Member Info for Punter21

TBH right now, it’s all you’ve got!

Let’s just say that the directors are no strangers to putting companies into liquidation. Do your homework.

And how do you reconcile your statement with the announced fact that they run out of money next week?

At least there was a dialogue, however truthful or otherwise, regarding the company. This is beginning to smell like a directors' attempt to steal the technologies away from DGI shareholders as they deliberately fold the business on a pre-pack and sell it on.

You have disappeared from all boards. Perhaps you might enlighten us what is going on at DGI or have we been sold a pup?

£10K profit? They would have earned more on deposit at the bank. The directors really must go.

Lvu - not a prayer.

How have the directors still got their jobs? They should go, before they are removed with what is left of their reputations. Fitzpatrick we are talking to you.

Delighted to see the back of the Monaco Estate Agent but very surprised to see one of the Tesla Trio (arguably the most important) leaving. Seems a rushed announcement. Are they feeling vulnerable I wonder.........

I agree up to a point TF. The delist price will prove a starting point in discussions on a pre money valuation. However, were I evage/ Cummins/ another this would be an opportune moment to bid before control is handed over to a PE house.

I would hope that the Board did not anticipate the price reaction that we have seen. This will not be helping with financing discussions . Very surprised not to have seen the usual reassurance RNS from them which will only stoke fears of something nasty in the woodshed. Do we really believe that the company is worth only £2.5mm in its present form prior to finance? Looking very vunerable.

I’m pretty certain that money is lined up but needs the company to lose the quote.

Nor I TF. To quote Groucho, "I wouldn't want to be a member of a club that would have me as a member." Although I understand that my last post raised some debate about the veracity of the numbers. They are completely accurate, and provided by the LSE data department. Who am I to question them?

Something else to think about.

The market cap of DGI when the Tesla Trio arrived was £15.90 million based on 10,258,748,440 shares at the then mid-price of .155p. Since then, 2.6 billion shares have been issued (I haven’t included the shares that may/not be issued under the CLN and have kept it simple by using only shares in issue.) Total now is issue is therefore 12,876,734,954 shares and based on last night’s close of .02p the market cap is now £2.57 million.

This equates to a 99.8% diminution in value of the company in the space of one year.

Surely this must be a record?

You are welcome xviolet. We are where we are.

The directors have blown our trust and their credibility.

I understand that there is a lot that has happened which shareholders don't know about - naturally. They will be hoping that the negative stuff doesn't come to light......

TF, these are (allegedly) world class management, which should in turn be able to raise world class money. It is now obvious that they cannot. Clearly they don't tick the box on "who they know". Let's hope they do on "what you know....."

The CFO should have realised this early on and taken steps to alleviate the issue, rather than wait until one minute to midnight. He has to go.

What is telling is the Tesla trios apparent unwillingness to put anything meaningful down to back their judgement.

In answer to your question xviolet I intend to maintain a small holding out of curiosity. But that's it. The directors have acted at best unethically. They have next to nothing invested here and hence next to nothing to lose should the go private plan backfire. Which of course it might.

Their lack of reference to shareholders on this move, whilst perfectly legal, shows a blatant disregard for the real owners of the company which does not augur well going forward.

Shareholders have not been notified of any real progress since their arrival in December 2023, save EVage, so we can only surmise that none has been made.

Cummins/Meritor is a relationship that has been existence pre the 2022 IPO and the company has been delivering test motors to them since 2022.

The Anode has seen minor investment but again nothing in terms of commercial activity.

Marine? Nothing since Lloyds accreditation.

MOD? A relationship that precedes IPO and has seen large investment from them historically.

Let’s remind ourselves of the CEO’s comments upon his arrival in December 2023, “We look forward to working with the DGI team, and alongside investment from leading investors we have the opportunity to leverage DGI's technology and build a scaled business focused on green technology."

So, what have our Tesla trio actually achieved?

Well, they have slammed the door shut on the London market – never a good move, and suicidal professionally.

They have compensated themselves handsomely over the past year. It could be strongly argued that they are financially risk free in the venture. Are these the actions of a board with shareholders’ interests at heart?

And what are the other 5 directors actually doing to earn our money? Shareholders have been presented with a fait accompli, with no room to call a GM to discuss the delisting even if we wanted to. If the Tesla trio are unwilling to face the music with shareholders, then the non-executives, the guardians of corporate governance, should speak up and address shareholder concerns. Where are you Sir Michael Fallon, Mark Carleton and Trevor Gabriel?

I thought it might be useful for fellow investors to have an idea of the scale of directors’ investment versus cash withdrawals over the past year, since arrival of Peter BH et al.

I have arrived at these numbers through scrutiny of RNS’s and published accounts of the company and am not party to any information that is not already in the public domain.

Let’s start with Eidem’s purchase of his initial stake from existing shareholders as announced on 11 December 2023. IF we believe that he paid the then prevailing share price he would have parted with £750,159 for his then 29.3% stake. None of this money went into the company; it all went to existing shareholders. Anecdotally, I understand that the figure was less than half of that, which of course may/may not be true.

With that announcement came the CLN for £2.4mm. No announcement regarding the directors infers no director participation in that raise. At the same time incoming directors were awarded 5 billion options with an exercise price of .03 of a penny (share price at close 4 January 2025 is .02-.025 of a penny, only marginally underwater.)

Then followed the £786,500 placing announced 9 May 2024. Again, no announcement regarding the directors infers no director participation in that raise.

Then we had the £850,000 placing announced on 16 September 2024, with total directors’ participation of £215,000, of which £172,500 coming from the new directors.

Putting Eidem’s initial purchase to one side for the moment, the RNS announcement of 16 October 2024 had all directors subscribing, with Peter B-H (£52,500), Jochen R (£27,500) and Pierre P (£15,000) subscribing for the first time. Eidem subscribed £77,500, with the funds going into the company for the first time.

Finally, we had the placing of £500,000 announced on 10 December 2024. No announcement regarding the directors infers no director participation in that raise.

Turning to directors’ remuneration, this has risen by 75% to £688,628 for the 6 months to 30 June 2024, i.e., 300% higher than total directors’ investment subscriptions into the company since new directors’ arrival. If we extrapolate that remuneration number for a full year to December 2024, (that is, double the 6-month total, which seems reasonable,) we might conclude that they have withdrawn more than 6 times the money they have invested since their arrival. And if we use that full year 2024 figure, total directors’ remuneration may have been as high as 30% of all gross (before adviser’s fees etc) investment funds received during the year of £4,536,500. I make no comment on this and leave you to draw your own conclusions, if any, and the explanations given for the basis on which funds have been raised and the actual uses to which they have been put.

Are you sure on the taker(s) of the £500k SL? This is not what I understand to be the case. Anyway, it’s all history now. In my experience take privates with a new(ish) board in place rarely ends prettily for existing shareholders. For them to be blaming the public markets for their decision is all very well but an awful lot to do with the weakness of the CFO and that the new directors do not appear to have raised any funds externally, save DNB. Regardless of their reputations. Whilst I am sanguine on the decision my view is that they have acted at best unethically, and slamming the City door shut with blatant criticism in their RNS will not help the company going forward.

Absolutely agree Lionsworld. The CFO is a joke. Fire him and get in someone credible as I have mentioned before. He has taken the business backwards with his ineptitude and is now the unacceptable face of the company.