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Personally, I'm not sure we will see a relisting on the AIM until we have a CEO in place. I'm not a 100% sure on the regs but the Nomad/Aim are going to want to ensure DX have sorted to the CG issues and no doubt they would want the CEO's involvement in this as they essentially run the company.

APTM.. In reply to your point of Friday morning. We know what the strategy has been but we have no idea what it will be now Lloyd has gone. There has been no communication regarding Meidars capital allocation and expansion strategy review
as per Decembers RNS. Until we are told something we can only theorise as to the direction DX will go.

I'd agree with that. I think we will see some streamlining and restructuring moving forward. I think in such a marketplace they have to be a bit more savy than just expand, expand, expand via a depot strategy. Notwithstanding the previous boards experience and success at Nightfreight, Tuffnells etc many years ago it is a very different playing field now and past success never guarantees future success.

I have some sympathy with that view FJ. I've never really understood the express strategy. There is established much bigger players with far deeper pockets and I can't see the business sense in pursuing any great investment in this area. I m a great believer in sticking to what you're good at. I just assumed that the directors know what they are doing. It's interesting that in DX's updates throughout 2020/21 they stated DX express was meeting expectations. We'll those expectations were pretty flat with no great growth expectations. DX freight has been carrying the business in terms of profitability for the last couple of years. Let's hope the new board are mindful of that.!

Well. I've had a good read of the annual report and although interesting it's not that important as it's year out of date and the 2022 report will be far more interesting and relevant. A couple of things struck me on a general level. They were forecasting a continual decline in Exchange and a revenue growth of only 10% in each division which I think given the depot expansion strategy is pretty disappointing so it would seem to me they are expanding to standstill. Less than 7% growth in express operating profit would result in an impairment. There was no DX Express turnover growth in the year in question.The financials though seem pretty favourable abut I think the inflationary and economic pressures in H2 of 2022 will have had quite an effect. I'm still convinced of strategy changes moving forward.

It should be noted that this Corporate Governance issue looks like it will result in a 80/90% board change and maybe in the competition of this issue 100% change. Until we get a new CEO/ Confirmation of Strategy in my view this is one of the most uncertain times for shareholders. Any number of things could now happen. We don't have any information on financial year 2021/22 apart from about 11% up which really tells us nothing to base any judgement on.

Agree to a point P. Bribery that they didn't recognise or tried to brush under the carpet. The level of ineptitude is staggering and beggars belief with experienced directors and it will tarnish their reputation in the industry. Any association with it will need to be removed from the company which is why in my view Ron Series position is completely untenable. The PR story for DX will be dreadful and a gift to their competitors and they should be looking to how they minimise that effect moving forward.

typo. should be'" any possible re - listing"

Well, that's as serious as it gets. What a complete misjudgement by the board of DX. It makes a complete mockery of their response to the resignation of the previous auditors. It's laughable and completely unprofessional. How Ron Series is still in post for specific responsibility for corporate governance is still on the board is completely beyond me. His position is clearly untenable in my view.

Looks like there might be a little more negotiation with Aim and Nomad before any possible delisting. It could be a few weeks. The uncertainty continues. Now to look through the financials !!

We have an implied extension from the AIM awaiting production of the accounts and Annual Report. On the assumption we get all this as planned by the end of the month a re-list will be shortly after unless any curved balls are thrown at us. The news today is welcome and been in the planning for months but they are two substantial sizes depots. An increase in freight of 15% in 2022 is on the face of it quite impressive it's not massive given the new depot openings. In any event profitability is key. !!

I think you are probably right sister about PKF and the Nomad. I think Lloyds position was pretty much untenable and I also think Ron Series position is also untenable as he had specific responsibility for corporate governance. Perhaps he is still there to see DX through this transitional phase but it wouldn't suprise me if he goes in the relatively near future. Personally I think we will see a new broom sweeping through DX with a new strategy.

FJ. Well that may be case and we all have opinions. I'm sure there are people with experience at Tuffnells, Arrow and others equally competent. Although he did a good job I don't think he is indispensable. If he was indispensable I'm sure DX inc Gatemore would have fought tooth and nail to keep him. Maybe they did and he decided to leave anyway. We'll never know.DX were of course expanding quite heavily into main stream away from freight and other logistics income streams. It's not a great loss in my opinion but I respect your view.

I'm not fussed really that Lloyd has gone or what he does with his shares. No-one is indispensable and there may have been some influence from the new non execs. He's done a good job apart from one error of judgement it seems that has cost him his position. The underlying picture is positive. Who they appoint whether internal or external will give us picture of the strategic thinking moving forward and we know that is Gatemore's concern. There are a few new faces around now so it should come as no surprise to us all if things change bit especially after Gatemore's review.

Yes I agree Pianista. It seems to have taken a very long time and I wonder if if he has been trying to ride it out but his position seems to have become untenable so I think there has been some pressure from somewhere. It's really been his baby since 2017 and for the majority of his tenure he as performed pretty well so I'm surprised he'd voluntarily go at this stage in the company cycle.

I think we will see strategy changes... Lloyd was full thrust for expansion. It'll be interesting who they bring in and I take Sisters point that it makes Gatemore's guiding hand a little more prominent.More of the same for Dx shareholders.

Well, Well Well. That's thrown the cat amongst the pigeons. More uncertainty. This CG was obviously exceptionally serious and the man ultimately responsible has gone.

I'd agree with that. First things first, trading again on the AIM will allay some worries. Let's hope things with PKF are going well and the board have done the relevant work in governance.After that who knows, the economic headwinds for DX and all companies for that matter are looking horrific.The way energy is going we are probably looking at increasing unemployment, further reduced consumer demand and further inflationary pressures. It a rapidly changing world and picture and let's hope DX on a micro level have a strategy to cope with it as best they can. I've no idea what the share price might do, in the very unlikely event it goes up or stagnates I might sell as I really don't want to be anywhere near the stock market for the foreseable.

Interesting general read of Tuffnells accounts for year ending December 2021.The first year of the return to private ownership. £178M t/o, £40m gp and 24% gm. As has been mentioned before these two make compatible bedfellows. How do Dx and Tuffnells develop and realise value in foreseeable sector and economic climate ?. Wouldn't they be peering at each other across the dancefloor?

I've been giving a bit of gentle thought to the last RNS. 11% up revenue wise seems pretty good on the face of it, 15% up in freight and 7% Express yr ending July 22.

Is it that great. Well on a basic level we've had 7/8 new depot openings in that time about 10% of the footprint so to some degree it should be expected together with operational efficiencies. We have the strategy of local depot sales teams and they really should have their feet under the table now and making great strides. It seems to me that it is slow and steady progress and they're not really making great strides currently and I do have worries about the margin that will come out in the wash.

There are some good points.. net cash is very healthy and everything is ahead of expectations.

As ever DX talk a good game which they have done for a long time and beaten management expectations but this hasn't really been reflected in the share price and I wonder why it should change in the future.

A very general point I know and there are so many variables but there has to be a significant change somewhere in the strategy for us to get anywhere near 50p in my humble opinion.

I'd agree with that FJ. I also think the II's didn't have much intention of playing ball with that strategy.

I'd agree with that Pianista. First things first. I don't think Kempster is that great an appointment but at least it is an independent position. Apart from a bit of logistics experience with Wincanton I can't really see what benefits he brings to table. Considering these appointments it doesn't look there is much intention to take the company "private"