Davand, sympathy with the devil is misplaced at this time. The only reasons for retaining a CEO who has presided over such a catastrophic destruction of shareholder value are because employment law protects the employer to a certain extent, he is pulling a wage wholly non-commensurate with performance to date, a supine chairman and he probably retains business contacts which might not quickly be replaced. Oh, and he needs time to update his c.v.
Maybe a positive sign for once, instead of being what appears to have been a numbers game for management as a status symbol.
When we have a CEO who has gone totally mute on the company for whose investors he is primarily meant to deliver shareholder value to (unless obligated to do so by regulatory requirement), then this is the residue we are left with.
New HQ (shiny offices?), a salary last quoted worth three prime ministers combined, and so the name of the game now seems to be to stay in post as long as the ship can stay afloat.
Radio silence, cap’n, approaching choppy waters again?
It is difficult to fathom why no Institutional Investor, having taken a position here and presumably suffered significant paper-losses, has agitated and brought about management transformation. Do they never retain fire in the belly anymore, or is the company now just too small to save?
The BOD has been nominally streamlined and the CFO has belatedly been made to walk, although he retains a zombie-like presence as he waits to impart the working best practices to his eventual successor.
A chairman who has been virtually silent fails to inspire.
The big elephant in the room is the CEO who, having been in command whilst the SP crashed and all but burned, remains in situ. Why? And for how long? Even as the SP struggles to keep its head above the placing price, please someone within the company tell us what on earth is going on.
Of course the possibility remains they may be struggling to find a buyer at anything like a decent price. Unless a potential purchaser is already based in Taiwan, why take on the extra risk of having your business potentially wiped one day by the Chinese megalomaniac?
Singapore seems a safer bet, where Ygen is already based I do believe.
And so the average-downer bore reappears. After a couple of months of relative tranquility (and treatment?) he cannot resist walking his trading history down again, from 16p to near-zero.
He struggles with basic comprehension:- nobody is remotely interested.
Yes twix is “eternally thankful” that the Ygen management destroyed his capital -in all likelihood never recoverable. He displays the same obsessive compulsion as the slot-machine addict in a backstreet seaside amusement arcade, but fails to see the joke is on him. Only nobody’s laughing anymore.
Probably a cartful equivalent of twix’s shares….at all prices from 16p downwards.
I expect LR will have dug in and would have no intention of leaving voluntarily. After all, who would admit failure on the one hand while still pulling his near £400k pa salary? May as well keep the ball rolling for as long as possible.
He may well be able to point to satisfying most of the parameters set by the last remuneration committee, most likely the misleading boast of delivering over a 100 products to market and recruiting a workforce in excess of 200. Both are now redundant, just as the CEO should now be if common decency was still a uniform management quality.
I predict he will depart only on receipt of a generous compensation package.
If I am incorrect LR, then put the record straight.
As Churchill might have ventured: “Never in the history of human genomics has so much been owed by so few to so many…”
So one barnacle has belatedly been prized away from the generous salary on which it has fed for so long. Big barnacle has to now be persuaded to depart likewise, subject to the proviso of NO severance package.
It is indicative of how far this company has fallen that today’s news has the same feel as a major contractual win!
Davand am happy to accept that if it is in writing. I would have thought that ‘perk’ would not be disclosable due to business confidentiality perhaps.
I just wonder how the attack on the cost base is going, 3 months on from the money-raise.
I note from the last annual report the decision to move under one roof in Manchester is costing as they admit they have residual leases to pay-off. At what cost and for how long is unspecified.
Such largesse from a CEO and bean-counter sees no shame within a loss-making company.
Having not the slightest modicum of shame or embarrassment, why would the CEO and abacus operator stand-down? For as long as the Co. is prepared to pay their modest combined annual salary of £650k, they will remain in situ.
Problem is with employment law caveats, it would probably cost more to get rid. Surely the IIs and chairman cannot possibly believe they will dig us out this ‘ole?
The first piece of nimble footwork evidenced by the LR and BH dream-ticket in many a long period of trading. After all, it’s not often you get the chance to destroy shareholder value by 90%+ but preserve money already loaned to you. They should be proud of the fact we pay £650k+ to the pair annually.
Remuneration committee, any chance of a raise at the next meeting?
I suspect the reason why LR and his abacus-using bean-counter BH remain in post is because of the restrictions placed by Employment legislation in removing underperforming employees. Unless gross negligence is evident, opportunities must usually be first provided to give said employee opportunity to improve etc.
LR has in all likelihood built up a decent amount of contacts which might also have made it difficult and expensive to replace.
Aided and abetted by a chairman who has been hideously conspicuous by his silence, what’s not to like?
I expect there is an element of complete shamelessness whereby LR and BH are determined to continue to pull their wage for as long as the lights at HQ remain on.
Trebles all round.
“ So it’s all about re-engaging with the culture that COVID tried to destroy; collaboration between functions and ALWAYS STRIVING TO IMPROVE COMMUNICATION.” (my emphasis).
-the sheer lack of self-awareness from LR is staggering, the arrogance extends to excluding that very same communication to shareholders unless compelled to do so by regulatory requirements.
Those familiar with the latest location of Ygen’s HQ will be aware that it is in very close proximity to Manchester’s primary hospital. It may be only a shortage of beds which is stopping Ygen from taking up a position in the Intensive Care Unit, where it should be hooked up to an intravenous drip of cash…and more cash. Who will treat this addiction?
I agree Davand. A potentially significant downside to our monstrous dilution is that any company doing business directly with Ygen will look a little closer at our solvency levels, perhaps seeking guarantees that product bought or tie-ups made would and could be delivered.
Frankly I am surprised one of the many large diagnostic companies hasn’t purchased the rump of the company for what would amount to loose change, at the same time jettisoning LR,BH et al.
Is Ranger all its cracked up to be, or could it one day hit the patent litigation buffers and send us spinning back to Groundhog Day?
Much egg on face yesterday as a result of frenzied speculation created by a throwaway comment on Twitter, followed by an equally precipitous fall post-disappointment. From what I could see only one poster called it right on the other forum.
It is indicative of how desperate us LTHs have become as we seek to retrieve any residual value from the dying embers amongst the wreckage created by the skilful hands of our beloved leader LR, ably assisted by his assistant BH and his faulty abacus.
The magician Daniels would have been proud to have recruited LR as his apprentice, there being a canny skill in magicking away value before our very eyes. “Now you see it, now you don’t.”
We continue to live in hope…
It seems the 100,000 seller of former days has morphed into the regular million share seller.
And still no news. Surely they can’t all be busy reducing ‘the cost base’?