reaches court let alone the high court. It is in Tufnells interests to milk it for all its worth for a variety of reasons as you say and it's in DX's interests to put it to bed as soon as possible. I just hope that the CEO/BOD see the big picture and focus on that.

Yes, deep you are right.Knowing what we know now I struggle to understand the reasoning of DX's decision making over the past 18 months as sweeping it under the carpet, not recognising it and hoping it goes away is not a strategy. Anyway a new broom is in place so let's hope we can focus on the future and not the past.

I'm not sure I'd call it Industrial espionage. It's a grand title for what I think is effectively a bung. Espionage at is crudest and lowest level. What really is unbelievable is that something like this has caused a share suspension for 9 Months, most of the BOD their Jobs, damaged reputation and costs of well over a million. The ineptitude at the highest level is really quite difficult to understand. Let's hope the company has learn't from it. It might not seem like a lot of money but its not trivial, the previous auditors didn't deem it trivial, lets hope DX don't view Tuffnels claim as it bit flippant because if they do undoubtedly it will come back and bite them on their rear end !

So it seems its three X tuffnels employees going back to a tuffnells employee for customer service reports for £50 . Really. And one of them named is regional director for DX freight. Industry veterans have to resort to this. It's just completely laughable.

In my opinion Corporate espionage to give it's grand title goes on in every industry on the planet. Useful information is sourced at every opportunity by most companies on competitors. People go through bins, employees are poached for information, inducements etc and what DX have done is not that unusual in my opinion.The problem is they were caught doing it very crudely.

We have legal expense costs well over a million in relation to the CG enquiry already and more than likely its going to end up £2m plus . Surely there was communication with Tuffnels last year and before. What were the Lawyers doing, this should have been thought of by DX lawyers as a possibility. Like you sister I don't know how they defend their position robustly. What is their position. We don't know. Let's hope this is settled out of court because because the continuation of this pantomime in the now more public domain is just souring DX's reputation.

Oh well...something else hanging over DX for the foreseeable future. I suppose we are used to it. I haven't read the article yet but it's not surprising Tuffnels have taken this action. DX have admitted in September that there was evidence of bribery so the question is how will it be dealt with. Let's hope DX deal with it swiftly and professionally. Not unduly concerned as the BOD who dealt with it has gone but it will undoubtedly affect sentiment for a while but will it affect businesses? We shouldn't lose sight of the fundamentals and DX financial strength of course.

Welcome the position of CEO at DX Paul.

Interesting RNS this morning. Change to the Freight Division. I'm a great believer that if it ain't broke don't fix it but we have to assume DX know what they are doing but lets hope its not ... Too many cooks..!

Little confused with the substantial buying and selling over the past two weeks or so. Its quite obvious that LSE identification of buys and sells was inaccurate as it can be in relation to the mid price. Interesting that some platforms are showing Pictet & Cie with a 4% holding but not on DX site.

Despite the FTSE 100 finishing on a record high Sister I am inclined to agree with you. The world changed in February last year and stock markets around the world will be affected for years to come. I can't see any economic stability for long time. The end of the war would be welcome for a whole host of reasons not least to stop the death of thousands of innocent people. I'm sure the markets would react positively to any inkling of peace to talks but it doesn't change much. Russia and China and others are determined to agitate the established world order. If it goes downhill with China the worlds factory then what's going on now will seem like a drop in the ocean. Notwithstanding all that doom and gloom, I am thankful the DX don't need to raise money, are profitable with substantial free cash. So it's all good all the while being mindful of the macro economic situation. There's still opportunity... there always is... but continued volatility makes it more of a risk.