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It could be that DX are quite happy to delist from the AIM. After all there is generally little appetite for the shares excluding Schroeder and Lombard in recent times. The share price has done nothing in the last 12 months despite impressive infrastructure growth and trading figures and as Gatemore state it hasn't got anywhere near its analysts targets of 45P and 50P +. It's also a relative minow in the game relative to its peers with only really Freight that is primarily driving and funding the growth.

To get to where they have stated.. ie to be the best though you need funding so why would leave the capital markets by delisting. Delisting also would hardly be viewed positively by their existing customers and potential customers alike.

If they delist I think they have to wait 5 years to relist on the AIM so a delist and relist may not be on the cards.

There is also no notification of a replacement HR director since the previous incumbent left in October. Rather surprising as it's an important position in a company of 3,000 plus people.

Gatemore said they were looking a strategic alternatives and that seems to be where we are now.

That's very plausible FJ. It really is an unbelievable situation. Although I'm not a fan of Gatemore being on board generally it may together with the substantial institutional holding be the best thing to try and unlock some value in the current situation. If there is a delist it will be interesting to see what the II's do.(Will they stick with it or jump ship) Its a profitable company so there should be some demand on the OTC. We can only wait until someone feels the need to tell us something.

Deep. I am sure you are concerned as we all are. Here's my view for what it is worth. It is more than likely DX would of have known before Christmas that there was likelihood that the auditors may resign .Auditors don't drop it on companies with no notice. They'd have made it very clear within the legal framework what they needed to finalise things and given DX notice to put things right.

The penny should have dropped with Dx that given the seriousness of the accusations and GT resignation that they may have difficulty in appointing another auditor if they maintain the same stance. So they should have been thinking of this scenario for at least three months.

If the discussions with another auditor bear fruit I think we will see an extension application to the AIM as I don't think an audit will be done by July. This is the best case scenario in my view.

If not we are looking at delist wether voluntary or involuntary. Any number of scenarios then exist. Remember a delist doesn't mean you lose your shares, it just means you can't trade them on the AIM. If there is a delist you can still trade on the OTC through a number of dealers. You are only not in control if the company goes bankrupt and we will lose everything most probably but that is the least likely scenario or if an offer is made for the company which is acceptable to a majority of shareholders. If there is a restructure and relist we could possibly lose some money. In my view a lot depends on the view and action of the institutional investors and what is being decided in the boardroom. We can only wait.

It could be... it could also been the case that she was pushed. It is incredible though that a disciplinary issue issue that occurred in financial year ending July 21 is still rumbling on and
my cause the shares to be delisted. The level of ineptitude is astounding.

I'm going to stick my neck out and say that I don't think we will get the Figures and AR out before the delist becomes automatic in July. The silence and the length of time this is taking plus the late interims makes me feel there is a huge problem. As the corporate governance issue was a disciplinary matter K leatherland as Director of HR had to be involved. She left her position in October last year. Perhaps she is something to do with the GT problems with lack of info etc. I'm not sure what they can do now as she has left the business unless it becomes a legal case. What ever it will be time consuming. She may of course be perfectly innocent.

So what happens now. If they go for a voluntary delist they need 75% of shareholders voting for it. Not sure they will get that.?If they let it go to a forced delist I'm inclined to believe they are quite happy to change the legal status of the company. They could of course be trying to sell the business. I didn't think over Christmas that we'd be looking at a share suspension approaching three months.

I think it is safe to assume that DX are in a very sticky spot. The corporate governance inquiry still hasn't been completed and it's been going on for months. There must be some time consuming legal process going on.Auditors will not be appointed until this has been done and they will have to start a full audit presumably and getting it done afresh in three months is pushing it. We a now 3.5 months from a forced delisting( without an extension) and the clock is ticking louder with each passing today.

I don't think there is any real separation of freight and express. They share a lot of the same infrastructure.. DX Exchange is stand alone, but I don't think it is a option for sale and we have no idea how profitable that is as they don't separate that from express in the figures.

I am completely indifferent to todays RNS... We knew it was coming.
Exasperated that another day goes by that DX continue to keep us in the dark about the pressing issues.

Deep. I'm sorry to read your sentiments but investing in the stock market is a risk and investing in the AIM or cesspit as many call it is the biggest risk you can take and it is only by through research as ATPM implies that you minimise the risk. But you can't legislate for mistakes, companies being economical with the truth, spin etc etc and there is nothing you can do to shield yourself from that. The overriding driver is self interest wherever you look so you have to have an investment and risk strategy to cope with it and that only really comes with experience.

What really gets me is that GT made some very serious allegations and DX's rather pathetic response in my view was that they they didn't think GT's comments accurately reflected the situation. No defence, no facts or riposte saying they did release documents and the rest of it.

It's like the west watching Russia shell innocent civilians in hospitals and Russia saying it doesn't accurately reflect the situation. It stinks. !

Deep. No I don't think you or any of us will lose a lot of money. We should all remember that we are shareholders in a profitable company and anything profitable has value and it is how that value is extracted whatever the legal status of the company. The institutional shareholders will do their best to extract that value. But I won't forget that the directors have acted completely unprofessionally and I don't trust them and ultimately once the trust is eroded that's it for me. If I can get away with a small loss I'll be happy to take it.

Lombard and Shroeder took positions last year at above 30p. Before doing so there would have been substantial discussions on the future plans of DX at least for next five year period with the board.If there had been any indications that there were possible considerations in changing the legal status of the company there is no way they would have invested.

If those considerations are now taking place it means that DX have dug themselves into a huge hole over this corporate governance issue which really is pretty pathetic and the directors should be ashamed of themselves. If there are plans afoot to change the status of the company then it will be driven by Gatemore etc. The longer this goes on I think a voluntary delist becomes more likely.. In saying that we may get a RNS on Monday announcing the items etc.
The guessing and waiting game goes on.

No interims yet and nothing from DX..Zero, Zip, Zilch, Nowt, Sweet FA.
Come on DX speak and tell us what's going on. This is a shambles.

The definition of privilege as a legal term is:

"Privilege is a fundamental legal right. It allows individuals and corporate entities to resist disclosure of confidential and sensitive material."

I don't know who is right but I read it as DX are claiming it as GT said it is their understanding that privilege is claimed over the investigation and inquiry.

How on earth does delisting effectively take the company private. ????

All it means is the company's shares are no longer traded on the AIM. It's still a PLC and its shares can be traded on the OTC at that point.

Run.. ye, that's my opinion based on what we know in order of likelihood. But I'm no authority.
It's just my gut feeling and I'm not one for conspiracy theories.

As I see it the most likely outcomes are as follows:
1) A new auditor is appointed and figures are produced possibly after an extension application and Dx have paid the applicable late filing penalties. Shares begin trading again.
2) The board are looking at the sale of the company to PE or whoever.
3) There is a voluntary delisting at which point the II's will sell their shares on the OTC as we all can.
4) Voluntary delisting, restructure and reapplication to the AIM.

ATPN ''' What logic is there in institutional investors who own over 50% wanting to take the company private. ??. These funds don't invest in private companies. They are only in it for increasing value and now they are on the board that becomes the priority and they will influence it as best they can.

It would surprise me if Lloyd went now. He would have resigned by now or would have been pushed by the II's especially when Meidar joined the board. There is history with Gatemore and the board and they would think very carefully about anything that causes a fracture of the current management team. Whether they are all on same page moving forward I am not so sure. Still there is a pressing problems that needs sorting. Dx are a sound business but there are plenty of businesses that have been ruined by inept management

I have a gut feeling something is going on behind the scenes. This is taking to long. Gatemore and Hargreave Hale own nearly 40% of the company and with the other II's well over 50%. Both Schroder and Lombard bought in over 30p.