As folks guzzled on the covid testing hype, one man grew very rich. Graham Mullis was CEO of Novacyt (NCYT), a nothing biotech perennial dog, which just happened to have a test. Mullis was to be awarded a cash bonus, the size of which was dependent on the share price as of October 17 2020.
I have warned you time and time again that Novacyt (NCYT) was a ramp with the sole purpose of allowing now departed CEO Graham Mullis to trouser an enormous cash bonus based on the share price on just one day. In the end Mullis trousered £8.5 million but, last week, Private Eye served up a great article showing how the company has a cultrure of lying and fabrication and, had investors known the truth about tests that did not work or which were contaminated, Mullis would be far less well off than he is today. This is a scandal and the ramifications could be very serious. Potentially a claim by the DHSC could wipe out most of this company's balance sheet (cash of £100million) with ongoing cash burn now that sales of its covid tests are evaporating, taking out the rest. This remains a bargepole stock/short. The article is below.
