DX Group (#DX.) – appointments of Jon Kempster and Mike Russell as non-executives, good luck chaps!
- 2022-07-12 07:54:21
DX Group (DX.) has announced there is now “a material risk that the audit of the company's accounts for the financial period ended 3 July 2021 will not be completed and the audited annual accounts not published by 7.30am on 5 July 2022, six months after the suspension of the company's shares from trading on AIM”... which would mean listing cancellation!
On 4 February, as Grant Thorton's resignation as auditor to DX Group (DX.) because of corporate malpractice was announced, the company said that "The Board intends to provide further commentary to shareholders on the Reasons and to provide an update on the progress made with the Inquiry. Further updates will be made in due course." In fact it seems that its intent is not to tell folks what is going on but to stop folks knowing what great corporate sin has occurred. DX has written to its shareholders enclosing Grant Thornton's resignation letter as you can see below.
On Wednesday I wrote on logistics group DX (DX.) argues “pleased to provide” trading update, but what about the murkier and murkier “corporate governance inquiry”?!, noting the intra-day-announced “immediate effect” resignation of the Audit & Risk Committee directors with no further detail provided and then the suggested routineness of the inquiry “proceeding, and the company will provide a further update in due course”! Now “Resignation of Auditor”. Dear, oh dear!
Logistics group DX (DX.) states that it “is pleased to provide an update on trading for the 26 weeks ending 1 January 2022” and that a “pipeline of new business opportunities remains extremely healthy”. Good news?