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It may well be a storm in a tea cup and I'll kick myself later for not adding now, but I've never held a share where management announce on the morning of the AGM that they're pulling the Annual Report due to published later in the day, citing a corporate governance issue.

And I'm losing money on other UK small caps atm, which isn't adding to my sense of adventure!

It's well under 150p now! Another day of pain for DLAR holders. Inexplicable.

I'd therefore be surprised if there has been a fraud committed, that the CEO was involved.

From the RNS, this "internal investigation" could have commenced at any time up to 3 July 2021, their financial year end. The fact that the Audit & Risk Committee raised this governance inquiry relating to the internal investigation only "recently", suggests to me that the internal investigation may have been instigated fairly close to the year end. If so, perhaps the management would not have known when setting up the audit in May/June, as Blue 83 suggests? I don't know.

On the other hand, CEO Lloyd Dunn purchased shares on 2 July 2021, the day before the year end. In that case, surely he'd be aware of the internal investigation... but obviously he would not have known of this governance inquiry raised by the Audit Committee, which must've been very recent indeed for them to pull publication of the Annual Report on the day of the AGM.

So, the CEO would've been aware of the internal investigation, but not the Audit Committee inquiry at the time he made his purchase of 300K shares at 32p. Conclusion: he must have thought this was a minor issue, insufficient to stop him buying shares, but since that purchase the auditors have now picked up the inquiry baton, thinking the issue to be more serious than previously thought.

If Costain can ever reach where it was in March - near 70p - I'll be selling out and never coming back... this donkey is lame!

If my other holdings are anything to go by, the share price is likely to fall, regardless of tomorrow's results. Starting to realise (a bit too late) that these days it's a winning strategy to sell out before results day and buy back later.

Oh come on mcklondon, you're not really telling us you always understand why a share price goes down (or up), are you? If that was even remotely true you'd have cornered the market and be in possession of a crystal ball. There's always an element of gambling in this activity because know one can predict with certainty. You may know your technicals mate, but get real.

... for holders, on no news. Starting to realise I may have bought an overvalued share.

... on no news ;)

Stalin_ESQ, fantastic trade, very well done, thanks for telling us

haha, you have a particular style of posting, convb, but you know what, you're convincing me. I'm already a holder actually but it could be that this European lockdown represents a further buying opportunity. I'm sizing it all up, or trying to...

MarekQ, thank you. Strong words about the brokers - stronger than I would use - but I don't necessarily disagree. I do factor in broker's forecasts into my thinking, but am also aware that they may have agendas, biases, and other failings...

Thank you fordm, provided they are polite and engage with the issues, I'm happy to discuss with anyone.
Trojanhorse, it has become infamous because Softbank's option has become a major support for the share price, cited regularly, yet many are questioning if it'll ever be exercised as presently structured.
IanB, yes, ok. I only referred toJPMorgan because that was the one mentioned in the article. Obviously, these are constantly moving targets.

No, I don't want to stay away, I like to read thoughtful views from all angles., I just think there's a bit of 'group think' manifesting.
1/ Ingenuity is but a division of THG, remember? Of course we don't know exactly what will happen with Softbank, but surely, for all the stated reasons, it's reasonable to predict they won't proceed with their option as presently structured.
2/ A new low-ball target from JPMorgan should concern all of us holders regardless of our purchase price, in my opinion.
3/ Fair enough. One can only hope those 7 brokers don't pick up the baton and reduce their targets too.

Instead of thinking about conspiracy theories and scare tactics, you gents should engage with the issues mentioned - firstly that JPMorgan is the 3rd broker to reduce their target price to substantially below the flotation price, in their case only £2.36, and secondly, it's 'unlikely (i.e. snowball's chance in hell) that Softbank will trigger their infamous option to purchase a stake in Ingenuity, given the low share price of THG today. I'm a holder.

politics, sure... but also perception

Seems the travel industry is spooked by the surge of covid in eastern Europe and news of a full lockdown in Austria. Also, I read that the Austrian govt are mandating every citizen to get jabbed by February. No choice. Wow, are they the 1st nation to do this?

Not that the share price is recognising any of this news flow (more sighs)

I wouldn't hazard a guess about market reaction to this. While it's a fascinating story, in many ways the company could do without any news involving 'frauds' and 'irregularities'. Mud can stick, however unfairly. Best thing for THG would be heads down, keep out the news and smash the numbers (as MM said).

Not that the share price is recognising any of this news flow (sigh)