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Don't forget the eight new PCR STD assays that Novacyt are going to launch in Q4 with a partner .
'When a clown moves in to a palace it does not make him a king, it just makes the palace a circus'.
New LFTs incoming , don't give a stuff what they call them . DYOR :)
Good grief why do you think he keeps insisting in an interview that it's not a takeover when he's just become the new boss. Stupid stuff. Why would a diagnostics manufacturer Novacyt take over a venture capital company Lab21, what they just liked all their acquisitions to date. NO. venture capital companies takeover diagnostic manufacturers. What an utterly stupid point to try and argue. Stop reading and posting stuff you do not understand. It's annoying.
Microgen Ltd to Plc accounting.
see my posts re: signs you've been taken over.
until you understand Lab21 took over Novacyt what's the point. You just see words with no understanding. The interview is with Mullis CEO of Lab21 who is the Groups new CEO (clue there and there). Use of words like 'Technically it is' generally infer that the reality is different (clue)
This is just silly, do you really not understand these articles or what..........
Extract from article I kindly provided to help you:
Technically it is Novacyt that will acquire Lab21, issuing 2,523,059 new shares to Lab21 investors, resulting in 54% of the new entity being held by Novacyt’s current shareholders.
From the man himself:
Mr Mullis insists that the deal is not a takeover. “It is more a merger of equals. Novacyt has contributed substantial R&D, which is what we’ve been looking for, and Lab21 contributes commercial and manufacturing assets and knowhow. It’s a very nice combination.”
This kind of merger is a new type of move for Lab21, which usually prefers to buy, Mr Mullis says. “Historically we’ve made acquisitions of products and assets – we’ve never really invested heavily in R&D ourselves.” The group will take on a new identity to reflect the fact that neither company is exactly buying the other.
I shouldn't really have to spoon feed you this stuff.
"I'm tempted to say that a chunk of costs will relate to changes to financial reporting from Ltd to Plc. But..."
Wow. You do realise Lab21 have been part of a plc since Novacyt acquired them. It's called group accounting. Now they are being discontinued there will be zero accounts to be filed for Lab21. Lab21 no longer exists.
Any answer on why the reduction in £2.9m sales? Or the £2m savings?
How have you survived this long?
Signs your company has been taken over No 2.
When the management of another company becomes your new management and insist it's not a takeover.
"Mr Mullis insists that the deal is not a takeover. “It is more a merger of equals. Novacyt has contributed substantial R&D, which is what we’ve been looking for, and Lab21 contributes commercial and manufacturing assets and knowhow. It’s a very nice combination.”
Oh he's off googling for stuff. Taking over Novacyt gave Lab21 a stock market listing and Novaprep (sold it since).
I'm tempted to say that a chunk of costs will relate to changes to financial reporting from Ltd to Plc. But...
DRB83 is a bit lost at the moment. Be patient.
It was a reverse takeover
"and Mr Mullis will become chief executive. Novacyt’s current CEO, Eric Peltier, will become the new company’s chief innovation officer."
Signs your company has been taken over. When the management of another company becomes your new management
You don't understand what you read. And just post stuff that supports my points
https://www.unquote.com/uk/official-record/89404/vc-backed-lab21-sold-to-novacyt
No. It was a combination of which Lab21 became a sub of Novacyt. It was a share for share transaction
You still haven't answered my questions.
Lab21 took Novacyt over, you do know that. Yes?
Huey, so much to unpick there I'm not sure if you're being serious.
Where is Lab21 based?
Where is Primer Design based?
If it is just a paper exercise in closing the business and rebranding under a new name then please highlight where the £2m savings are coming from?
What is costing us £500k to restructure?
Why are we going to be losing £2.9m sales?
Nothing in your middle paragraph makes sense.
The Microgen/Lab21 numbers are in the Novacyt annual accounts. Surely you knew that.
All the companies work out of the same building, sharing labs and office space. Lab21 bought Microgen years before it bought Novacyt so Microgen is actually more integrated into the Novacyt Group than Novacyt. I'm amazed that people actually can't understand that the only thing left to close is the Microgen Ltd company and brand, everything else, the labs the offices are the same as the rest of the group use. They will not be boarding up labs and offices or removing equipment. That's crazy talk.
Lab21 is a takeover vehicle the Novacyt Group is Lab21, most of who/what they acquired is already rebranded/integrated into the Novacyt Group. They haven't done any M&A since Omega in 2018, the only thing left under the Lab21 brand is bits and pieces Plasmatec, Biotec and whoever, again that m&A was over 12 yrs ago. But no-one from the 8 or 9 acquisitions Lab21 made over the years is going to lose their job as a result of the takeover so many years later esp Microgen it's been nearly 12 years.
Last published results for Microgen were for 2020, Revenue 4.174mm GP 2.725mm. So something dodgy about your figures.
Lab21 had the lowest gross margin and was also loss making pre exceptionals so it could have just been a simple business move to improve the overall bottom line.
Thanks Johnny that's what I post after 4 nights limited sleep, sorry.
Thanks Johnny that's what I post after 4 nights limited sleep, sorry.
Kaeren, that article is 2 years old? PE market is not what it was back then.
https://www.thetimes.co.uk/article/is-the-private-equity-party-over-jz9z5m53m
Look when Samantha Stuart moved across to Novacyt, they have planned this from before Christmas , they didn't just wait until the last minute to ignore IVDR , the writing must have been on the wall for months. Staff must have known once all tests weren't being validated .
It is the behaviour of a company in T/O talks , buyers often request we want A & B , not C and will pay retainers if D E and F remain in situ. I don't think that is what is happening here though. I think we will see some M& A fairly soon , it is the only sensible option. Imo
Was surprised by this though.
https://www.privateequitywire.co.uk/2020/05/04/285273/number-private-equity-acquisitions-aim-companies-trebled-last-12-months
or simply trimming the fat, before merger / takeover?
because imo, their support of sp, is well…. rubbish
their PR marketing is well…. weak
as Wilson states, they are all well educated professionals, sales, r&d, etc, so what other conclusion can we make?
lethargic, seemingly uncaring, quiet, unconcerned, is well… they already know!!! imo
long wait, lots of patience to date…. better be bloody worth it!
dyor #fingerscrossed #woodfortrees #mergerortakeover imo
circa 4-8 quid?
Huey, your probably just confusing matters by referring to it as rebranding. Novacyt have said what is happening so maybe it's best just to stay on the same page as everyone else.
Not sure if they are keeping the labs. Could be? Don't know how many staff they will keep. They are losing all there sales which the loss of gross margin will be off set by the cost savings so that's about £2m in cost savings. That's going to be a fair few heads and possibly some lab rent and sale of lab equipment. Who knows.
Ach I got bored babyhuey no you didn't say
about he company rebranding making people redundant (before the company said)
BUT just as a giggle
people need to stop stressing about staff turnover, under the circumstances it's expected. I'm also confident they were perfectly good at their jobs prior to leaving. Actually leave the staff alone, I know most of the rubbish comes from 1 or 2 trolls with multiple accounts, but the salespeople are professionals, don't let trolls paint them as double glazing telesales in a boiler room, and the BoD were hired for their business skills, they are not a bunch of barrow boy white collar criminals.
Think the above might be your statement
Oh it's nice being an idiot... oh I might not be (twice) as somehow your insult to me(water and a duck) disappeared...crack on.
Took me a bit apologise to posters who have posted in between.
P.s if I've misrepresented you babyhuey or missed a post that states the above I'll be more than happy to apologise or rectify my post.
DRB83 ,you are correct in what you posted. From the Strategic Report it states- the costs associated with updating the existing portfolio for Microgen and Lab 21 to comply with IVDR and ISO regulation's are prohibitive versus the sales opportunity it presents .Therefore Novacyt is preparing to discontinue both businesses.
Hfmd.... Genesig...path