Member Info for yankee_d1000

I hate to point this out as I did on the DVRG boards but a small error in your statement. Infact every where I read the same slight error but a very big error!

You state they overestimated revenue by 50% which is a very different statement from the RNS as you may find here, they were clever as an English fox with their wording: https://www.lse.co.uk/rns/DVRG/2022-revenue-update-revision-we4hkfrrzhioxh3.html

"under the relevant accounting standard IFRS15 are expected to be approximately 45-50% of the £17.2m revenue figure provided by the previous executive management team and notified to the market."

As per the quote above.... They in fact overstated revenue by 100% (50% of the real £8.5m would be £4.25 which is a total of £12.75, whereas 100% of the real £8.5m is £17m, lets ignore the £0.2m as that does not exist either right ) which is pretty staggering!! It would actually seem difficult to get something 100% incorrect but it has been achieved here. Everything else in your statement is correct, excuse me for picking at little details!

I am sure Gerard Brandon will be as clever with the wordings of Microsaic RNS also!

Interesting take, so we still do not have full audited set of accounts?

The chances of DVRG going under is high considering the stock is down 99%, Labskin and Skin Trust staff soon to be gone! Also Modern Water you mention staff? What staff? Delaware offices and staff are gone? Zero updates from anyone in management and when an update comes its complete garbage like the year end mistakes. Can you name their head of engineering at Modern Water, product design, anyone? Also what could Microsaic possibly be doing for DVRG worth 1.4 million?

Remember for 1.4 million Deepverge could hold a 70% stake in Microsaic at current prices! Was this 1.4m deal done by Nigel Burton to Gerry Brandon or was it Gerry Brandon to Gerry Brandon or does it even matter anymore so much confusion exists.

You say "n conclusion, the downside from hereon due to the DVRG connection - IMO - is limited for MSYS, whereas there are potentially more positive catalysts." DVRG former CEO was Gerry Brandon, now Microsaic CEO, Deepverge is a wheel washing company with nobody working at Modern Water, and soon nobody working at Labskin and they are the biggest customer of Microsaic by a long way, how is the downside limited? I would love to hear more. But hey yes Microsaic looks as right as rain!

Agreed!

So Nigel Burton the current Director of Microsaic is the CEO of Deepverge and Gerard Brandon ex CEO of Deepverge is the current CEO of Microsaic and the biggest client of Microsaic is Deepverge who are down 99% and reducing staff and services as we speak and Microsaic not too far behind them!!! and the current DVRG Group Financial Controller Shiv Rawal worked as the assistant manager of Jeffreys Henry LLP Group FCO the auditing company of Deepverge before switching over to Deepverge as a direct employee and now Jeffreys Henry LLP Group have stated they cannot audit Deepverge any longer. I know all their names seem drastically different however are they all related!! What color goes beyond a red flag here!

Just one tiny but million pound error in your statement :) .... from the RNS 17th of April revenue "revision" .... "under the relevant accounting standard IFRS15 are expected to be approximately 45-50% of the £17.2m revenue figure provided by the previous executive management team".... which would suggest real revenue for 2022 was £8.5m or thereabouts.

You state they overestimated revenue by 50% which is a very different statement from the RNS as you can see! They in fact overstated revenue by 100% (50% of the real £8.5m would be £4.25 which is a total of £12.75, whereas 100% of the real £8.5m is £17m, lets ignore the £0.2m as that does not exist either right ) which is pretty staggering!! It would actually seem difficult to get something 100% incorrect but it has been achieved here. Everything else in your statement is correct, excuse me for picking at little details! Classic AIM we agree!

I am of a similar belief to yourself Glenogle, desalination plants indeed are extremely interesting from a future need perspective. However we somehow ended up with city sweepers, so from a Modern Water point of view I am afraid to say the expectations of the investment have changed dramatically and now the only good here to warn others of not only Deepverge but also the myth of Modern Water. Shame really but lessons learned the hard way. The only piece of your farmer analogy I agree with is plenty of milking of us investors for sure ;)

Can you explain the potential in Modern Water? I can only see that was downsized also? Delaware facility still open or not?

It is an interesting point on the Auditors if they were paid or not, considering the cash position seemingly is horrifying. Also it must have been awkward between both parties considering the current DVRG Group Financial Controller Shiv Rawal worked as the assistant manager of Jeffreys Henry LLP Group FCO before switching over to Deepverge as a direct employee, awkward at best! Shiv Rawal probably did a few DVRG audits in his time so maybe he can help out with the new Auditors also, therefore avoiding that July timeline constraint!!

Brave to remain in DVRG at this point considering Modern Water staff and Delaware base is gone, Labskin and Rinocloud now gone in July, what is actually left for investors, Glanaco? Other than stay well away it seems?