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Wilson, Not fully read it all but I'll have another go tomorrow. I thought some of the text indicated they were expecting to pay out more which would go into the following accounts. I couldn't find anything specific but not expecting to in a document like that.
Good luck with the football!
The dispute with the DHSC was first announced on 9th April 2021 (as if you needed reminded). The DHSC annual report has been released and I think the invoices in relation to the dispute will be referenced in the period ended 31st March 2021.
The report can be found here
https://www.gov.uk/government/publications/dhsc-annual-report-and-accounts-2020-to-2021
Its a big report and I've not been able to go through it all. Novacyt/PrimerDesign is NOT referenced and there is no direct correlation to the company and it's dispute. Please take a look for yourselves however here are a couple of things that caught my eye.
Page 182
"The Department has impaired NHS Test and Trace consumables totalling £195 million in
respect of items for which we have not currently identified a suitable use as described in
Note 8. These amounts represent the Department’s best estimate of the likely loss
which may crystalise and therefore become reportable as losses in future accounting
periods. Work is ongoing to ensure that the maximum possible value is recovered in
respect of these inventory items. These amounts are therefore not recorded as losses in
the current accounting period."
Page 205
"The Department is required under HM Treasury’s Managing Public Money to
include a full list of all losses across the Departmental Group. As set out on pages
181-182 of the Annual Report and Accounts, the Department has made
impairments of £8.97 billion on PPE and Test and Trace consumable inventory in
note 8 that have not yet been recognised as losses in Table 33. It is therefore highly
likely that further losses will be recognised in future years"
Note 8 is on page 256
Page 257
"NHS Test and Trace Consumables - £195 million relating to items for which we
have not currently identified a suitable use.
Other COVID-19 related equipment and consumables - £74 million, reflecting
impairment (£52 million) due to items being not suitable for their intended use
and £22 million relating to market price fluctuations."
Neilriche,
From the initial R&D
"Development of CO-Prep™ to further automate and streamline the workflow process of the Company's near-patient PROmate® test"
Promate is on the temp list. Do you mean waiting on the promate tests receiving full desktop approval?
Neilrich3, Thats good news that it's still to be launched. I like your wish list Wilson.
I know it was picked up that CO-PREP trademark application was made a while ago. I think Dean/bladesharp picked up on this however I've spotted that it's now registered on 3-Dec-21. I wasn't aware (sorry if it's already been posted)
https://www.trademarkelite.com/uk/trademark/trademark-detail/UK00003684947/CO-PREP
Here are the trademarks I can find for primerdesign
https://www.trademarkelite.com/uk/trademark/trademark-owner/Primer%20Design%20Limited/1083622
HarChris,
I can't answer your question directly however looking at their shareholders
https://sourcebiointernational.com/shareholder-information/
its chalk and cheese in comparison to novacyt. I think we are at +85% in non II / director holdings
Spot on Exmex. He received the first 1/3 of the LTIP with the the 2nd third due the following year and the final 3rd due the year after that. All payments are based on the employee still being employed on those dates so he won't receive the 2nd and 3rd tranche. That's how I read it
They responded with a statement which was part printed in the article.
TW is always looking for an angle but this article has been out for a while. He is clearly trying to short. His website that he looking for subscribers for is an interesting read to say the least! Wow lol
GM purchased stock not long after the drop in share price due to the announcement of the Pfizer vaccine. At that time the second contract with DHSC had begun and q16/q32 machines were being rolled out along with a lot of covid tests. The invoices at that time were going in and being paid almost as quickly. I'd imagine he thought at that time things would continue as such and phase 2 would be inevitable. Different times.
Larry has posted this on twitter
https://twitter.com/Larry64450205/status/1487721713613877252
I'm unable to respond to his tweet however java and C# are programming languages and .NET can be used for developing applications. Also greenfield indicates a new project. Building something from scratch.
The 3 job posting are here on novacyts website.
http://novacyt.com/wp-content/uploads/2022/01/External-Advert-Software-Developer-Full-Stack.pdf
http://novacyt.com/wp-content/uploads/2022/01/External-Advert-Software-Developer-Java-X2.pdf
http://novacyt.com/wp-content/uploads/2022/01/External-Advert-Senior-Software-Developer-.NET_.pdf
The above roles appear to have been posted on 25/1/22
There is also this advert which many will have seen by now which was re-posted in Dec 2021.
http://novacyt.com/wp-content/uploads/2021/12/Advert-Firmware-Engineer.pdf
Certainly seems like they have a new project on the go and with it being software development located at Stokesley/IT-IS sounds plausible that they are trying to create software products to align with their instrumentations.
Gizmo555,
Customer isn't happy with the supplier. Supplier feels they have honoured the contract. Yes they both have grounds to argue. It would appear that novacyt have recognised their customer as having a problem with some of the contract and provided a solution.
I guess the real question is how does novacyt successfully resolve the dispute without having to give money back and perhaps getting some or all of the withheld invoices while keeping a current and potentially large customer happy.
Its dragging on longer than most people expected.
I'm hopeful that some of the information we have received from DA points towards listening to customers and providing what is essentially required. I'm just not sure how UKHSA fits into all of this. They could have given a list of things for us to find solutions for, for all we know. it's all guesswork. frustrating and even more so when the share price tanks
ChrisToffer,
You are right. I've added 2 figures that I shouldn't have.
http://novacyt.com/wp-content/uploads/2021/09/Novacyt-Interim-Accounts-June-2021-English.pdf
Note 20 gives the full amount.
Gizmo,
Not exactly however there are possible clues to that here
https://www.lse.co.uk/rns/NCYT/proposed-accounting-treatment-of-dhsc-dispute-y4zu415psuxqpus.html
and also the previous link with regards to warranty provision.
drb83,
thats how I understand it. its laid out well here, page 27 and 28
http://novacyt.com/wp-content/uploads/2021/06/Novacyt-AR-2021-2806-spreads.pdf
"Post balance sheet event
/ DHSC Dispute
On 9 April 2021, Novacyt announced it
was in dispute with the DHSC in relation
to its second supply contract and made
a further update on 21 May 2021. The
dispute primarily relates to Q4 2020
revenue totalling £129.1m in respect of a
specific product supplied to the NHS. The
Company has taken independent legal
advice and a provision has been made in
the financial statements with the Board’s
estimate at this time in respect of this
claim with DHSC.
The Board has formed a judgment that,
in accordance with the contractual terms,
and if required, it should be possible
to replace the product in dispute and
a product warranty provision has been
made accordingly. The Board’s best
estimate of the cost to replace is up to a
maximum of £19.8 million, the timing of
any outflow is dependent on settlement of
the dispute. If no settlement is achieved
and legal action is required, the timing of
any possible outflow will be extended.
It is possible, but not probable, that
the DHSC’s claim for a refund under
the limited assurance warranty will be
successful. The timing of any cash
outflow is dependent upon the success
of the claim and the terms negotiated for
repayment. If the resolution of the claim
is materially different from the Board’s
determination of replacing the product,
the financial statements with regard to
revenue and the provision for product
warranty could be significantly impacted.
Of the Q4 2020 revenue, invoices
amounting to £24.0 million in respect of
product delivered to the DHSC remain
outstanding at the date of signing the
financial statements and recovery of this
amount is also dependent on the outcome
of the dispute. In addition, after the yearend, a further £49.0 million of product
delivered and invoiced to the DHSC in
2021 remains unpaid and is now also part
of the dispute. The unpaid invoices total
£73.0 million and include VAT.
bidstats for PROmate supply
https://bidstats.uk/tenders/2021/W36/758513953
redacted contract
https://atamis-1928.cloudforce.com/sfc/p/#0O000000rwim/a/4J000000NS08/_ZfrqchflPumMJWO68OtygVSE7N_GuartKC8tWTSbhY
We know the maximum value of the contract will be £4.7m from information received by the company so we at least know what the redacted maximum contract price is.
There is also a section for term extension options which indicates no later than 31st Jan 2022 to be notified if it wishes to extend.
Also 2.4 and 2.5 caught my eye specially with regards to all the discussions recently about disputes.
Last point. UKHSA swallowed up PHE and NHS test and trace in Oct 21. Not seen UKHSA publish any spend over £25k like other departments so not been able to track any payments concerning this contract like before through PHE and DHSC spend over £25k. I'm not sure they will as it looks like they might be following a new model.