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II's starting to show interest Rcdm, I don't necessarily share your concern.
Management have provided information recently.

https://novacyt.com/wp-content/uploads/2021/09/NVT-SOC-companys-activity.pdf 1.4 / 1.6 refer

With USA operations beginning, I'm not anticipating anything too ugly, even if DHSC 's case is upheld.

source https://www.glasslewis.com/wp-content/uploads/2017/01/Guidelines_France.pdf
"These guidelines are intended to supplement Glass Lewis’ Continental Europe Policy Guidelines by highlighting the key policies that we apply specifically to companies listed in France and the relevant regulatory background to which French companies are subject, where they differ from Europe as a whole."

The following (p18) are relevant to this conversation

AUTHORITY TO REPURCHASE SHARES
French law limits the number of shares that may be repurchased to 10% of the company’s capital (or 5% in
the event that they will be used as consideration in a merger transaction). The authority to repurchase shares
cannot be granted for a period of time exceeding 18 months. In line with our Continental Europe Policy
Guidelines, unless a share buyback program may be used as a takeover defense (see “Anti-Takeover Devices,”
above), we will generally recommend voting for such proposals.
AUTHORITY TO CANCEL SHARES AND REDUCE CAPITAL
In conjunction with a share repurchase program, companies oftentimes proceed to subsequently cancel the
repurchased shares. General share cancellation cannot exceed 10% of a company’s outstanding stock within
any period of 24 months. As such, we generally recommend voting for such proposals.
ANTI-TAKEOVER DEVICES
In 2014, the French parliament passed law 2014-384 of 29 March 2014 (“loi Florange”), reversing the board
neutrality principle introduced into French law in 2006. Following implementation of the law, French boards
are able to take frustrating action during a takeover bid without seeking prior shareholder approval. As a result, any authority to issue new shares or to repurchase and reissue shares can be used as a takeover defense
unless the company adopts an opt-out clause in its article of association, granting shareholders the right to
approve any anti-takeover measures, or qualifies the proposed authority to the effect that it cannot be used
as an anti-takeover device without further shareholder approval.
We will generally recommend that shareholders vote against authorities to repurchase shares or to issue shares
or convertible debt instruments when they can be used as a takeover defense without shareholder approval.
We will not apply this policy to a company with a shareholder who controls more than 50% of its voting rights.
ISSUANCE OF SHARES/WARRANTS
French legislation allows companies to seek the authority to issue free warrants convertible into shares under
preferential terms to existing shareholders, in the event of a public takeover bid for their shares. Such authorities may not exceed 18 months.

Articles of association here:
https://novacyt.com/wp-content/uploads/2020/09/NVT-SOC-statuts-a%CC%80-jour-2020-06-03_ENG.pdf

Source:
https://www.cogconsortium.uk/how-sars-cov-2-sequencing-is-becoming-a-national-service/
Apologies if posted b4
COG-UK has now initiated the handover of routine sequencing to a national sequencing service run by the four UK public health authorities to provide a sustainable, long-term framework. Here, we depict our transition journey and celebrate the lasting legacy of COG-UK sequencing efforts.

1 Apr 2021 Transition initiated

After 13 months of being the UK’s SARS-CoV-2 genome sequencing body, COG-UK began developing a plan for transition of routine sequencing to Public Health England (PHE) on 1 April 2021. COG-UK sites in Northern Ireland, Scotland and Wales (Glasgow, Edinburgh, Cardiff and Belfast) are supporting the transition of Pillar 1 (NHS samples) and Pillar 2 (samples from testing in the community) to their respective public health authorities. In addition to sequencing and knowledge transfer, COG-UK handed over the responsibility for shaping the sampling strategy (how sequencing capacity is used and prioritised) to NHS Test & Trace. While we no longer determine what is sequenced, COG central operations continue to provide feedback on the prioritisation model.

26 May 2021 COG-UK as a safety net

With all English Pillar 1 samples migrating for sequencing to PHE Laboratories, COG-UK academic partners stepped in to support the Wellcome Sanger Institute by distributing and sequencing high volumes of Pillar 2 samples (a minimum of 5,000 a week). During this time, the COG-UK network has repeatedly exhibited its proficiency and flexibility as the sites stood ready to take the strain to maintain continuity throughout the transition. Importantly, COG-UK ensured a seamless transition of sequencing and project management of several core national studies (including The Office of National Statistics {ONS} COVID-19 Infection Survey and the ‘Investigating a vaccine’ study).

2 Aug 2021 Successful completion

From 2 August 2021, two COG-UK sites in England remain on standby for surge sequencing.

With our role in national sequencing successfully handed over to public health agencies, COG-UK will continue its focus on research, data linkage and global training.

1 Oct 2021 Research ahead

Throughout the pandemic COG-UK has provided open access data and protocols to the global science community, and remain committed to research and improving the linkage of sequencing and public health data. CLIMB continues to provide essential infrastructure as a trusted environment for sharing of genomic data for public health surveillance between the four nations and collaboration with academic researchers. Our work with Health Data Research UK (HDR UK), the four UK Public Health Agencies and other data custodians is crucial to enhancing our understanding of COVID-19. This work focuses on progressing linkages between important COVID-19-specific datasets with viral genomic data from COG-UK, including human genome sequence data and detailed

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