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Drb83, you forget the fact novacyt instigated the case and not the dhsc. This is significant and not the amounts involved. As you saw in Depp Vs Heard case, Depp instigated a court case against his ex for $50m and then she subsequently sued for $100m. As we all know we know who won.
Hi kaeren maybe wrong path.. But leads too sensible descions... Another few corners to peep round yet...
As all classified as red from 113 to 115 ?
I did a couple dummy trades, to see what price offered...
Lots of games still being played....
Why they cannot in this day and age of IT monitoring ability, offer a true sell or buy price beats ,me... #dispicable imo
Aren't we all forgetting that this whole legal shenanigans has left the door wide open for "friends" of our apology for a government to clean up, and move to suitable tax havens. They won't be in any hurry to settle until the trough is empty!
FWIW, - From full year results -
7. General and administrative expenses
Insurance Premiums
Year ended 31 December 2021 = £1,453,000 Year ended31 December2020 = £574,000
Going down wrong path Gizzmo imo.
"Ncyt have revealed absolutely nothing on the dispute for over 12 months. Unless you've been following the company you see the £135m claim and think a loss will wind the business up. Thanks ncyt."
it is a very good point. though i can understand ncyt not wanting or able to go into detail at this stage. it is going to be a long slow progress and it is what it is....til it isn't...as they say.
however added to the complete shambles of a forward plan that we waited until april for - you can understand potential SH being reluctant to get involved at the moment...
Not sure tbh chair. All companies are required to have a base level of insurance but it will all depend on their individual policy. The bod haven't mentioned it once so probably best to assume this claim isn't covered.
The onus should be on the DHSC to prove we are liable and responsible. Given they kept ordering and using our products I can't see how the DHSC will be successful. Our products I believe we're not only tried and tested by the DHSC but also approved for commercial sale. Any errors should have been identified by the gov well before £135m orders. Did it really take them 3 months of constant usage to decide "I'm not actually happy with these, I want my money back".
Some like PI100 think it's a guaranteed loss but I think it favours us in a court setting. Just my opinion
Oh and most put in a claim for costs , used as a tool in many divorce cases to intimidate the less financially secure individual.
Agreed Gazman
Ncyt have revealed absolutely nothing on the dispute for over 12 months. Unless you've been following the company you see the £135m claim and think a loss will wind the business up. Thanks ncyt.
B2, not sure either on the legal costs but I'm sure at the side of figures like £135m and £80m they'll be pretty insignificant.
Hi kaeren hope you well.... Abdx... Something missing from there settlement....cant work out why
Awarding of costs is always at the discretion of the judge. In a straight win more likely but unusual. If a party has been deliberately awkward , refused a compromise and the case settles in the region of the compromise that was offered a judge may be more inclined to consider awarding costs to the side who were keen to compromise. That is my understanding.
DRB, is it possible,that we have insurance that covers this. ? Lots of negative posts by the usual people recently.
The point..... Path... Direction... Love hemp would be very foolish to add two people who could be branded in media as architects of a rip off of public money... As they sell what most consider snake oil....would harm any progress made..... Silly monkees.... Or confident in outcome
DRB, -
The cost of litigation so far is X
The cost of a court case is Y
X+Y = ? - 1-2 mil?, 2-4 Mil? - more?
I'm unsure if we can claim costs of court case / defending ourselves if we are the outright winners.
"Why do investors keep treating the claim like it will wipe the bank balance? It's pretty clear."
It's intentional.
*************************************************
Or ignorance of how it works.
On top of that, the company has already made a £19.8m provision, which is not a part of the cash balance.
"Why do investors keep treating the claim like it will wipe the bank balance? It's pretty clear."
It's intentional.
DRB, there are obviously some out there just looking to cause mischief. But, the fault also lies with the company. It has failed to articulate the effect of the claim in a clear manner and so perhaps the market expects worse than what you describe. Ultimately this has led to the decimation of SH value.
Invoices Claimed against = £135m
Invoices unpaid by DHSC = £73m
Cash therefore required to settle claim in full if required = £62m
Why do investors keep treating the claim like it will wipe the bank balance? It's pretty clear.
On top of that. If we have to credit £135m of invoices then our revised profit from FY20/21 will be reduced accordingly meaning a very significant corporate tax rebate and a significant VAT rebate.
Net effect, a complete loss in the dispute reduces our cash by £30-40m. We have £100m. Mcap is currently £80m.
Absolutely agree Globetrotter and they seem to have gotten away with it.
Let’s say that Novacyt win the whole counterclaim and everyone past and present employed by Novacyt is cleared of all wrongdoings. Then still, the vast majority of investors will have already sold on a loss, based on the ineptitude in communicating and driving the price down with negative comments each time they repeated the same DHSC dispute updates and other negative slant. DA has continued that. Either way, the board are to blame (past and present).
There you have it everyone, Valju will not comment again.
Hope he keeps to his word!
BYP some investors living in denial. Mullis and Dyer simply pilfered the kitty , conveniently playing down the DHSC claim and giving unrealistic forward guidance to justify their bonuses leaving genuine investors holding the baby. Shameful.
Hi byp.... Do you think they may have a legal case to answer..... Love hemp are uk based and need more trust than others in product... Maybe not a good idea to have associated..... Visability
When I read the "other posters" comment about you... I had a look, yes.
I then stated the obvious (TAKE A BREAK) which we all need from time to time...
You then did the expected and replied sneerily and spitefully... each to their own I suppose?
I wont comment again - #getoveryourself you never know, you might feel better for it :)