Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
FFS Monman, don't encourage them to buy back in. They've been complaining for the past 3 years. You'll be green binned at this rate.
Amers
"All Novacyt do follow this chat, I spoke to someone at length, regarding as to why the AGM is virtual and was told they had to do it at short time span."
Interested to know why this would be the case as they hold one every year. So they know it's coming.
Anyway if you are watching @Novacytgroup you have more time than you think as i'm sure the agm will be rescheduled as per usual due to lack of shareholder support & failing to be Quorate.
Fed up with being kept in the dark like a Mushroom when generally i'm a Funghi.
During the early part of the Covid outbreak, Britain was scrambling to put together its emergency response and there were concerns about the country’s capacity to quickly diagnose coronavirus cases. The government called on business “to build a British diagnostics industry at scale”. However, as the pandemic waned Novacyt became one of three smaller London-listed diagnostic companies to become embroiled in legal disputes with the government over testing contracts. The arguing weakened balance sheets, investment and employment and led to a breakdown in relations between the government and business. Senior insiders have questioned how industry would respond to a “call to arms” if and when a new crisis emerges.
Novacyt has sought to move on from the dispute. Last September it acquired Yourgene Health, a Manchester-based molecular diagnostics group, in a deal worth about £17 million. In April Novacyt appointed Lyn Rees, 51, the former boss of Yourgene, as its chief executive.
Times:
One of Britain’s highest-profile Covid-19 testing companies has agreed to pay the government £5 million as part of a settlement to resolve a long-running High Court dispute.
A trial had been scheduled to begin this week between Novacyt, the London-listed company, and the Department of Health and Social Care. It now will not take place.
The fortunes of Novacyt and its share price were transformed during the pandemic after it secured lucrative work with the department. It became only the second company after Roche, the Swiss multinational, to have its test approved by the World Health Organisation for emergency use and the company struck a partnership to create a testing laboratory in Cambridge with the university and with GSK and AstraZeneca, Britain’s two Big Pharma companies. Novacyt also became one of the top five most-traded stocks on Euronext and Aim, the London Stock Exchange’s junior market, and was closely followed by retail investors.
However, it later became mired in a protracted legal dispute with the government, hitting its shares and profits. Two years ago the government launched a £135 million breach of contract claim in the High Court against Novacyt and Primerdesign, a subsidiary the company acquired in 2016 for £12.3 million. Primerdesign is behind its PCR test and is based near Southampton. The government alleged that Novacyt’s test had failed its validation tests and had “poor sensitivity and false negatives”. Novacyt rejected the claim and launched a counterclaim against the department of £81.5 million for goods and services and for damages for breach of contract. It argued that the tests had “functioned in accordance with the specification”.
As part of the High Court settlement, Novacyt said that “neither party has made any admission of liability or wrongdoing in respect of the claim or counterclaim or otherwise”.
Shares in Novacyt, which were listed on Aim at 59p in 2017, rose from about 13p at the start of 2020 to £11.94 in October that year. The stock has since slumped and it tumbled by a further 17.2 per cent, or 12p, to 57¾p in afternoon trading.
Eight individuals shared stock worth £19 million under a share scheme begun at about the time the company was listed and after the share price had soared. It is unclear to what extent those employees cashed in those shares.
Davand, do you remember from the Yourgene days what sort of % shareholding was in the hands of Institutions?
At the moment Novacyt is literally all PI's
This is the biggest fear.
Not the result we wanted today. Just seems like this agreement could have been reached a couple of years ago. Obviously neither side had a cast iron case to win outright. Posters commenting that the products must have been at fault otherwise why settle. If it was as simple as that & there was evidence to back it up the government would not have walked away from £135m to settle with just £5m in costs.
Agree HarChris. Yourgene is the revenue generating part of the business now. Fresh start for LR & co. close to £40m in the bank to make Yourgene a success finally. Can he do it?
Maybe Amers adjourned to the pub
Do we know which side called for the adjournment?
I bow to your greater knowledge in this area Kaeran.
From the judgement 30th April. The judge gave both sides deadlines for the expert reports to be filed so the trial date wasn't delayed.
"Accordingly, I refuse the application for summary judgment; I allow the defendants' application in relation to Dr. Owens' report, to be served by 3rd May; and I provide for Dr. Huggett to serve a further report in response by 17th May."
So can we assume this is what the hearing is for? They've had the pre trial hearing to ensure both sides are ready for trial. Is this hearing just to confirm that now they have all the relevant information lodged?
I wish the shares had been suspended 3 years ago. At least then I could think I was still richer than I am now.
Wilson it's what they call a "soft launch". If you like to believe that sort of thing. Similar to the Co-Prep liquid handling instrument. Neither seem to have made a splash.
In addition to the £16,670,000 cash consideration for Yourgene Health, there were a number
of other acquisition related fees that were incurred as a result of the transaction resulting in
the deal generating a cash outflow of £27,626,000, which breaks down as follows:
Cash consideration: -£16,670,000
Settlement of Life Sciences contingent liability: -£6,500,000
Repayment of SVB Bank loan in GBP: -£2,362,000
Deal advisory costs incurred by Yourgene Health: -£1,959,000
Deal advisory costs incurred by Novacyt: -£1,424,000
Cash acquired: (cash Inflow) £1,289,000
Total cash outflow £27,626,000
Fair post Ravenox.
If you weren't already invested you wouldn't be tempted by the information released today.
"Why exactly did YG cost 10m more than was reported as the purchase price?"
Read the reports, it's all in there.