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Hence my fruatration. I have not read all the weekend comments but have read the contract. Like you my commercial head is still saying they could issue a PO anytime before 2023
Gman - seeking confirmation when they did was foolish, obtaining a legal opinion on the result was foolish and reporting it without formal confirmation- if indeed that is what has happened - was foolish.
see your point now bigbangs and concur.
To be clear, I listened to the same presentation that you did and have read everything that ODX have written and I am far from convinced that a DHSC intended for the contract to lapse. I see it that no extension to the contract as required has been received within the timeline specified and due to the timing of the presentation when ODX were unable to obtain specific confirmation from DHSC - note that they did not receive confirmation that the DHSC had knowingly not extended the contract - the strict legal advise was that had to report it as being over. Any of us in business will have faced contract termination or extension notices being overlooked and HMG are equally capable of forgetting to do something. Again ODX need a definitive response from DHSC.
BIGBangs - I agree with you. My frustartion is that you RNS contract award but then you seek legal advice as to the validity of the contract post Phase 1. Why not just ask for confirmation from your customer unless you had and then an RNS should be used as its fundamental to the business.
Blu..agreed
Tbh
I really wish some of the stuff I post wouldn't come true....
Guys none of us know the precise details of what has actually occurred. I do not have a great deal of faith in HMG knowing what is going on anymore than I do in ODX at the moment. My view, due to the significance- real or imaginary, of the contract ODX must pursue clarification to the an absolute definitive - I do not believe they currently have that - whatever the consequences to Colin.
Bigbang, in the presentation Colin made it clear, no realistic chance of DHSC contract and seeking clarification on the machinery. Probably a lease agreement .
As for ODX not knowing definitely that the contract has expired, Collin would be hung drawn and quartered if he hadn't got it confirmed before announcing via RNS.
not sure i agree there bigbangs.
they have formally stated that they believe the contract is dead and caused massive deterioration in share price.
if they now write to DHSC after the event, well i as a shareholder would have preferred they did this before causing share price to nosedive another 30%.
it all lends credence to what we have all stated, CK has not a clue and is basically a rabbit in headlights at the moment, not pleasant to see us all having a go at CK, he was/is paid decent money to get these decisions correct and he's basically got just about everything wrong.
captain$ , much as i would like to think you are incorrect, the government have basically shafted UK diagnostic industry they were supposedly nurturing for "next time" , i'm a Tory through and through, but bumbling boris has really fecked up here, only people happy taking chinese sh5t are the chinese, Johnson will pay a price for this, in more ways than one.
Big bang's..reasonable logical thinking. But if we can't do OG manufacturing and still no approval on our own test then I am not sure there will be the news people want.
More than likely loads of Twitter speculation driving buying...only for Tuesday to have an RNs with official confirmation that contract has expired. The gov will have known about the dates even if odx didn't. They could have extended it before the final date if they want.
Sorry - just my take on it. But hey I could be wrong
..and who will be doing the "onshoring" that J.Bell spoke off ?
I don’t really think they (DHSC) have the choice to do nothing. I have to believe that ODX will now have written formally to DHSC and asked for clarification, if an oversight a simple addendum letter re re institute the contract, for whatever it is worth or of course they could take the opportunity to revise it - which ODX could consider. If DHSC formally confirm that they have no intention of calling on ODX for tests - a very brave call - then they will have to address the machinery and they will not want to do that. I still have to hold on to the belief that HMG or DHSC do have a plan and that will include ODX otherwise why have they invested £20m in the project so far?
good posts bigbangs , agree 100%
"it is much easier for DHSC to extend the contract, costing them nothing, "
I suspect it is much easier for them to do nothing. They have Chinese test surplus and can always buy more if necessary. They don't care about odx
It is much easier for DHSC to extend the contract, costing them nothing, than deal with the fallout and ancillary paperwork of formally acknowledging that it is cancelled, when they do they will have to address the machinery and at the moment their options are very limited.
I suspect Colin is also not used to his every word being scrutinised and people investing serious amounts of cash.
He really strikes me as someone who does have a clue about the aim game...and the possible consequences of a slip of the tongue.
Even now he spelt out contract is over ...and there will no doubt be people buying this week in the hope that the gov and extend the contract.
If I can bring myself to be even handed I have some, a little sympathy for CK. in his own words during the presentation they were a small food intolerance business dealing with third word countries (not a direct quote). He had spent his time encouraging his team on developing his small market then bosh Covid lands. He was immediately out of his depth but still managed to raise £11m at 40p in a placing entirely based on the Covid opportunity so he can’t feel too sorry for himself. Very few in situ CEO’s when faced with such an opportunity would have admitted even to themselves that they were struggling but it is obvious now, even to himself, that he was - that is down to the board but they were in the same boat and themselves either not aware of their responsibilities or themselves not up to the job, probably both. I am willing to bet they have all seen their pay packets swell, certainly CK but with increased reward comes increased expectations and they have failed to match up to the task. HMG are a mess, the contract and what came with it were entirely good but the poor PR and what now transpires to have been over ambitious, Ill thought through tweets added fuel to the justified expectations of the shareholder, invested only because of Covid and anticipating great things. During the presentation CK and his new mate showed a total lack of understanding of the market, they were trying to bolster the food intolerance guys who probably have been working hard and feel overlooked - I would have dealt with them by a separate meeting to thank them and handed out a few pay rises and bonuses- job done but they felt it necessary to dwell on this small business believing it would somehow appease their investors - they were very wrong. If the new guy wants the top job then he is well placed to make a difference but he will need to work hard and show us his value otherwise there are many others that could do a better job. The board need to step up and address the leadership, provide help and guidance, call on contacts, seek professional advice to give the company every chance to maximise the opportunity that exists now - it is not too late but there is no time to waste.
Last couple of days is the worst days ever seeing the shares drooped, cos of his radio silent, poor PR and the rampers i am in six figure down (on paper)
Agreed he is a conman he has to go
agreed , lets not forget the April tweet
DHSC order coming soon
one VISITECT test
One Colin King
thank feck there's only one of him and he needs to be replaced as CEO, he has been and is totally out of his depth.
poor communicator, poor negotiator, poor fella.
Big bang's - personally I think we have to wait and see how current lfts fare with new variant. Hopefully they will be fine. It is a moral struggle wanting current tests to fail so odx can benefit...but this has been with me throughout.
I hear what you say about our test being better quality and I agree. The issue as always is that odx don't have any approval other than pro test in EU which is being sold by dam
I am sure there will be more twists and turns in the odx story..and hopefully in time the SP will recover to a certain extent...investor speculation and sentiment could lead to some good trading opportunities especially this week
My concern is what the true value of odx is at the moment ...I have made some ball park calculations and listened to a investor / trader I respect. So have decided the figure I am comfortable at
Just be careful out there...and weigh up the opinions on all sides
As it turns out all anyone had to do was wait for ODX to speak for themselves and they would do the damage without outside help. What on earth were they doing when they were tweeting busy busy busy - I certainly have no idea.
well there is oner thing fopr sure bigbangs, twatcher cant talk ODX down anymore can he... lol
that ship has well and truly sailed !!
I always read your posts carefully TWatcher as whatever else you are well researched but I am struggling a little to get your point. I don’t think you are suggesting that with this single new variant LFT’s are now worthless but you might be suggesting that some are more worthy than others in which case who is to say that the Chinese test are now even less effective than our own home grown test and what we actually have now is a major opportunity. I do not actually believe this to be the case and have to wait for the powers than be to give us more information but it is of course possible.
"Several companies have announced already that based on in silicon analysis their products will still work."
However given the detailed testing that PDdoes before HMG uses an LFt for gov use, surely it'll be the same again. If absolutely pushed for capacity they might pre-qualify some of the existing gov selected LFT tests. but they'll still test them.