We should be thankful6 Oct 2021 20:56
18th October 2017, novacyt released the placing document at a discounted rate at 59.38p for 37.5m shares. The shares went to 60.5 on the first day of trading on 3rd October 2017. On October 18th, the share price was just 6.03p - losing 90 percent of its value in less than 2 years.
Step forward GM, with his LTIP and needing a high price on 3rd Nov 2020, ramped the share on 29th Sep 2020 with DHSC contract award and then on 14th October announced the ITIS acquisition to ensure the sp rose to £9.70 for the 3rd Nov 2020. This also gave him a £8.8m payment in total after removing the 23% that he used to offset CG tax and with the £8.2m being paid out in tranches. I say 2 are definitely paid and the 3rd awarded as an early agreement. Not only that, the yearly bonus got massively increased as did the pension. Then 18th October 2021, new CEO goes, GM steps down. Probably owed some holiday to ensure that second tranche payment. No doubt the GM was planned to be moved to the 18th October hence the poor comms to ensure Boone voted and that it would have to be moved. Conspiracy theory? Maybe but that 18th October date keeps cropping up.