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Chris, - One of those officers is Antonio Argenio - Sales Director - B2B Private Healthcare
He has been liking some good opportunities on LinkedIn.
B2HSL, surprising what you can find on LinkedIn when researching Novacyt. One link took me to this Swiss investment company.
https://www.decisive.com/how-we-think/post/2021-and-beyond-radical-investment-catalysts-for-a-post-pandemic-portfolio
Agreed EXMEX. Trying to think outside the box on where to search for good info.
I have found the Philladelphia company who is (or was) distributing products in USA, but not posted info, because I would not want to give a competitor the opportunity to cause trouble within.
Hi Brent, you are correct and I think that is an important distinction. Particularly because Raimomdo is the most recent (and only) member of the executive management team to buy some shares.
KT, yes Nick Plumber has been struck off on the companies house register. Last Friday actually, 3 days before GM. I think they said in the AGM that Dyer finished up end of September.
Thanks B2! Antonio Argenio is another interesting find. Recently worked for LGC who we know have been chosen for their Ultra high throughput testing equipment at the Leamington Spa lab.
https://www.linkedin.com/in/graham-mullis/
Looks like GM is not retiring with his feet up (looking to help companies).
Adds to the hypothesis that he was pushed, not walked. If this was all some kind of masterplan then I sure hope we start seeing the fruits of it soon.
Lets home he helps us by writing all the RNS for all of our competition in this sector ! That might raise the SP !
I agree Mullis was pushed gasman .
If you watched the AGM you could see Wakefield wasn’t enjoying himself one bit . No one was , no fan fare for the new guy , no enthusiasm at all . It was all done under duress in my opinion .
I think mullis gave his all to microgen , Novacyt and simply didn’t fit in to the new direction for the company .
His performance has been lacklustre so far this year .
Typical signs of someone who is not happy with things .
The question is if Wakefield didn’t want mullis out , who did ?
Who is pulling the strings ?
Thanks Gazman! GMs age suggested to me that his retirement was premature. 54 is young for a CEO retirement, regardless of the LTIP.
This does indeed reinforce that.
The Company wanting to take them over?
If you join dots... suppressed sp, positive/negative rns's / very litte main stream pr / new guy being very quiet at present ?
makes me think it is a HUGE player, pulling strings of that magnitude and why GM perhaps had no choice...
Only issue at present to them, is the huge proportion of sticky fingered PI's that wont let go, unless they see a profit and most certainly not at a loss... !!!
so aim to buy Co on cheap, by keeping sp down?
well it seemed logical to me LOL
Wakefield may well have wanted him out. We don't know. Explains no inf forthcoming , sombre mood at AGM , no D.A.
Can anybody explain is it as simple as board arranging a meeting and a vote of no confidence , how would this have physically happened , not the politics.
And who would have interviwed David Allmond.
Hi K, Technically It's GMs responsibility to appoint his successor but it's JWs to approve it on behalf of shareholders.
It looked to me like JW didnt know him from Adam and GM didn't have a lot to say about him either. Very Peculiar.
While CEOs do run the company, they are (at least theoretically) responsible and accountable to the board of directors and its chairman. So IMO, GM and the rest of the board were conflicted with the next direction of the company. GM always wanted to take it midcap and eventually sell, like he did in previous roles. So, what have the board got in mind that's opposite to that....I wonder?
for DA not to be at the AGM means that he's part of the next plan for the board and most certainly was never part of GM's future motives or aspirations......
Well let's hope Novacyt have a solid restrictive covenant in place in case GM does start to help out other companies. Let's hope they're not in the diagnostics filed.
The standard types of restrictions which can be used by employers are:
• non-competition covenants - restrictions on the former employee working in similar employment for a competitor;
• non-solicitation covenants – which prevent poaching of clients/customers/suppliers of the former employer;
• non-dealing covenants – which prevent a former employee from dealing with former clients/customers/suppliers, regardless of which party approached the other;
• non-poaching covenants – which prevent an employee poaching former colleagues.
For a restrictive covenant to be enforced it must not be drafted too widely. It will be for the employer, in the event of a clause being challenged, to show that the clause is justified and sufficiently narrow. To meet these criteria an employer must be mindful of certain factors:
• The breadth of the geographical area of any restriction and the length of time of the post termination restriction must be justified. It is unlikely that a wide geographical area will be justified and, as a general rule, a restriction for more than 6-12 months will be difficult to justify.
• The breadth of the activities that the employer is trying to restrict.
• The type of interest being protected, for instance, information such as trade secrets may be granted wider protection than customer information, given that its potential use across markets is wider.
An employer may also be required to evidence any connection between the employee and any information that is being protected.
The extent of clauses, therefore, must be relative to the employee's position within the business. As more senior employees will be in contact with more sensitive information, restrictions placed upon them may be justified as being more onerous. Overall, a one-size fits-all policy on restrictive covenant clauses risks the clause becoming unenforceable.
Restrictive covenants may also require periodic review in order to maintain their enforceability as the reasonableness of the covenant is judged at the time it was entered into.
Agree CT. Kitze I don't think its anything to do with aspirations re midcap.
This imo is purely to do with the DHSC dispute. Not the fact it occurred , but how G.M has interacted with them since the dispute and perhaps in the eyes of many board members has hindered negotiations. Purely speculative , but you sense the utter disbelief in the Rns whereby it stated they ordered 40.million in the first quarter. I suspect the board believes negotiations could be productive but GM was an obstacle to that as he took 100 % hard line. This board too will be divided.
My personal take on this at the moment is that GM and NP have been pushed/fallen on their swords over the inventory and the DHSC dispute issues.
Not surprising perhaps given the impact it has had on the sp and the sentiment towards the company.
However, the company and it's fundamentals have not changed as they are bigger than any one or two individuals and my belief is that all the bad news and dirty laundry have now been exposed. I am hopeful of much better days ahead and I'm decanting a fine Bordeaux for later to toast the new CEO GLA
Yea I agree it's likely GM has fallen on his sword over the dispute. Something still doesn't feel quite right though, because surely then the chairman of the board would know a little more about the new CEO.
Enjoy the wine Brent, I'm gonna have a stout!
Maybe DHSC resolution contingent on GM departure if he was unbending. Who knows, good luck to him although he did lack sparkle. Too many bungles from DHSC contract to stupid errors in tweets etc. Re-organising the group under one umbrella took far too long. IT-IS was the master stroke.
Just adds more amunition that GM was pushed out by either other BOD or external organisations that were unhappy with his performance. No CEO would want to leave a company wanting to build into a mid cap organisation. Did GM mess up the contract with DHSC to make it 100 % full payment in Novacyt favour and he therefore pushed out ?
He either genuinely wanted to retire or was pushed by the BOD. There's no institutional holders and of course no debt holders with the clout to oust him. My personal opinion has been that institutions simply refused to invest unless there were changes at the top. I agree that the BOD came across as less than enthusiastic about D A at the AGM, more changes to come within the management structure perhaps.
Some interesting conspiracy theories being mentioned this past week about DA's arrival. Could Amryt have sent him in to prep Nova for a TO. Guess we'll find out before Xmas.
@Sir Digby, hes only 54 and is already looking for other positions via LinkedIn, so he's clearly not retiring. The tone of the AGM/EGM was all a bit odd, as was DA none appearance, it doesn't feel like an amicable departure. I thought Kaeren made a good observation earlier that was overlooked, none of the existing BOD seemed to know anything about DA, so who the hell interviewed him for the position ?
In my opinion, which is just that and based on no inside info, changes are afoot. The unexplained 10%+ rise today. something's hsppening
Thats not as crazy a theory as you might think!
As CEO gets access to all intel, as sales & marketing can assess potential?
Big bonus if he calls it right! & hopefully for all LTH’s
For once looking forward to Monday, :)
for someone with 300k shares & price rising why would you state that… Dr My backside :)