Member Info for HarChris

Ps Galmat I was saying an extra £m was available I believe, not two. Just highlighting this as it might add some weight to the $2m being received soon (/ it at least shows mgmt confidence in securing additional funds non dilutively).

Feel free to keep it to yourself when you sell the other half, it doesn’t add a great deal to this bb

Correspondence with management. Although what was shared could be implied from the equity raise rns anyway. They are a small team that wanted to get the placing away quick as a flash but issuing more requires a prospectus and much more red tape.

Instead they took the £1m and decided to issue shares to the directors at a later date to get around the rules with the plan to continue with the debt facility they were working on. (/assumedly waiting on vat rebate cash)

If they had taken up more with IIs they’d have used a good chunk of that money to pay the directors anyway (instead of subscription shares) so the net result wouldn’t be overly different I guess.

After some of the past trolling of glassdoor to try and find negative comments from ex employees it’s great to see such a positive interview:

“ JM: I'm the chief scientific officer for the Novacyt Group of companies, which recently acquired Yourgene Health. I lead the scientific strategy across the company and mentor scientists who develop molecular diagnostic products.

It's a great job—the best job in the world in fact! It never feels like I come to work because I'm just really interested in what I'm doing. I'm passionate about science and helping other scientists get a fulfilling career. I'm very fortunate that I love what I do.

What we know for sure is IES vrfbs are cutting edge and will be at the front of the queue for non litihum options - that opens them up to a market whose size is almost impossible to fathom.

And for those interested TGR was offered more at the equity raise in January, £2m I believe was able to be raised from IIs but management chose to (i) limit dilution at that point thinking 11p was grossly undervaluing the company and (ii) avoid the considerable costs and time that Prospectus Regulation Rules would have required.

Isn't looking like the smartest of choices now.

You’ve not been following if you’re unaware of Orion’s involvement and CLN restructuring.

Well the recent £1m at 11p was institutions only so they were sold it… and that’s the price the directors are locked in at.

Definitely a long road to recovery with RNS Reach updates like this doing nothing to help and possibly more damage from its desperateness.

Loads watching this waiting for a catalyst and thought this was it?

The issue of these shares was actually announced in the 1st Feb rns.

What choice did he have with Murat resigning? Announce that he's the sole director? These promotions had to happen but they should only have been a temporary measure, not a permanent one. But how do they attract high quality directors to join now with no spare cash to pay them?

This is a major issue now - TGR took a low cost approach to growth and it hasn't paid off, operational hurdles haven't been overcome and now they are left with very little to show for the past year and no money in the coffers, but that to pay off the CLN coupons (and hence stay in operation.)

It's a long road ahead - we need that $2m to actually be received imminently and for this management to learn from their mistakes and fast. Otherwise go ahead and take it private for 10p Shishir and let me get out with some funds remaining!

What about selling the Mozambique acquisition on? They are prime small flake assets that could be very attractive to the right buyer, £8m or so? Then go hell for leather to build out a sizeable and profitable operation in Madagascar?

Well the Poddars/concert party own 28% so unless they agree to any takeover it’s not getting through.

It’s not AIM

This is great to see, Matt is notorious for actually challenging managers but in this case there wasn’t much to challenge, besides asking how they were going to take things to the next level, something that isn’t relevant til the valuation here has at least caught up with the fundamentals.

Some very interesting and positive nuggets in this video, especially the potential for $100 to come off the AISC thanks to the addition of the power line at Palito - add that to the record high bullion price and we will start seeing margins significantly improving.

https://m.youtube.com/watch?v=0D0gsCrcObA&feature=youtu.be

The company needs to reach the 1500tpm production that we’ve been told, both by recent rns and privately, that they have the funding for. Beyond that, to 2500tpm+ in Mad, funding will be needed but the former unlocks the funding for the latter.

An update is very much due, one that lays out the path ahead and shows that operations are better than the market fears - hopefully it’s released in one hour’s time.

In response to your post Ventura there is no outcome that paints the DHSC in a good light. Even if they win the timeline goes like this:

April 2020 - Awards contract to Primerdesign for 288000 tests a week for an initial six months

Sept 2020 - New hugely increased contract to Primerdesign

Then there's this at the end of Jan, 2021:

'In addition, the Company continues to support the DHSC and the NHS following the deployment of its rapid PCR testing system, for the contract with the DHSC, announced on 29 September 2020, and the Company is in active discussions with the DHSC to extend this phase of the contract. Novacyt's PROmate™, a new product to improve the workflow efficiency when used with the Company's q16/q32 instruments successfully completed an in-service validation conducted by Test and Trace's Technology Validation Group (TVG), with the TVG concluding the performance of the PROmate™ aligns with the acceptable standard for point-of-care (rapid testing).'

How long and how many tests and how much equipment did it take for the government to pull the plug? They would still look utterly incompetent even if a judge was to come down on the side of the DHSC.

Since acquiring Yourgene last year the share price has only ever been lower than this for all of one or two trading sessions, and in that one case it bounced off 40p and was 75p within a month.

Nobody knows what happens next but it's pretty clear that the vast majority of those holding now are here until the dispute is settled, not in spite of. We are seeing a trickling down on tiny volumes and sure without any buying pressure it could trickle down a bit further but it does appear that the downside is pretty limited from here (prior to June and the possibility of losing).

LondonWatcher, the risk/reward is hugely affected by Novacyt's valuation at any given time. We all know that come July Novacyt have somewhere between £0 cash and possibly bankrupt all the way up to a £130m NET cash position, with YG fully integrated into the business at that point. At £30m mcap it makes the risk/reward far more compelling than if, say, the share price was at £1 right now.

But there's clearly no scandal, even what the DHSC is claiming for the case would not make huge news.

This is not the PPE scandal, this is not even Randox, whatever the outcome.

It's discussed on here every day with many of us holders still here for that explicit reason, because we are confident that everything points to the DHSC losing this case and paying out an enormous sum to Novacyt. And that those on the sidelines will be locked out from the main bulk of the rise.

If you're implying that the risk of going bankrupt is ignored on here well it isn't, it's constantly alluded to and it's a risk one has to accept if they are 'in it to win it' so to speak - for those preferring not to take on that risk that's fine!