If you have any questions for next week's webinar guest speakers (Clifford Gross Ph.D, CEO, Tekcapital, Mark Selby, Chair & CEO, Canada Nickel and Werner Klingenberg, CEO, Goldplat) please submit here.
The provision is against the impact of the dispute - uncollected debt, stock written off, termination costs & prof fees.
YE Dec 20 provision is against unpaid debt and an assessment of irrecoverable costs at that date.
Things moved on by YE Dec 21 with more debt added as unpaid (Q1 PROmate c40m) and a reassessment of costs of the dispute upwards as the consequences of the dispute took greater shape in terms of stock & supplier contract terminations & perhaps legal costs.
The 800k is the cost of fees actually INCURRED by YE 21 - that means costs invoiced or accrued for work done up to YE. It is a good figure to show the seriousness of effort to date. The provision for legal costs of the dispute will cover what future costs may arise based on prudent estimation & a some spare.
My hypothesis is the q16s were added to the counter claim because the DHSC seem to feel they have right to the latest products. The dispute started the day PROmate was launched, so inspite of having contracted to buy ex sig & having had it delivered, the instant of launch triggered an entitlement to it. Does not make sense based on contract available to us but fits timing & the "swapping out ex sig for PROmate" idea. Perhaps, inspite of contact available to us, the instant q32s were available the DHSC felt the q16s were due replacement not that it makes sense.
RE: £100 million a year company in the making .28 Apr 2022 13:23
As usual, it is hard to believe how tempid they are about M&A, they dont want to rush it or the "arbitration" process with dispute!
(What?, the DHSC has filed a counter claim & this lot have not lost patience over a business breaking block 17 months after it started. The **** has been taken, the other lot have made a claim but lets not get excited & rock the boat.
There is better clarity on plan, its hardly excitilng, 100m revenue in 5 years less risk of not getting there with this pair steering. So SP drop, as SP = cash + a little less for EV.
Feel like getting a dark grey camping cardigan to have a sleep in to the sound of a monotous voice on about boots on the ground, absolutely.
NCYT has been wimpy & secretive so far, representing shareholder interest being way below not upsetting the DHSC/they are very important on the priorities list, perhaps this will flush out a some assertive action & communication if their ground really is as they say it is...who knows... the counter allegation may have been the nudge we needed to unlock paralysis.
The legality of the dividend would be an interesting audit question.
The company believes they have a strong case so contingency is remote. What is the support for this?
Vs claim by DHSC tha looks wild or spurious. Is a contingent liability to it possible? You would have to read the claim & advice on it. If it was just possible, that requires only a dislcosure not accrual but it does make distribution imprudent, I think, doesnt it?
FFS, just when, we need some better luck or Putin to die.
John - they have paid it but somehow they are going back to try unwind the contract.
There was a process with strict timescales for deliver, checking goods received & payment runs. There must be something by which they want to claim what they got was not what was contracted for. Contract wording available to us refers to Exsig, Exsig was delivered, payments ran as expected until the day (16 Nov) when PROmate was launched, payments stopped until one final payment was made on 24 Feb after PROmate had been delivered (for which payment was not made). Poidster suggested people in the DHSC thought PROmate swapped out Ex Sig. Could it be that the contract document signed had some side caveat or misunderstanding that NCYT would supply Ex sig up until the relaease of later products? It does not make sense.
NCYT should have gone to court to force the issue rather hoping for resolution through negotiation. Not doing so is presumably why NCYT has not used any of its cash & why the solicitor left the company back in October.
Hamster - its no coincidence it would bring the bank balance & SP to near zero which is presumably why GM left.
It is worth reflecting that we do not have a target decision date as before that drew a rise in the SP. You would think that the FDA would kick this into the long grass but selling risks being out if Sods Law applies and they are efficient this time.
Does anyone have background on why Abramovich was chosen by Zelenskyy to help mediate?
I noticed that he travelled to Isreal from the UK on his Israeli passport at a time Putin was publically asking oligarchs to show they were loyal to Russia by returning rather than remaining in their overseas homes.
What interests does RA have in the Donbass & was he involved in mediating after the annexation in 2014?
I presume Abramovich is Jewish, is that right? Is that the background to his Israeli citizenship? Does his family have historic connections with the Ukraine & suffering in the horrors previous generations of the Zelenskyys experienced in WW2? I wonder why Zelenskyy trusts RA particularly
DA investing personally suggets he believes the story as he has told it to the market. It boosts PIs who were left stranded believing potential of a business that the BoD had betrayed in choices not to expand with ambition into the US market and instead to develop unsaleable products before leaving for more exciting prospects such as at businesses wil Love Hemp.
The alignment of interests of directors and PIs is well over a year overdue.
RE: Even with peace, the west is out to get Russia14 Mar 2022 10:21
EVR was offerring sales easier that morning than all week up until they were switched off.
Great this is up, I dont know much about Poly but I would not assume business will carry on as usual not the west is beginning to look beyond the corporate veil to make life difficult for an aggressive enemy.
knightrider - I don't know anythng about POG but check what the government says. EVR is specifically mentioned in connection with possible supply of steel to build Russian tanks so it basically HAD to be suspended with specific urgency, rather than just out of limiting teh personal liberty & other interests of an oligarch (like those unrelated to war of a football club).