RE: Tidying up?17 Dec 2021 06:55
Is this just tidying up or what?:
22.10.2020 - Here is the link to piworld interview: An hour with Andy Brough & Richard Leonard
https://www.youtube.com/watch?v=lv0Tt9V-r8E
They start talking about Novacyt around 33 min.
At 40:40, Richard Leonard states that it is difficult to value the company, so a default valuation of 1.5 times cash has been applied.
This interview would probably contribute to the present p/e problem we have.
"They (Graham Mullis and Anthony Dyer) came to see us (prior to September 2019) looking for finance".
Explains why they did not get a deal, and the parlous state of NCYT finances.
We now know Novacyt UK holdings ltd got finance from Bibby Financial Services LTD in the form of a first mortgage.
++++
Reasons why this charge has been satisfied, (please add to the below if you can).
1 Bibby has required the mortgage to end
2 Novacyt has required the mortgage to end
a Because Allmond deems that the need for the mortgage is no longer current.
The mortgage was required to keep the company solvent, which - given the likely present cash at bank situation - is no longer the case.
b James MacCarthy suggests the repayment terms of the mortgage are too onerous (see para 3.2(D) - 5% per annum above base rate minimum). - Interest rates short / medium term may rise further to combat inflation.
c Bibby want to increase the repayment terms.
d As with IT-IS International, a takeover may require a charge to be satisfied.
e New premises required. Novacyt UK holdings ltd property in Fareham and Camberley is no longer suitable to the needs of a company that has grown to it's present size and still growing.
If Novacyt do not want to enter into future sub-contract arrangements with test manufacturers, and want to bring production in house, they have to move. Satisfying the charge is preparatory to a move.
f More reasons HERE please.
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