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Stas, yes it was over Β£1M
Was that a mistake or did you just say you lost over a Β£ million (1,000,000) here?
Thing is ncyt BOD haven't covered themselves in glory either. Not sure how much better they are tbh. They have cash pile ATM but what if the legals go against them?
Hi Davand, I expected your comments (not necessarily just from you.....).
To be clear, I lost 7 figure sums on this! So, am I absolutely annoyed - yes! But, lamenting won't help recoup / rebuild what I have lost. I stand by my views / projections of the business then BUT I mistakenly thought we had proper financial stewards at the helm! I would have got the cost base to where we are today, 1 year earlier AND working capital management was an absolute shambles. Fundraising, if needed to grow, can be done on a healthier platform.
I am distinguishing what has happened with what can happen.......
β The key problem for me was with financial stewardship and management! β
Oh, GLT, just a minor failure on the part of LR, which like it or not, led us to where we are now.
FWIW, the Novacyt acting CEO James McCarthy is also the CFO.
He has overseen the headcount restructure and the closure of two group companies,
after agreeing to hold both positions (10.11.2022).
And we are all well aware of what he "delivered".
Rgds Ncyt, I will wait until their legal bit is sorted and they've hopefully got rid of Rees. Just my opinion of course.
GLT, sorry but Rees is a proven liar, amongst many other things imo. How on earth can you back him after what he has done here, mind boggling!!
I am backing Andyken and hope everyone else will do. Even twix has turned.
Not sure your opinion matters much as you have continually called this wrong time after time. Even Hemo I think it was called you out about cash/ placing etc as you insisted they don't need any more funds. Big ooops that!
Are you related in any way to Rees?
I probably will get a lot of slating by writing this but here goes anyway:
Re takeover @ pittance price
What is the value of YGEN (with little funds) - probably higher than 0.522p but not much higher;
What is the value of YGEN (with lots of capital) - probably 3-4x sales.
On that basis, and assuming you like Novacyt fundamentals, then riding YGEN under Novacyt is even better. Novacyt's biggest issues are (a) legal dispute with DHSC and (b) cash burning business post Covid. But they do have a large IP portfolio and a cash pile.
Re Lyn Rees (here comes the slating)
For all his sins re value destruction here, I do think he is capable of building a business and sales. I wrote a piece re his settlement with Illumina, restructuring of Thermo loan, acquisition trail to broaden portfolio, Covid pivot etc and on that basis, he did deliver. But some bad decisions coupled with bad luck on timing / changes, did eventually compromise all that he achieved. The key problem for me was with financial stewardship and management!
With Novacyt, their CFO is tight and can solve the latter. If Lyn can do what he does best on the business development side, and kept in check on finances, then perhaps it is better the devil we know. After all, you would like to think he has learnt a lot in the last 3 years and will apply that learning!
I wasn't entirely sure of how irrevocable the BOD's undertakings were, but having read the full RNS now, it's all pretty clear in Appendix 3 - the undertakings can only be waived in specific circumstances, which include a competing offer being made that values Yourgene at a value which is at least 10% more than the current offer. In those circumstances, the undertakings lapse (allowing the Board to make alternative undertakings to a new suitor) unless NVCT itself makes a further (better) offer within 3 days of the counter-bid, in which case the undertakings remain with NCYT.
So, the key thing is whether the brokers declaring positions are acquiring on behalf of NCYT, or on behalf of someone else. I suspect it's NCYT, but if there was ever an under-valued business that deserved a bidding war, then this is probably it - time will tell.
Should the price rise as those in favour of the NCYT offer look to accumulate the 75%
If there is an alternate camp seeking to force down the offer them the 25%+ could see a price rise?
I can't see anymore coming from Ncyt. I expect they will walk first. Then what if that happens? Needs someone else in the frame to offer a bit more. Interesting the big buyers coming through, especially Myers.
I agree that Yourgene needs this buyout but we all know the price is low-ball. Some of the institutions and big holders who still hold a large amount at a loss may hold the key to them hitting the 75% or not.
Guess it all depends on how much Novacyt want Yourgene and if the talk of a higher offer needed to get the deal done is true.
Torn between Novacyt getting us at hopefully a higher price and a new bidder coming in so that at least Lyn doesnβt get his own way with Novacyt.
Now that is interesting! (re Myers increase)
Masterblaster - you should read the documents already published. BGF has given their approval unless of course a competing bid comes at 10% higher.....
Anyone who thinks Novacyt will voluntary up their offer needs their head examining. Also, from where I am sitting, this is a done deal and you can already see the shares shuffling to enable that. Novacyt likely buying at below 0.522p to collect as much as they can pre Effective Date. Also, as I pointed out, a big chunk of YGEN are owned by II who bought in at 0.3p or averaged down to offer price. Yes, some will lose out BUT quite frankly, if Novacyt doesn't go through, YGEN future even more uncertain due to funding needs.
All said, I do NOT like how we got here and where we are, because we have a good business. However, I do see the benefit of the takeover, and hence will continue to ride it via Novacyt!
The only change will be if a competing offer comes in - unlikely but anything is possible!
Well Myers has been adding to his holding - another 8million shares.
Who said they have agreed to it.
Must be a reason why BGF agreed to it. As I said, maybe little alternative. Half a loaf better than none, as someone said recently.
Of course they are not happy, but what's the alternative? Hope for a counter offer is the only way the price will increase as I don't believe Ncyt will up their offer.
TW seems to think that a number of institutional Investors are unhappy with the deal. It may well not get the votes it needs, unless the offer is improved.
I'm voting against it.
Cheating Lyn is the only one coming out of this ok ! π‘
I think everyone that is F'ed off with Lyn Rees should tick up masterblasters post below to show our thought.
TW on twitter
Yourgene takeover by Novacyt, is it done & dusted? Growing anger at the big winner CEO Lynn Rees
Growing anger!! He's not bloody joking there π‘π‘π‘π‘
I think everyone thought you had Stas. Lol
Did anyone obtain the TW sharep r o phts piece?