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They may come across very well indeed but investors here should not lose sight of all that was said to YGEN investors and look what happened there. Be careful out there
Now that Novacyt have a new CEO and executive director , will we therefore expect a new LTIP next Month ? Or possibly the CEO and CSO buying some shares up. I think, the fact that they have no inside information of how the court case will go , may allow them to be in the buying period.
Looking forward to the next webcast (investor presentation), I think that together, Lyn Rees, Joanne Mason and Steve Gibson, shall deliver a compelling case for investment, lets hope that their actions shall speak louder than their words.
At the 2023 AGM, Steve Gibson came across very well, it was James Wakefield and James McCarthy that let the side down. I'm confident, from what I have seen, that both Lyn and Joanne shall come across very well.
Here's hoping that we have a formidable team!!
JW has selected LR for CEO for his abilities to sell, find and develop prospects.
He knows pretty much more than anyone about Yourgene products.
However the financial situation that lead to Yourgene joining the Novacyt group IMO has led to JM giving the new CFO the brief to monitor closely LR's projects, to keep LR in budget.
Technically JW has no problem with LR.
Financially he doesn't want a repeat sp crash, hence SG's involvement.
That seems reasonable in the circumstances.
HarChris , exactly why I think there must be a big contract on its way. Why would a ruthless chairman, JW , want to employ a CEO that basically bankrupted his company. LR must have presented a business strategy to JW , to convince him plans for Yourgene. And it must be very lucrative.
If this was all planned then Rees is a bit of a genius to be honest. He was running a company that had relatively high debt on its books, £3.5m vs ~£2.5m cash as of the last accounts in a market that punishes severely anyone putting out the begging bowl.
Within a period of six months his company has essentially reverse engineered into a cash shell and he is reinstated as head of that holding company. But Novacyt does have assets on top of the £44m cash position, it has a portfolio of products, IP and a history of considerable R&D spend as well as an internationally recognised brand. It also have £70m of unused tax losses that can be offset against future profits.
This is not just a second chance for Lyn Rees but an opportunity quite unlike anything he's had before.
I don't think LR would need much time for acquisitions or times needed as a CEO . He has been CEO at Yourgene since 2018 and will know what aquisitions are required, and business strategy for Yourgene already in place. Novacyt now is basically Yourgene with a little Primerdesign business. I expect some big contracts coming to Yourgene soon. This is why LR is in place as CEO.
'Presumably we are near financial update and AGM'
It's all in the most recent rns: 'Under Euronext Growth reporting requirements, the Company is required to publish its annual accounts within four months of its year-end.
The publication of the annual results for the year ended 31 December 2023, initially scheduled for release by 30 April 2024, has been postponed and will be published by the end of May 2024. This is due to the time required to integrate the accounts of Yourgene Health, acquired towards the end of the year, into Novacyt's consolidated results.'
So I suspect financial results mid to late May, followed by a notice of AGM following that - would expect it to be pushed back in order to follow the dispute resolution.
I'm also pee'd off with JW who had a major decision in putting in people who were not up to the job. But I've made my views clear about him before.
As for timing.
Presumably we are near financial update and AGM?
Maybe they thought that they need to get something in place ? I think they escaped aot of shareholder anger last year by holding in France etc etc.
I am sure they would not be short of takers. My concern would be if they know what they are looking for and if they could choose better after salad man.
Agree with harchris...if going forward the then portfolio is the priority ....then LR would seem a good choice...with someone monitoring the finance.
Another question mark is what has gone wrong with the rest of the portfolio...is it purely a management failure or less appetite than we have all hoped for?
Well it would still take considerable time for a new CEO to bed in so we'd be almost talking about a 2021 situation again and likely no long term strategy for six months post June/July outcome.
If you're going to build the business around YG then it makes sense to position Lyn and Joanne right at the heart and give them this time, pre settlement/dispute result, to settle in so that they can hit the ground running once the whole sorry saga is behind us in a few months time.
They would have no shortage of takers after a decent settlement/ win CS so I wonder why now ?
I'm more peed off ( by a mile) with JMs performance as both a CFO and a CEO than I will ever be by Allmond , he was set up to fail and he achieved that !
Kinda agree with pebble...no indication of a big contract yet. although if anyone at ncyt is gonna bring it my bet is LR.
my instinct was that i think he was taken on as part of the takeover deal. His clearly has more personality and dynamism than JM who was only ever interim until someone better came along. LR is there at the right time.
whilst i am not a huge fan and understand any anger of ygen shareholders - i honestly cant see ncyt recruiting someone better.
I don't think it's anything to do with LR bringing in a big contract, more JM was not up to the job otherwise he would have been appointed months ago.
My thinking is JW would not have appointed LR as CEO if there wasn't something going to happen. I mean through Yourgene business there must be a big contract on its way . And LR is being rewarded. Do you think James McCarthy would have been happy ? No way , but he would have no choice but to move to one side if Yourgene was bringing in a big contract win. I think this contract will be declared after the DHSC dispute has been delt with.
So DHSC win £130M + £ big contract for Yourgene = Cash rich Novacyt
Agreed harchris.
Funny when I first started on this forum I rarely posted. When I did was uber positive and can remember getting 30 likes etc.
Was willing to give salad man the benefit of the doubt on his 100 day walkabout. But that first presentation really felt a shambles and became very very negative.
I then remember being accused of not holding...FFS.
If I didn't I would not have been so frustrated .
It is going to be interesting to see what LR has to say leading up to the court case or settlement.
I hope it is good and tempts me into staying beyond
I have found my views on ncyt grow ever closer to yours over time CS with your take turning out to be fairly astute throughout. Our views were never worlds apart but certainly other ends of the continent whilst now they sit more or less side-by-side.
Thanks Val.
And I agree ..who hired salad man.
That is the real culprit
Wbafc dont forget who would have given the go ahead to put salad man in as CEO? probably asked DM to leave and and promoted JM etc etc...
I really hope JW has a good game, plan and not a, such a shame, plan!
LetsfaceJabbathehut was ruthless, until strangled by Hans Solo lol
Please step forward the Nova HS lol
(joke, I dont want anyone strangled!)
Swag, I will apologise... you were right and imo, DA was a full of self importance and very little else!
Hi wbafc .....how do all the resolutions pass .. the shareholders Vote ..... Who holds what....why do they never lose .....who really owns novacyt......they do 😊
CaptainSwag , are we correct to say that James Wakefield has been dictating business strategy at Novacyt ? I think for sure , he has been wipping BOD , as evidenced by DA being booted out , JM removed from CFO and now out of CEO and Novacyt . Will JW be able to control or indeed want to dictate this new CEO appointed ? How much power will LR have in reality ? Is LR going to take this Novacyt by the horns and give it a good blast to grow this company . Or is he just going to pass the time and take his comfortable salary .
I am really really keen to know what LR's vision is with this company now . Not only that , but i want to know how he plans to do it , his strategy ?
Wb - no one can have been impressed by salad man. Remember all the stick i took on my comments about him? never got any apologies
no one at ncyt has been worth their wages in the last couple of years.
at least LR knows how to play the AIM game - he knows he needs to move sp should he ever want to place.
100m organic growth - was always organic horse manure. Will it ever be possible ? - hard to see it at the moment
the figure was bandied about cos that was what the punters wanted to hear - there was never a shred of an indication how or why
Yes but who "monitors JW" he seems untouchable... and yet hasnt helped PI's one iota, in last 12 months... just himself... #notafan imo