Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Agree with your thinking Giz. Any company that profited from Covid won't lose much love from the public. But this is the business Novacyt are in. They didn't pop up overnight like some of the PPE suppliers. Some of who provided sub standard products which were never used but still got paid in full. Luckily for us it's not a trial by jury & the facts will prove who's right & who's wrong. It's unfortunate that some of the UK diagnostics co's involved with the Gov & pandemic response haven't all faired well. Novacyt, Omega, Abingdon to name a few have been treated badly. Randox on the other hand did very well. Apparently, but i'm not in that Whattsapp group.
Remember the DHSC settled with Abingdon in their dispute.
York, U.K. 28 June 2022: Abingdon Health plc (AIM: ABDX), a leading international developer and manufacturer of high quality and effective rapid tests, notes recent bulletin board speculation and the rise in its share price.
The Company confirms that it has reached a settlement agreement with the Department for Health and Social Care ("DHSC") on the outstanding invoices payable by DHSC for lateral flow tests and component stock.
The Company notes that the settlement agreement only technically completes as and when the cash payment referred to below is received.
The settlement agreement is in full and final settlement of the outstanding debt of £8.9m (excluding interest) and comprises:
i) A contractually required cash payment of £6.3m from DHSC to Abingdon, which is required to be paid to the Company on or before 22 July 2022; £1.5m of this cash payment will be held under charge until the outcome of the judicial review is known; and
ii) transfer to the Company of ownership of the outstanding component stock that it had procured on behalf of DHSC in 2020/1; and
iii) joint-ownership, alongside DHSC, of the intellectual property of the AbC-19™ COVID-19 antibody test; and
iv) a lower royalty payable to DHSC on sales of the AbC-19™ COVID-19 antibody test, with this royalty time limited to one year from the date of the settlement agreement.
The monies received from DHSC, once received, will provide additional working capital and be deployed to help fund the Company's various growth initiatives underway.
Dispute with the DHSC
As announced on 10 December 2021, the Group is in dispute with the DHSC regarding the potential repayment of a pre-production payment of £2.5 million (net of VAT). The Board, having taken legal advice, does not believe that the Group is required to repay the pre-production payment and considers that it is entitled to recover additional losses in connection with the contract. The legal costs associated with the dispute have been expensed and, with no production volume over which the pre-production payment can be recovered as envisaged in the contract, the Group still retains a deferred income balance of £2.5 million pending resolution of the dispute.
Whilst the Company sought to develop a COVID-19 test for commercial, non-governmental purposes, this was entirely separate from the operation of the contract with DHSC, which was for the manufacture - and not development - of tests and required DHSC to confirm which test was to be manufactured through the licensing of rights. There is no reference to the development of the Group's own test anywhere in the contract, whereas the contract specifically deals with the licensing of intellectual property rights by the DHSC once an appropriate agreement has been entered into between the DHSC and a third-party test developer. Despite repeated requests over the last 18 months, the DHSC have yet to provide any information regarding the licencing of rights.
Following a protracted series of correspondence throughout 2022, on 26 April 2023 the Group met with a mediator and representatives of DHSC to attempt to resolve the dispute. Following mediation, the Board are increasingly confident that the Company is in a strong position and that the pre-production payment will not need to be repaid. Furthermore, the Company intends to pursue its counterclaim to seek to recover additional losses incurred in connection with the contract.
The mediation was paused to allow DHSC to re-assess their position in the light of the evidence provided by the Group. As a consequence, the Board is increasingly confident that the DHSC's claim has no merit and will not succeed. The Board now intends to vigorously pursue its substantial counterclaim for losses incurred as a result of the DHSC's failure to licence the necessary intellectual property to permit the contract to move forward and their failure to notify the Group of their inability to do so in a timely manner.
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Video no longer exists.
Co-dependants
The Taiwanese divestment has a few conditions attached. So the amounts mentioned aren't guaranteed and certainly not guaranteed to be paid on time.
$4m (approx £3.2m).
Key terms of the Divestment include:
· Upfront payment: US$1m payable on the Closing Date; plus
· Loan agreement: US$1m payable as a lump sum or via ad hoc instalments within two years of the Closing Date (carrying interest at 7 per cent. above the Bank of England base rate) ("Loan Agreement"); plus
· Earn-out consideration: up to US$2m potential earnout subject to the achievement of certain profit related milestones, over the next two calendar years post completion.
· The Loan Agreement is secured against the shares of the subsidiary being sold such that failure to pay will result in ownership returning to Yourgene with no obligation to return previously received funds.
Looks like Yourgene will run out of cash end of September, October at the latest.
From todays rns:
In January 2023, Yourgene completed a capital raising generating net cash proceeds of approximately £6.8 million. As at 31 March 2023, Yourgene had an unaudited cash balance of £2.8 million.
As at 26 June 2023, Yourgene's unaudited cash balance was £1.88 million, with an unaudited bank debt of £2.5 million. As at 24 July 2023, Yourgene's unaudited cash balance was £1.3 million, with an unaudited bank debt of £2.3 million. Yourgene continues to manage its working capital prudently.
Davand. Any idea of the values involved? How much revenue has this deal brought in over the past 5 years?
Nice to see the volume is good again today Over 1m traded 8n France in first hour. 0.83 at present.
Uk 429k traded 0.72
Nice to see a bit of volume today. Kept going aswell, approx 296k shares traded in last 30 mins. Finishing near the day high. Hopefully it'll push on again tomorrow. But this is AIM so no guarantee's.
How's the party going??
Keeppluggingaway
Posted in: NCYT
Posts: 67
Price: 38.00
No Opinion
10p party book now..30 Jun 2023 12:15
Tickets are selling fast....10p club.
France
0.6360
+0.0960
(+17.78%)
7 new multiplex products (6 on the list plus GI product they tweeted about on Monday).
Plus from recent past.
2 Co-Prep instruments launched (apparently)
2 LFT readers launched (apparently)
Yet not one rns. You certainly can't call the BoD a bunch of rampers. Many other things yes.
Https://www.chayon.co.kr/email/2023/template/genesig.pdf
South Korean agent showing the vast range of products in the Genesig portfolio. Try & find the covid products.
POINT OF CARE TESTING
National Strategic Guidance for at Point of Need Testing
Technology
Lessons learned from the pandemic highlight the need for a clear use case for the type of
test and technology, the performance of the technology and the applicability of the test type
in the clinical setting being proposed. Further work is needed to define acceptable target
technical performance (TTP) characteristics for each setting that POCT is to be used to
support the selection and deployment of all equipment at the point of need.
It is acceptable for the performance of testing technology to vary dependent upon the
setting and the clinical question or purpose it is being used.
https://www.ibms.org/resources/documents/point-of-care-testing-national-strategic-guidance-for-at-point/#:~:text=This%20strategy%20sets%20out%20a,the%20centre%20of%20their%20care.
All staff aren't safe. And that is both Yourgene and Novacyt present employees. Any duplications will be cut. It's the only way this will work.
It's no golden goose Novacyt are looking to buy. No matter what potential it has it'll need a lot of hard work to turn it into a profit making business.
Who's that then? Do you know? I'm genuinely interested.
"strategic partner"
Who's that?
Then you buy shares in NCYT with the cash.