Games developer tinyBuild seeks to boost £500 million market cap by becoming a media company. Watch the full video here.
In case anyone missed reading the Exceptional Use Authorisation from MHRA to DHSC, please find it here. You can download the pdf of the letter. Try not to fall off your chair as you read it.
Brentw1 - I do see your point about all the work that has been going on regarding new staff, new products etc etc,, I actually agree with you on how much has been involved with growing the business and their products and research has so far been flawless. However my opinion on Mullis is aimed at his duty to shareholders (& I'm more than happy to accept not everyone shares that opinion) if he isn't capable of concentrating on the shareprice/markets because eg he hasn't the time or maybe just incapable of it then its his duty to get someone who can. No-one can do everything and clearly this company is not the same company it was 18 months ago. But I genuinely hope for all our sakes that someone soon starts taking responsibility for the shareprice, this isn't a private company and responsibility comes with a public business. As I said just my opinion and if others have differing views then that's fine with me.
There's zero support for the shareholders from the CEO and like you I have suffered a big loss. I still believe this is a good business and with the right management would be in a much better position but unfortunately we've got a CEO I have no trust in. One of his first actions was to secure himself a 3.5 million pound bonus which was based on the shareprice at the time which itself was based on the NHS award, there was no lack of communication then infact they were being praised for their helpfulness. Graham Mullis collected his personal fortune then the dispute arose and shareprice crashed. No helpfulness now, no communications to shareholders and a dismal share price. Should Mullis keep his millions, I personally don't believe he should. Who awards themselves millions before a job is done ? Now it's just a waiting and hoping game but if I'm lucky enough to get my money back I will still have no faith in Mullis, he's shown no regard for his duty to shareholders but showed a great deal of effort and competence in securing his personal millions. Great business lousy management and shareholders have been left to the mercy of the MMs and shorters.
Interesting to see how easily recent startup 'Letsgetchecked' achieved $1bn status. We continue to need to be patient a little while longer. It would be good to see our consumer branding grow and hopefully the development of a personal health management app. Company due to update us on their post covid future plans. Should know more soon...
It certainly gives shareholders some confidence that Mullis will realise how important good and reliable communications are, especially when he adds those longed for 3 little words - we look forward - at last ! :)
Motley Fool didn't really give much of any in-depth analysis in fact almost none, their conviction that Covid would be all but gone by next year just doesn't tally with the larger pharmaceuticals paying a billion plus for smaller diagnostic companies, these people don't spend that kind of money without intensive research and statistical surveys on future income, I think I'd put more faith in their knowledge than a Fool report. There's absolutely a strong growing future in diagnostics - for the right companies and no doubt some will fail and others will soar.
Hydr - you've made a very sensible decision so far, wish I had sold my half as early as you but it's difficult when it's in free fall to make a quick decision, you know the fundamentals but the reality is the fundamentals aren't being supported. Thankfully Mullis did a complete turn around and got an excellent RNS out. I agree this is still an uphill task and I'll be treating it slowly but surely...........
I like your name - Hopeful :) yes the most relaxed day for this share in quite a while, I hope anyone who was seriously concerned can feel some confidence coming back, we've still got those old hills to climb and the way this share goes I'll be feeling like a geriatric by the time we get there. It is nice to have your fundamental beliefs in the potential of this business not trashed and in the bin. I'll not go on about GM have already stated my concerns on him but it is definitely a positive that he finally did the right thing. Now it feels like starting all over again with a stronger outlook and hopefully a stronger boss. Good luck everyone :)
The relief is just incredible, I had sold half, at huge losses and kept half so have no where near the same amount of shares but at least I can now hope to get some of my money back. I'm also so relieved for some other investors on here who like me
were deeply concerned I hope this helps everyone. A competent RNS - praise the Lord :)
crl123 - I completely sympathise with your situation here as I do with everyone who has lost. I also agree with your thoughts on what has been happening with this share, Mullis knew the effect his words, or lack of them was having and instead of showing support to Novacyt and its investors he again repeats his "mistake ". I've had 10 years of savings wiped out here, the speed at which it happened without a single word from the CEO says so much about Mullis. Incompetent or purposefully I guess doesn't really matter the result is the same. I have no doubt with the right and morally half decent person as CEO of this company we would not be in this position, but unfortunately we got him. I think it's time they removed his face from the Welcome to Novacyt blog as it really is not a face many want to see.
I agree the BOD are aware of what is going on, Mullis is finished with shareholders, he's got their money and now he wants them gone. Do not be surprised if Mullis and the BOD buy this business. A more blatant purposely driven down share I have seen and Mullis you are an absolute disgrace to do this to people, you have destroyed many a person's financial security and that has been your aim from the moment you secured enough investors money to walk away from the market. Why blame the MMs, they have nothing to support this share with, nothing, Mullis has nothing to do with them so what else are they to do except have nothing to do with him. In my opinion Mullis now has this business exactly where he wants it.
Absolutely. The man has destroyed shareholders value - destroyed it and not a single word from him. It was all so different when he wanted more power within the company and his £3.5 million bonus then there was plenty of communication and Mandy being praised for her helpfulness. And of course the ramping, I have to say it came across as a very professional job, Mullis went silent and the ramping was the only information we were getting, Mullis knew exactly what was being said and at no stage did he attempt to clear any of that up, positive or negative. Novacyt had a product the world needed so of course he was able to sell immediately, anyone could have at that stage, the key was to keep those doors open which he doesn't seem to have managed. His 3.5 million bonus was wrong from the start, a bonus for spiking a share price ? An RNS stating contract and value with NHS for a certain sum of money gave the impression the business was better than Mullis, now what happens to investors money to be told that no longer stands ? People invested on that information. And again nothing but silence and contempt from the CEO, nothing ! It's absolutely disgraceful. The first thing that should go is his bonus just like all his investors money, he isn't fit to run a public company, the right person here could have succeeded but Mullis was in too much of a rush to collect his millions probably because he knew it wouldn't take long for his incompetence to be exposed.
Why, what for ? I can't imagine when or why we'll hear from Mullis again, he has all but abandoned shareholders, he's assisted with bringing the value down 70% in a short term and has never given any outlook for the future infact the opposite to what he could and should have done, it will be silence from here. What have we got to support the share ? Not even our own CEO.
Maybe it's Mullis himself that plans to buy out the company or at least be the largest shareholder. If this share price goes down much more it becomes a very possible scenario, if Mullis needed some extra funds I'm sure he could present his bank with some very promising forecasts and future resources.
So now Novacyt has collapsed into the 3s and not a hint of a takeover. I admit I have little to no knowledge of takeovers but I would have thought if a good company was so cheap it would be quickly grabbed but apparently not, not even at this price. Why would anyone want to buy it, what does it have that is unique or not already being done by others ? Genuine question. When this tide of a pandemic came rushing in Novacyt were very lucky to have what was in demand and as first mover managed to get the lucrative long term door of the NHS opened to them, now that seems to have gone and we have no explanation as to why nor do we know how much of a material impact this will have, what if Novacyt end up owing millions to be paid back ? We have also been unfortunate enough to have OUR company run by an incompetent (to the shareholders) mess who fails miserably in doing what they ought to - keep the investors and the market informed, a blatant deliberate run down of the value, a complete disregard and an obnoxious finger stick to all those who trusted that their investments would be managed on a professional level. Should Mullis have given himself a 3.5 million bonus for being able to create a quick short spike but a complete inability to maintain for any length of time an acceptable value ? So, anyone who has any experience of takeovers can you please give any opinion on what you think of the possibility now of any takeover, I presume if anyone was interested it would be now rather than later ?
Game changer ? I wish I got a pound for every time I heard this, along with join the dots, in relation to Novacyt. Maybe it will be and maybe it won't who knows ? How many have been sold, any orders placed ? How many of their other products have been sold ? What is their best seller ? Are the bigger companies not already selling these ? Does this test show whether I've had the vaccine OR covid ? Does it show if I've had both ? Is there just the one result or both ? How is this test in anyway unique to Novacyt ? Who is their customer for it ? To be a game changer I presume Mullis will be able to provide plenty of answers ??