from the 2024 agm 4 months ago. ewens chairs address
management had a lot of issues to clear out from the previous administration, that affected both CET and life science and company leadership and finances
"The first challenge we tackled was to review the strategy for Life Sciences as we needed to face the fact that there was no longer a business case for developing point of care products for COVID, with the associated costs, time and risks, in a fundamentally different post pandemic market.
This new reality required us to terminate contracts with a number of suppliers spanning the EuGeni platform, lateral flow contract manufacturers, clinical research trial consultants and European logistics companies. Doing so required careful negotiation to settle these matters on appropriate terms to avoid ongoing financial or legal obligations.
The decision to cease expensive clinical trials enabled us to stem the cash burn on projects that greatly exceeded their revenue generation potential. It also enabled us to restructure and reshape our leadership and reduce headcount and direct costs, with annual savings in the order of $3.3 million."
and this as well
"The other significant issue we had to deal with was achieving settlement of all claims brought by Ferroglobe International. With these legacy issues now resolved, we have been able to move forward with a clearer focus and clean balance sheet."
DYOR, GLTAH
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