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Larry , I remember you being the main person on here with all the Novacyt news. You were the public relations of Novacyt, you were the commerce of Novacyt. Just for curiosity, did you get paid by Novacyt to promote them on twitter and on this board ? And , by the way , you would be bitter if you had put £660K into a investment and are losing 94% of it .

Graham Mullis knew about the DHSC dispute in December 2020 as it was reported in the Papers that NHS Hospitals were unhappy with Novacyt's Covid-19 PCR test as it was too complex to use. But Graham Mullis did not inform the stock market of the dispute as he wanted to get the SP to trigger off his LTIP. Once Graham Mullis got his LTIP he released the bombshell on shareholders on 9th April 2021 12:30pm . The SP crashed , and shareholders on high average were spiked . Ever since that day , the SP has declined with downward trajectory. The performance of Graham Mullis, once he received his LTIP , was poor and he resigned few months later , there no post Covid-19 business strategy created for developing Novacyt. David Allmond was appointed CEO October 2021 and resigned 12 months later with no strong business development. James McCarthy stepped in as acting CEO and again wasted over 18 months with no strong business strategy for Novacyt. Around £30 million was thrown at Yourgene to save them from bankruptcy and their directors came in and took control of Novacyt. A reverse takeover in effect . That is where we are currently. No business plan in place to tell us how Novacyt are going to be a profit making company and develop business growth.

It has been a very poor director performance ever since Graham Mullis received his LTIP .

https://www.lse.co.uk/rns/NCYT/trading-update-74tpjo9hz25buh8.html

There is huge evidence that Directors of Novacyt knew about the dispute with DHSC from November 2020 . How ? It was reported in the papers about this dispute in December 2020 , but Graham Mullis never informed the stock market until 9th April 2021 . That allowed him to pick up his LTIP . Private investors who managed to cash out above their average were okay , but people like me with high average were trapped when the SP crashed on 9th April 2021. Since then it's been a downward spiral for share price.

The directors of Novacyt and in particular Graham Mullis and Anthony Dyer were completely aware by December 2020 that the DHSC were unhappy with the September 2020 contract . In fact it was reported in one of the large papers regarding some of the NHS Hospitals were disputing the authenticity of Novacyt's PCR tests for covid-19 . But Graham Mullis never informed the market until 9th April 2021 about the dispute , and by then the share price had risen high enough to have triggered his LTIP. Graham Mullis needs to be brought to the court of law or return his LTIP back to the company. Anyone going to help me with this ?

You will see from below RNS by Graham Mullis how he manipulated the market by hyping up the share. At no point does he mention the DHSC were in dispute with Novacyt over the September 2020 contract made. This enabled Graham Mullis enough time period to bring the SP to trigger his LTIP and pay him £10million. He later resigns several months later and walks away from Novacyt and not made any good business strategy to develop Novacyt further. Graham Mullis is a disgrace and lost private investors money.

Look at cash balance of Novacyt and the trend now :

31st December 2019 : £1.6m

31st December 2020 : £91.8m

31st December 2021 : £101.8m

31st December 2022 : £87m

31st December 2023 : £44.1m

31st December 2024 : £30.5m

31st December 2025 : ?£18m

https://www.lse.co.uk/rns/NCYT/full-year-2020-trading-update-6ysk8nfjt25lfvw.html

You cannot believe a single word from these Novacyt directors. They are in it for themselves to syphon as much money for themselves with salaries and bonuses. The previous and current directors have done absolutely nothing to develop this company into a profit making company.

Look at the these alarming figures :

Cash in bank :

December 31st 2021 : £101.8m

December 31st 2022 : £87m

December 31st 2023 : £44.1m

December 31st 2024 : £30.5m

With that £100+ million in the bank in 2021 , this company should have gone out and acquired profit making companies and developed Primerdesign, and building on its existing R&D team. Instead they have threw ~ £30m at Yourgene to clear its debts and save them.

Novacyt's cash position on 30th December 2021 was £101.8 million . Where has all that money gone !

Absolutely shocking performance by the previous and current directors which highlights the fact that you cannot trust a single word these people say as its just a lifestyle job for them taking huge salaries and bonuses . When the cash runs out , they resign and walk away and you see them at another job somewhere else. The real losers are the private investors.

https://www.lse.co.uk/rns/NCYT/strategy-and-full-year-2021-trading-update-qgoeql7ul3x7i26.html

If you think about it , despite the DHSC debacle , Novacyt still had £100+ million cash from DHSC to have really developed the company stronger and become profit making. Instead, they blew ~ £30m on Yourgene. Yourgene were in debt and loss making , so really not a good acquisition. With better management, surely they could have developed Primerdesign further and kept the team . Novacyt had £100m in cash 2021 and to be frank the management have blown the cash down to what it is now ~£27m without developing the company into a profit making business. Yourgene has come with huge debt which Novacyt has basically had to clear . Absolute disgrace by the BoD.

I am happy to add my name in this shareholder action group. We shareholders have been swindled out of money because of Graham Mullis .

Mullis is on LinkedIn and you can write to him asking him what he thinks about Novacyt now and his LTIP. Let me know what your reply is.

Graham Mullis deceived shareholders by not informing the market of exactly what the DHSC were doing with the contract. This was because he knew if he had informed the market of the truth , the share price would have crashed and he would not have reached his LTIP. As a result of withholding information , Mullis pocketed £10m from his LTIP. Mullis made no plans to develop Novacyt further , no business strategy and walked away with the £10m. He basically swindled the private investors their money away by not disclosing vital information. The chairman , James Wakefield was a total disgrace with allowing Mullis to collect his LTIP and kept stating that the company had good chance of winning the dispute. At no point were they transparent with the truth or any of the subsequent issues now disclosed recently.

CaptainSwag , why have you ended buying this crapy stock . I thought you had learnt your lesson from Novacyt ? What's going on with your head to buy this stock ? Anyway , what are you thinking about Novacyt , you think they will win any big contracts ? I am still all in Novacyt and in 93% loss . I am well and truly scr3wed in that.

I will have much more hope and confidence once all those current board members invest their personal significant amounts of money into this share . This will send a positive message i believe to the market. I live in hope with this share now. Bottom line is there is really no good commerce or strong business strategy with this company as it stands , and they certainly do not want investors on board it looks like.

Hi Brentw1 , good to hear from you. I want to sell up , but my investment is worth less than 10% . Its not worth selling up as I would lose basically £615K [total invested £660K]. That's simply too much money to lose. So I will just hope this goes up .... it's my bad karma . I got sucked in by Graham Mullis and his deceitful ramping when he said Novacyt are going to be mid cap . The contract won from DHSC , I really thought these contracts were genuine and would develop Novacyt into a midcap company.

Again, I reiterate,

NO CURRENT DIRECTORS HAVE BOUGHT NOVACYT SHARES !

This tells me that the Board of Directors do not value Novacyt at these prices and have no confidence . They expect the SP to drop further.

Novacyt are burning ~ £1m per month . So cash in bank currently must be around £27m now. By December 2025 it will be around £18m cash in bank.

Correction

* Graham mullis between January 2021 .....

KT, I am glad that made you happy . What a sad person you are that you click all day on LinkedIn and watch investors lose money . If that gives you the buzz in life , you are no more a fool than me .

It is also Graham Mullis who was CEO of Novacyt during Lab-21 issues 2018-19 . It was also Graham Mullis , the CEO who appointed the struck off dentist Argun Reginald who was appointed CSO. Surely , people in that field would have discredited him straight away. It was Graham Mullis , CEO of Novacyt that literally wasted millions of pounds by accumulating Covid-19 stock that was never going to be used. Graham Mullis between January 2020 to the day David Allmond arrived as CEO made no clear business strategy to develop Novacyt once he got his LTIP. Graham

Mullis is an utterly deceitful, disgraceful, shameless man who destroyed many genuine investors of Novacyt.

In my opinion , one man and he is Graham Mullis , is responsible for this mess. It was his incompetence with not making sure those contracts with DHSC were thoroughly protecting Novacyt contractual rights and DHSC would be 100% committed to their contractual obligations . Not only that , but Graham Mullis also then hyped up the share price in 2020 to achieve his £10m LTIP , which should never ever had been paid up. People like me get seriously damaged as a result of the incompetence of the CEO. Innocent naive fools like me ,who are high net worth individuals , and looking for a dynamic company to invest their money into.