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Calm down man ( lol )
I do love ur positivity
Still a bit to go yet
Put ur feet up and smoke a Cigar
Remember folks there’s only 70.63m shares in issue
Yes only 70.63 million shares in issue and it has been that way since 2021. I am very glad that Novacyt aren't one of those companies that keeps issuing shares YoY. I also think it is very good that Nova has a nice amount of cash behind it (hopefully even more soon) with todays climate of high interest rate, which I am also hoping will come down lol.
From todays RNS:
As previously announced, the Company and its subsidiary Primer Design Ltd are party to litigation with the DHSC.
The trial hearing starts on 10 June 2024, and finishes on 4 July 2024.
The court has listed the Pre-Trial Review to be heard on 30 April 2024. This is part of the normal litigation process and is predominantly concerned with administrative preparations for trial.
The court will also hear an application by the DHSC for summary judgment in relation to one aspect of its claim, as part of which the DHSC is seeking judgment to be entered for the full value of its claim.
***From the previous line it would seem that DHSC is confident that the application for summary judgment, in relation to one aspect of its claim, is strong enough to ensure a successful summary judgment to be entered for the full value of its claim.
This is the DHSC's attempt to avoid a full trial (I assume), and the above does not state that NCYT lawyers will play a part.
It would appear to be DHSC's best shot at convincing the court that NCYT is defending the indefensible, ie this is an open and shut case.
If this were true, NCYT's defence would have been exposed as too weak to hold water in the time since the DHSC claim arose (claim dated 25 April 2022), and now we are preparing for court inside two months, so NCYT defence has not been found 'too weak'.
Time possibly then, for one or other party to capitulate, unless a point or points of English law are at issue, and need to be tested in court.
This would not appear to be the case though.
DHSC are confident and have launched a summary judgement. This would not be in order if English Law interpretation needed to be tested in court.***
Continuing from the RNS:
Having taken legal advice, the Company considers this application to be very weak with low prospects of success, and is confident that the court will dismiss the application.
It is not known when the court will give judgment in relation to the application. It may be during or at the end of the Pre-Trial Review, or a short time thereafter.
RNS ends.
+++
I think if a summary judgement application is denied by the court, that would mean a full trial is to be held as scheduled.
Happy to be corrected on the above.
https://www.which.co.uk/consumer-rights/advice/what-is-alternative-dispute-resolution-adr-alOPl0X2lbsO
Are ADR (Alternative dispute resolution) schemes common?
In the UK, the financial services, energy, telecoms and aviation sectors already have large and well-established ADR schemes.
*Financial Ombudsman Service (FOS) - deals with financial services providers.
*Ombudsman Services: Energy or RECC - deals with energy suppliers.
*Ombudsman Services: Communications - deals with communications providers.
*Parliamentary and Health Service Ombudsman - deals with NHS organisations and government departments and services. - So I assume this is who has performed the ADR function.
Sensible post B2, I'm confident by what we know but not sure about what I don't know:))
A CEO who's proactive what's going on and took him a whole eight days in post:)) enjoy your weekend everyone.
I feel that this is a tick box exercise for the DHSC, they've realised that their claim is not fit for trial and therefore it would be wrong to proceed, however they're required to be meticulous and follow due process before being able to settle the counter claim, after all they're using the public purse. Summary Judgement is clearly a formal process for cessation of legal proceedings, there's nothing to suggest that the DHSC believe that the summary judgment shall rule in their favour.
For the DHSC the writing is already on the wall and they know it.
Courts say that summary judgment is:
designed to deal with cases that are not fit for trial at all: Lord Woolf in Swain v Hillman (1999), the Court of Appeal
Https://www.saunders.co.uk/news/summary-judgment-three-things-you-need-to-know/
Https://hallellis.co.uk/summary-judgment-applications-defences/
Wilson. Technically LR doesn't become CEO till May 1st however the wording of the rns intimates change has already happened.
Agree ted
I thought the same. LR knows how to play the AIM game as I said before.
It is news and sentiment driven.
Difference between "ncyt are confident .." type phrases and " very weak".
Good sign.
We will also get more product updates for sure
I agree I really think yesterday's RNS was worded by LR and it was very much AIM focused to create positive sentiment. We have not seen that type of RNS fashioned since Graham Mullis was targeting his LTIP in 2020
RNS wording was certainly a big step forward since salad man days and I think we will hear far more from LR this year. Could prove quite a pivotal year for Nova one way or another but I am now quite optimistic.
The wording of the RNS is just as likely drafted by Steve Gibson, in my opinion.
With LR as CEO , he will attract institutional investors on board, and that will stabilise the SP volatility , and steady raise . With more acquisitions from the money received from DHSC , this would create increase revenue, this will only grow the company into a billion pound organisation.
I think we are all in agreement,whoever wrote it put a lot more positive slant on things.