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Having trawled LinkedIn, it is clear there have been people moving on to new positions within Novacyt, some with promotions.
It may be that DA has focused on creating these positions, fearing that he may lose staff if he did not do so.
If that is right, then it would have taken time to achieve, and necessary as there is so much competition for trained life sciences experienced personnel from competitors, particularly in southern england.
Have a look at this, - You Med Ltd - https://www.youmed.co.uk/diagnostics
It would not surprise me if we supplied them.
Kaeren / Saintsmith
wrt IT-IS directors bonus: Achieving manufacturing targets subsequent to October 2021 buyout by Novacyt:
RNS 15.10.2020
"Terms of the acquisition
Under the terms of the acquisition, £10.1 million in cash will be paid upfront by the Company for the entire issued share capital of IT-IS and for the business assets of IT-IS Life Science (Ireland) Limited. The initial consideration of £10.1 million will be reduced by £3.6 million of cash on the balance sheet of IT-IS at completion resulting in net cash consideration of £6.5 million. In addition, an earn out of up to £1.9 million in cash is payable to the directors of IT-IS over the next two years, subject to certain manufacturing targets being achieved."
RNS 27.09.2021
"- Payment of the first earn-out milestone related to the IT-IS International acquisition"
+++
Second earn-out milestone due Sept / Oct 2022.
+++
Kaeren, re your IT-IS new faces post:
There are some very well qualified new arrivals big hitters in their specialities in Southampton (I believe)
https://www.linkedin.com/in/gem-mcluckie-a1aab79/
https://www.linkedin.com/in/scott-kimber-861668152/
https://www.linkedin.com/in/callum-pickett-5aa346200/
Unfortunately Achillios Neophytou has moved to You Med Ltd.
That would be great. Thank you.
Originally It-Is-International had just unit's one ,three and four Wainstones. Then in September 2020 they took out a 12 month lease on Pulrose House and in December 2020 they added to this with a three year lease of MMC House. All these properties are on the same estate.
I did post this link relating to the firmware Engineer they are recruiting the other day, not sure if it got lost in all the noise. The wording is slightly different to the one on Novacyts .Seems there is plenty going on at It-Is.
https://www.totaljobs.com/job/firmware-engineer/ko2-embedded-recruitment-solutions-ltd-job9590388
Found it with a bulldog , wasnt showing as a follow as your tweets are protected. I've followed you.
No Saint not that I've ever seen.
No k , my twitter is same as my LSE moniker . Think I’ve followed you a while ago as I did a few other prominent posters on here .
In the link posted by sharestock earlier tonight dated "Aug 2020" prior to acquisition it stated
" It has doubled production capacity to produce 300 machines a month." So what could they be producing since the acquisition??
Based upon the known info below, Q machine production capacity increased significantly in the latter part of 2020, potentially as high as 1500/month.
3 August 2020 the quoted production for Q machines was 300/month.
16 Nov 2020 Further to the announcement on 15 October 2020 when Novacyt acquired IT-IS International, the Company has significantly increased the manufacturing capability of IT-IS to manage the growing demand for its q16 and q32 instruments. From November 2020, the Company has scaled-up manufacturing capacity for instrument production more than five-fold, with further expansion planned, depending on continued demand.
Saint did u follow me twitter as Mr Magpie?
Was that recently ?
Got a drone Hans :)
Maybe you can check if there are couple of Bentleys in the directors parking spaces @ Hans ;)
Novacyt made a very wise acquisition with it is . We don’t know what the certain manufacturing criteria was Karean but I’m sure none of the share holders would mind them receiving their bonuses as long as they were selling shedloads of marsh mellows .
Hi kaeren/Saintsmith no numbers were quoted re targets for it-is
The initial consideration of £10.1 million will be reduced by £3.6 million of cash on the balance sheet of IT-IS at completion resulting in net cash consideration of £6.5 million. In addition, an earn out of up to £1.9 million in cash is payable to the directors of IT-IS over the next two years, subject to certain manufacturing targets being achieved
Well that's a double edged sword Saint. I can't recall what the target was or even if it was named. Sure some will , could have met them producing for the expected Sept extensions. Who knows the state of play with that .
The it -is directors were also promised bonuses if they hit their manufacturing targets . I wonder if they have hit them yet ?
Karen you just reminded me, it may be old news and doesn't mean much, our next PM made a visit to IT-IS in 2020.
https://www.rishisunak.com/news/rishi-visits-technological-frontline-battle-against-covid-19
Spent a couple of hours Friday in a waiting room. Looked at IT- IS on linked in.
Found 3 new hires ( will be more ) and several promotions.
Examples
Micheal Dent new
Alec Cropper new
Karl Nugent new
David Ward promoted
Aminah Majeed promoted.
Imo some link with Darchem Engineering . So many likes by multiple staff across IT-IS. So just like Novacyts headcount is increasing so is that if IT -IS. Just realised but sure it is has been mentioned before that IT-IS is located in Rushi Sunaks constituency , I think.
It would be 12 weeks exactly tomorrow since David Allmond was positioned in as CEO . One positive RNS regarding Omicron and thats been his total efforts for shareholders . Every ounce of information otherwise is from internet research from the twitter crew including the news about TATA MD using Novacyt Q32 devices . The black out of news from CEO only created shorting of the share and damage sentiment . So what is exactly his motive for no news ? Is the chairman pulling the strings at Novacyt ?
Wba, you would think so wouldn't you. Knowing what skin the bod have in the game is fundamental to most investors decision making so it doesn't stack up why we don't know after 4 months what options and shares DA has been allotted. I wonder who on the bod decide what news is worthy of an RNS and how they are deciding it. I find it unfathomable that 4 months can pass with no investor affecting news when we have so many projects we are working on. Only 2 weeks to wait but the bod have really backed themselves into a corner now to the point where anything less than a monster RNS will be seen as failure.
WBAFC, I don't know that either.
Be nice to be told by NCYT what the bonus arrangements are.
SteveV
I am not knowledgeable about how corporate sector recruites top executives, but would David Allmond not have been told of his bonuses and share options before taking up this CEO job ?
I am hoping for a very positive trading update, followed by, in the days and weeks after, a steady flow of news releases.
(New products, new sales opportunities, post Covid rollout of products)
Just hope the new CEO has had his bonus's agreed and it aligns with our(shareholders) aspirations