The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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 ?
Any shareholders who feel like I do towards Mullis, which isn't good and I appreciate there are some people who seem to be happy enough with him that's their choice, should be determined to bring this up at the next AGM. He was very quick aswell as active in his communications with shareholders to raise his powers within the company, Mandy was praised for her 'helpfulness ' He should never have received such a huge bonus so early on, was this bonus based on shareprice at the time ? I personally believe his silence thereafter was done to give credibility to the professionally done ramping. Since getting his millions his communications have been shameful, he actually damages the price with his poor outlook, his inability to keep the market informed which is crucial. I will be asking him to give back his bonus based on his gross incompetence towards the shareholders and he certainly should not be receiving another bonus until he shows he is fit to lead a public company. He's shown he can act fast effectively and openly when he wants to ie when his multi million pound bonus depended on it, so why the incompetence, silence and destructive communications since ?
I'm confused about the tests you do at home, if you have just returned from travelling/holiday couldn't you just get a friend or relative who hasn't left their home to do the test for you just incase you are positive and don't want the hassle of isolating/not going to work ?
It's total incompetence that the contract didn't have an RNS but at the time this company was being ramped to the high heavens and in a very professional manner, I think it suited Mullis to let everyone believe what they were hearing, had he kept in touch with investors we could have formed a more realistic view. It's certainly the last time I will take heed of such ramping, I used to think shorters were bad but rampers can be just as destructive. As I have previously said Mullis has driven this share price down more than any competitor could, his absolute discard for shareholders is shameful. Up until he collected his 3.5 million bonus he stayed in touch with shareholders and since then he can't bother himself with even an attempt at positivity infact fills the news with negativity. I obviously deeply regret staying in this share, I had faith in the business but never Mullis and it's my fault for not trusting my instincts regarding him. Saying that no one expects a CEO to be that incompetent, in different hands this company would be a great business for shareholders but as it is now Mullis has it as his own private company where he answers to no one and collects millions, regardless of the share price. For now I just have to hold in the hope I get back what I paid but with Mullis in charge I'll not be holding my breath.
Graham Mullis is a disgrace, he alone has guaranteed shareholders lost value in their investments. Had Novacyt been run by the correct person this share would be much higher but he has no boss, no one to pull him up on his incompetence although he himself has secured a multi million pound bonus but shareholders value - is of no concern to Mullis.
A take over is something I would welcome, this business needs to be in competent hands and as far away from Graham Mullis as possible, the man has done more to destroy shareholders value than any competitor has done. No company can predict the future with 100% guarantee but a good CEO keeps the market informed and uses terms like looking forward, growth, forward sales, RNS each contract,gives numbers and good future aims of numbers, this man just collects his over 3 million yearly bonus and shrugs . It is NOT a private company he has a duty to shareholders and if he's not fit for his position he should step aside or hopefully someone else takes charge.
Can the government stop a take over ? I feel a TO would be the only chance of this returning to a sense of professionalism, it needs proper leadership and the sooner Mullis is gone the better. while he's there this business will never succeed on the stockmarket. This is a life style business for him, investors are not in his responsibility orbit, except for the fact he was fully aware of the exact amount of ramping going on especially the very professional skilled and genuine sounding ramps. That is why he kept his mouth shut, he had to stay silent so the ramping would succeed and it did, but he knew........As I have said, he has no boss, no one to answer to, he's now in an extremely comfortable position and an enormous yearly bonuses. He doesn't communicate with the market and will never play that game, why? Because he doesn't want to it's of no interest to him. I don't blame the MMs this is all down to Mullis. Didn't he get the shareholders to vote for all his powers ? And NO stage has he ever attempted to support shareholders on the contrary he has time and time again destroyed shareholders values whilst increasing his own. So yes I would love a TO and even though I have lost way too much money and a bad time for me I wouldn't care if they offered £1 for it because then it might feel investable something that Mullis will never be.
In my opinion if he was being totally honest he would be saying how he could not care less about shareholders, they are completely irrelevant to him. Mullis doesn't have to answer to anyone, not a single person. How can that be good for any business ? Each and every time he speaks he lowers the share price, is he a complete fool who is incapable of stringing a coherent RNS together, always failing to give the market what it requires or is it a carefully thought out process ? Who owns Novacyt ? Mullis can sit perfectly happy in the knowledge that he answers to no one, he can bring in his 3 million a year for the next whatever number of years, Novacyt is the perfect lifestyle company, for himself. Unless there is a take over and I obviously hope there is this business will remain that. Mullis may not have told any lies but nor do I believe he has told the truth.
Neon, The incoming tide made him a lucky General. Guess his luck and ours have now changed. BTW I am still invested at profit and have been here a long time. The issue is the destruction of shareholder value under Mr Mullis!
I wasn't invested in those other companies because I knew they were fools; yet here we are. But seriously disappointed with Mullis. We have great products but you have to go sell them and you certainly have to convert a penalty kick!
A rising tide lifts all boats! Even a fool could have sold some covid tests. Mullis got far to much credit for too little. Absolutely failed to make the most of a once in a lifetime opportunity. Good at science but sh*t at commerce...