Member Info for Sisteract

Frogjumper.... I'm sure there are many in the management teams at far more successful logistics companies such as Wincanton, Clipper, DHL, DPD,UPS, Evri etc. etc who would be more than capable of taking this on. Lloyd has presided over a shambles for at least six months. He's not the Messiah !!

RNS - "However, to date, the Board has been unable to agree a new appointment."

what exactly does that mean...... does that mean the board is in disagreement ??

Pianista made a very good point that comments on the corporate governance issue were conspicuous by their absence in the RNS. After all this is at the heart of the issue.

Lloyd Dunn and Ron Series have presided over what must be one of the most serious corporate governance failures there is and I'm really at a loss to understand why they are still in post. Although the institutional shareholders on their own would have over 50% to remove them there doesn't seem to be the will,

Fair points Unhooked. If you are a shareholder you are entitled to full disclosure not just because you may be investing tens of millions. We know what's gone on at DX... a simple disciplinary matter has developed to such an extent that the companies shares may be delisted. We just don't know what they are doing about it and it smells like a bit of panic to me. "7 weeks to go until a forced delist and we are still negotiating with auditors"

It could be that karensa leatherland the two non execs who left are the only three directors with any proberty. Who Knows.

Chairman - Ron Series who is ultimately responsible for this corporate governance issue which is leading to the probable delist is still in post happily smiling on the DX website.

I've changed my view of the DX directors. They can make money in a logistics business but I don't want them in charge of my money as I no longer trust them to manage the business in a professional manner. I want to exit as soon as I can so If I can get back anything over 50% of the money that I've invested I'll be a happy bunny.

Well they could of course. !

But due diligence will tell any potential entity of funding that the directors of the company have:

1) Lax corporate governance controls
2) Are subject to serious allegations by a previous auditor of potential breaches of law , poor executive conduct.
3) Have dismissed that auditors view as not accurate without any explanation
4) Have presided over a share suspension of close to five months.
5) Have failed to find any auditor in three months
6) Still have an unfinished corporate governance issue investigation

Need I go on. Would you write a cheque for them. ?

I agree with Pianista in that I don't think there has ever been any intention to take the company private. FJ is right though in my opinion that the board should have been considering possible scenario's when they had an idea that GT were resigning in January. It's naive if they weren't.

It's my opinion that most if not all II's want out. For same reason that who is going to throw money at Dx to take it private... which institutional investors would want to stay involved with a company whose directors who have presided over the shambles and failures of the last six months and have pretty much been indifferent to it. It probably breaks their investment rules in any event.

The real problem is that there is no easy exit strategy especially if you can't raise the money.

Crazy. Firstly we should all remember that there has be no information from DX indicating a plan to go private. Its just an option and the opinion of some people on this board.

If Dx wants to go private, a general meeting would be called, a resolution put forward and 75% of shareholders would need to vote in favour for it to be approved. There would be an offer for your shares.

The real question that we should all ask ourselves is this.

That needs to be funded as are other possibilities. Who externally is going to fund that .....a company whose directors have presided over corporate governance failures, breached Aim rules resulting in a share suspension and a complete failure to appoint auditors and the resignation of the previous auditors who have indicated executive failures and possible breaches of the law.

Like I said before DX are up the creek.

ATPM.... I would have some sympathy with your view if there were no institutional investors. Ii's own over 60% I believe. How does it make sense for the Ii's to agree to take it private bearing in mind what we know about the financials, margins etc. Why would 75% vote for it? Where is the return.Where is the money coming from?

The only chance DX getting an extension is if they have an auditor in place. If they can't get an auditor then the matter has to be referred to the Secretary of State and all that involves.

If the strategy has been to take it private why has it not been presented to us by now. They've had four months. There would be serious consequences for BOD and Gatemore if we are being misled ?

Wherever you look its a shambles.

Wisey.. I'm sure its a typo but DX doesn't become a private company if it delists. It's still a PLC just that its shares are not traded on the AIM.

A very down beat RNS today. Portswigger has said it all. Up the creek without a paddle comes to mind.

I've been sat on the sidelines for a bit and read some interesting posts. There is a possibility that another situation exists. Of course it is possible that the major II's may want to stick around with DX, but there is also a possibility that they want out and this may account for the continued silence.

Gatemore came to the board in December with the written intension of pushing for the resolution of the internal investigation and any matters relating to GT. None of that has been achieved in five months. Indeed GT resigned in early February. Like other people have said I agree that Gatemore were not remotely aware of the seriousness of the problem until Meidar was appointed. The resignation of the auditors and the abject failure to replace them has moved the goalposts for Gatemore considerably and they for very good reason might want out, perhaps more of the ii's also want out.

I can't believe trading on the OTC is a desirable outcome for any shareholder. If there was an end in sight for the corporate governance issue and appointment of an auditor then the easiest route to allow more time to execute their strategy would be to apply for AIM extension but as far as we know they haven't done that.

The silence of course keeps us all guessing. It's quite possible there is complete disagreement between the some major shareholders and the board and if that is the case it's a nightmare scenario.

Thanks tep. it's nice to know my thoughts have been of some value to some.
it's just when posters claim to have sources or inside information, other readers then have to decide if's what they say is correct and i don't think that is fair, certainly not from a position of anonymity. Anyway, best of luck all, I hope what dx have planned will benefit us all. Sister x

Respect to your point FJ but this is my last post in answer. I Just believe that when posters claim inside information or sources it is a slippery slope. It creates a confusing pictute for all. Lets say DX get an auditor, all is well and the shares continue to be listed. Then future contributions by people who claim to have sources can manipulate discussions and some will believe them. There are countless examples especially in relation to covid and we can all guess which company that is. I don't disrect anybody and appreciate that some will probably have inside information i just don't believe it should be made public for the reasons stated and that's my opinion.

With no disrespect to any people who post on this board.
There are relatively new posters who post on this board who claim to have sources/inside information. They may well have but be very careful.The only information you can really trust is fact.
Like Portswigger before I to have decided to leave this board. Expressing opinion is one thing but saying you have inside information is quite another from a position of anonymity. The direction of travel on this board is not for me. So best of luck to all DX shareholders.

This doesn’t really matter now. What we know is that;
1) The corporate governance inquiry is not yet completed.
2) No new auditors appointed in approaching two months of negotiations.
3) There isn’t enough time for a new audit before delisting becomes automatic.

In my view a delisting is the overwhelming favourite now. The question is what the plans are and we can only wait for the boardroom to tell us.

Her Director role was terminated in October 2021 although linked in says she worked until December 2021. She may or may not have worked her notice period. She set up her own business in February this year. It's on public record.
You could can look at that any number of ways !!

E-mail. Yes absolutelyGT would be duty bound to report insider trading. Insider trading in relation to the Corporate Governance issue is pure speculation. Don't forget GT's letter infers possible breaches of law, inaccuracies and lack of access to documents.etc. It's quite possible GT have seen a smoking gun but without access to proof they can't report anything or even speculate. Therefore their only other option is to resign.

E-mail. I beg to differ on that point. That would be considered insider trading. They are given non public information from source which is a criteria for insider trading.

If the corporate governance issue is something to do with insider trading it may explain why DX are so determined to keep the details out of the public domain. The penalties are very severe although it can be difficult to prove sometimes.

According to companies house a document has been filed regarding the auditors resignation at Dx and will be ready to view in ten days. I wonder if that will tell us something we don't already know. So much for the greater transparency Mr Meidar who stated aims in the Gatemore Letter to Dx are :
3. meaningfully improve DX's investor communications and transparency; and

The shambles continues.

It could be FJ. But it must be part of a firefighting strategy to get them out of the self dug hole they are in. I can't believe it was in the plans before Gatemore got involved just before Christmas.