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
Wilson, keep up, I said there would be no redundancies because Microgen and Lab21 were not closing but what was left was being rebranded. Any redundancies which do happen will not be a result of someone working for Microgen or Lab21 as it's all the one HR and Payroll and Management, all employees are the same. Redundancies may well occur because of a drop in revenue because Novacyt left it far to long to pivot, but they will be back office, admin, and hopefully some of the bad management. I did point this out in another post.
More of your waffle is answered above.
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..........
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...
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
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.
Thanks KT, some people on here insisting that all Microgen staff are being made redundant and and Microgen would cease to exist.
Confused me, as I understood that Microgen tech was being rebranded as Novacyt and everyone would carry on doing what they did at Microgen. Which would seem obvious and sensible esp as LFTs are a growth area for Novacyt.
But Gizmo, markets believe that cash lying in the bank is not returning value to SH (we can open our own savings accounts) SP reflects future sentiment (so I'm told) and the market has spoken on the BoD's hesitation.
The management is struggling to get a grip on running the business day to day, which means they've not been able to move forward in growing revenue, let alone the company.
Fixing the culture and updating the portfolio is a 12-18mth project. Can they afford to park business growth while they fix things. I don't know, but for sure the rest of the world keeps moving regardless so delays in moving forward are expensive. Bio has had Theradiag kit trialing in 6 NHS Trusts for a while now, meanwhile at NCYT it's always jam tomorrow.
There is zero obligation or reason to preserve cash for dispute outcome, it would also be idiotic to do so. It's at least 12months wasted, they knew they'd make a pile of cash and that Covid would end, but never made/implemented a post-covid plan to invest the money to move on from Covid.