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Ports, I believe what Stemis was referring to was that you have mentioned "£100m of liabilities" about 3 times without a single mention of what the assets actually are. One without the other is not giving a full understanding or true picture. I nearly commented similar but thought it a bit of a waste of time in light of the offer.
If a company has £100m in liabilities and no assets, it is insolvent and unable to pay its debts. If it has £100m in liabilities and £1b in assets it has (on paper at least) a huge value, ie. £900m paper vale.
For clarity, the last available audited accounts (02/07/22) show Fixed Assets £145m, Net Assets of £72m, current liabilities of £75m and non-current liabilities of £86m - giving a net (on paper) value to the business of £56m.
This still not give a true reflection of value however as it does not include items difficult to value such as goodwill, contacts, its existing customer base (which can all be subject to opinion as to their value)
Even the liabilities you mention are not as simple as 'creditors to be paid', included in the £75m mentioned above is £10m of deferred income. This is not paid to anyone, it is simply sales that were invoiced in that year which need carrying forward to the next year because they actually relate to the next year.
Simple comments such as "they have £100m in liabilities" I find very misleading on its own. It gives the impression they have no cash and cant pay their bills. Cash is actually shown as £27m on the last accounts (and has increased over the last few years), and (not sure if still the case) but they also had a significant draw down facility available against sales (ie. short term borrowing if required), so I very much doubt they are struggling to pay creditors/liabilities which your posts seem to give the impression of.
Some big transactions again even at these higher prices, looks like someone might be loading up behind the scenes. Really not far off that 40p mark now
Strange that Deano and Ian seem to have received different amounts of extra shares, I had this through my Halifax Sahre Dealing
"Please be aware that elections made under the Excess Facility have been subject to scaling back. Subsequently, elections in excess of a shareholder's basic entitlement have been satisfied by up to approximately 58.406935 percent in respect of the number of Excess shares applied for."
Couldn't agree more, should be onward and upwards from here. I think there could be a very nice steady rise in this over the next 6 months
I wouldn't bother responding to him Sisteract, a quick look through his posting history shows he's only ever commented on DX in a negative way relating to deliveries, drivers and pricing (more from a customers perspective rather than investor so not really sure why he's bothering tbh)
Also previously worked at Tuffnells, so experience in the industry
Sister - "Lloyd has a 10% shareholding. I can't imagine he'd be happy that Ron Series is still in post."
I'm not disputing his holding (assuming he hasn't sold up since leaving), but it is just an assumption that he would want Ron out. For all we know they could have been covering up the CG issue together. Like many things that have happened over the last year we simply do not know.
Likewise we do not know why Lloyd left or who pushed for it.
Unless you have spoken with them or read something I haven't (?) then assuming X wants Y out of a business when they have made no comment is just that - an assumption surely?
Sister - why would Lloyd vote for his removal? Lloyd himself has already resigned / been removed and he and Ron go back quite a long way as I understand
Optimistic - Its the RNS 28th Sep 2022 detailed Capital Allocation Policy Review
DX plans of paying a dividend of 1.5p next year means (at current price circa 24p) a current return of 6.25% PA
Together with their plans for the Share Buy-back Programme, increasing turnover, profits, cash and margins.... all looks very good to me for share price growth too!
Too the opportunity for a little top up today at these prices :-)
I made a phone call to Halifax this morning and they removed the suspension in a matter of minutes. Is there some way to contact interactive investor to ask them to do the same?
Won't let me trade on Halifax Sharedealing, I know they are trading on Hargreaves Lansdown though
I really don't understand why someone who is not invested in a company (and considering their comments, appears highly unlikely to invest in said company) would be reading and commenting on a share price chat for that company.
I get they may have used DX before as a customer, but I have used countless companies on the stock market as a customer but I wouldn't even read (nevermind comment) on a share chat just having used them in the past.
Regarding the opening price, I expect it to open lower as some people bail, but I think suggestions of 3p are wide of the mark. Usually, when a company is suspended , there is a significant financial hit to their sales/profit/cash. Whilst we don't know the actual full reasons behind the suspension, we have been informed sales, profits, margins and cash are all significantly higher, this does not give the impression of a company is serious financial peril like you would usually find in a suspended company. Considering (from memory) I believe someone said DX's expected EPS were in the region of 2-4p, a share price of 3p would make no sense. Granted the markets are a little crazy right now, but I don't think we are in Looneyville just yet.
Frogjumper - Personally I have more trust in DX than I do with GT. Audits are extremely pedantic in their rules and you are unable to use items such as common sense. I personally have had to submit money laundering reports for very low insignificant amounts (as there was no de minimis) and we knew full well the reports were useless but 'those were the rules' and you faced unlimited fines and 5 years in jail otherwise.
I have reassurance the the Directors did not abort and dump their shares, rather they added to them when they saw opportunity.
Perhaps should reaproach their previous auditors, they didn't seem to have an issue completing the audit (although admittedly the corporate issue was after them)
I agree I do not think it is purely 'numbers' related in terms of sales or profits. How could you argue legal privilege in such as situation? Like tep1 says, it has been referred to as a corporate guidance issue continually throughout.
I'm also not sure you are correct in your comments that the banks that fund DX have the option to appoint auditors, as far as the figures go from what I have seen, DX are financed themselves by cash held in the bank.
Is today the actual deadline? The RNS was on Friday 4th, so I was thinking 14 days takes it to Friday 18th.
Having re-read the RNS it says "DX will send a copy of the Reasons to shareholders within 14 days of their receipt." and "Grant Thornton has provided the Company with the reasons connected with its resignation" but it doesn't actually say what day they received the reasons, so I'm not really sure when the deadline is?
Just a thought on the corporate governance issue that we have not been given details of, could it be something out of the company's hands that they are not allowed to discuss. Perhaps a police investigation for example. They would be unable to force the police to complete their investigation quicker, just because their accounts are due. And maybe there are not allowed to discuss it because it might affect the outcome of the investigation. Just a thought I had, again it's speculation and there's nothing to support this theory but it could be something like this preventing information being released.
Certainly is an interesting RNS. I may have misunderstood your comment Bod, but to me it sounds like Gatemore/Liad do want dividends/share buy back and are maybe disappointed it's not happened sooner. Maybe the board have been conservative, no point paying a dividend to then ask for it back in a share issue to fund the expansion. I hope Gatemore don't try to drastically change the board, I'd strongly reconsider my holding if they did.
I find Firebalde23's comment:
"And as for “Lloyd is an astute businessman “ I would not trust him to run a bath."
rather strange. Have you looked into Lloyd's previous history? (easily available). He ran Nightfreight, built it up and sold it. He then went to Tuffnells, took it from loss making to very profitable and again sold it. Now he's invested significantly in DX and again took it from loss making to profitable. I don't really see an issue in trusting Lloyd from this perspective, perhaps your issue is personal?