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Bigbangs - no problem - I'm a bit grouchy after this week. Hope I wasn't blocked as it's good to get alternate views. Cheers.
Nb should have added
If from April we could manufacture 2M week/ 100M a year then we actually sold at best 4hrs worth of production in a whole 6 month period - ok there are some other tests manufacturered but nothing of note
I was personally hoodwinked via the Omega Tweets, it’s been a harsh lesson last week and I don’t trust anything they say other than in an RNS - and even then I require numbers / detail
Worth noting the marketing director at the time who must have been directing the Tweets, ramped the business massively then sold out at 90p plus and left the business, make your own mind up did he misrepresent the facts for his own personal gain? I gave Colin the benefit of doubt on that point.
I am holding on to my Omega shares, doubt I will top up, not until Colin and the Sales Director are sacked, they are just not good enough, Colin has lost the trust of the majority of shareholders, he should do the decent thing and resign or the Chairman sacks him.
Let’s not forget we enjoyed EU/UK CE , with £1.2M of Covid sales that’s maybe 125,000 Antigen LFT’s sold, appreciate some countries were giving them away but that’s all we sold at the top end , assuming £650k owed by Abingdon then total sales from their own team less than £600,000 @ say £5 a test - 125,000 LFT’s that’s it in 6 months
As I say Colin should go , it’s just not good enough.
Arr sorry Flashy, I may have overreacted - not sure what you actually meant but I apologise for getting the hump.
Well Flashy I can agree that Twitter is a nightmare, please put you money where your mouth is and pursue a legal challenge.. I will disregard your insult and simply ignore you in future you should certainly do the same with me.
@SneakySimon: "when was the latest extension dated until"
I'm looking at a freedom of information request with the DHSC to find out exactly that information,
Bigbangs: I'm saying I think there is potentially a case akin to a 'stock drop' in the US. I have actually spoken to a senior corporate advisor who works at a city law firm in the last few weeks about ODX's behaviour and it's certainly not so clear cut as you seem to think. Furthermore, on the ADVFN board, the user NXC is David Evans, a former Chairman at ODX, who has previously stated: (08th May 2021)
"ODX need to stop using Twitter.
They need to clarify via RNS any situation that needs clarification - my view is that they have dug themselves a hole courtesy of their inappropriate use of Twitter and should rectify this before they dig a bigger hole."
And before that on the 03rd May 2021:
"I just think Twatter is a minefield when you are a public company as a medium to communicate with your Stakeholders - Tesla demonstrated the pitfalls of using Twatter to release "news" I think some of the statements on Twitter sail far too close to the wind as far as ODX is concerned - I understand the temptation to use it in order to fill an information vacuum but they should know better - it just needs one complaint to FCA/AIM from a disgruntled investor who has acted on one of the (for example) game changer tweets and the Company and the Board will be in the crapper."
So forgive my response at my answering your sarcastic comment with facts son, but it seems to me you're the sort of person who gets used to picking up the soap in the prison shower. Other people do something about it.
Tomfoolery aside, the question is: If a shareholder action group is set up to force change at ODX, would you be willing to be a part of it? Thanks and have a good evening.
Sneaky I seriously doubt there is anymore to it than meets the eye. Of course I don’t know but I can easily believe we may have potentially received an initial extension then people moved around within the DHSC and it simply got overlooked. When asked officially everyone looked around and realised there was no procedure in place to issue an extension and nobody was prepared to raise it with senior staff so that just reported back saying we know nothing about extending the contract and it is above my pay grade to confirm that we will be making an order. At best ODX could have thought that this is a great opportunity to ditch the open ended commitment and pursue commercial contracts that they believed would be forthcoming when approvals landed or they could simply have felt that after asking they had no choice to report it and didn’t realise that it would cause the SP to dive - take you pick.
Bigbangs: the crucial parts are
1. when was the latest extension dated until
2. how regulalry have they been getting extensions - monthly/ weekly or has their just been one
3. If multiple extensions, has communications and work been done during periods previosly where the extension has ended previously
Only part I don’t understand is Colin saying ‘don’t count on it, focused on commercial opps’ yet on the otherside, DHSC have not formally expired the contract, it is ODX taking the view legally it has expired due to not being given a test to manufacture.
Must be something to ODX state is has expired despite it to all intents and purposes still be in discussion. Presumably their is more to this than they are letting on for them to assume expired?
Sorry Flashy what’s your point, you intend to pursue legal action again all of them? That is splendid let us know how you get on.
Bigbangs: "I can’t explain it to even my satisfaction from this viewpoint but tweets are not legally binding, they believed it was true at the time. Things changed."
- I agree I can't explain why they tweeted a certain delivery before the contract was signed. In my view that is completely unacceptable for a company where you have share buyers/sellers. And Twitter is a source of market information by the company and I believe companies have been prosecuted previously for 'ramping' on Twitter. I don't see that what ODX did in Feb'March is any different - in fact I think Finncap would alos be culpable as their Nomad. Cheers.
So to be clear because DHSC were not able to confirm, when requested an extension the legal advise was that ODX should consider the contract as lapsed and this is what ODX reported in the RNS causing the SP to drop to 26p after a little help from a poor presentation - great. So nothing has actually changed from where we have been for months and DHSC had not ever suggested that the contract has lapsed they were just not in a position to provide the paperwork that the lawyers had suggested should, in a perfect world, be held on file.
Sneaky - I had exactly the same email as well. Thurs 25.11.21 at 14.33. Cheers.
Walbrook emailed the following response. So sounds like they extended the Long Stop Date to an inknown date.
Seemingly either that date had passed and they had continued assuming it would be extended (implies DHSC and ODX belived so). Prior to the meeting interim update, appears ODX wanted to clarify - I find it interesting that firstly they did this and secondly, that DHSC were not in a position to confirm an extension, thus ODX decided it had expired, strenghening the fact the date has passed and both parties have assumed that it would be renewed.
A seperate email I saw diferectly from Colin stated again that because DHSC had not advised on a test yet so their view is that it has ended. He did comment “ if
the situation changed for them, in future in theory they could ask us to make a test but I would not count on it”.
Certainly feels like more to this than meets the eye - I get the impression that ODX since some new blood run a tighter ship want to be more black and white about things.
The following is what Walbrook sent:
The original manufacturing contract
always had a longstop date of 1 April 21,
which signified the end of Phase 1. This
Long Stop Date had been extended
previously and Omega were in ongoing
discussions with the DHSC that both
parties assumed would confirm a further
extension. Omega sought to get clarity
ahead of the Interim Results statement,
but the DHSC was not in a position to
confirm their position on the further
extension. The Company's legal advice
has since confirmed that without any
confirmation of a further extension they
should consider the contract to have
No, I run a small haulage company
No of course not, are you?
Bigbangs- are you a director member of ODX board?
@Calderkate: So what about Duty of loyalty to shareholders?
I’m not sure that exists in the aim market, i have / had investments in Aim companies that have been much worse than Colin (VAST and AEG to name just two), most of the others i wouldn't trust as far as i could throw them, the only two companies i have not yet had cause to question the BODs integrity are EQT and BRES, i’m sure there are more but i have yet to find them
A company has a duty of care to its stakeholders predominant of which are its shareholders, they were over excited with their tweeting because they believed that things were just about to happen, I may have been over excited myself but this is not a breach of their duty.
Bigbangs-That's ok I was just asking Thanks .As I said What about Duty of Loyalty?
No, if I were I would certainly not be offering my thoughts for free on a chat board. I have been CEO of two fully quoted companies and have a lifetime experience. If you are not content with my mushing you should of course seek legal advice, you will get no further but it may be the only thing that might satisfy you. This is the market I have seen much, much worse things happen and only ever limited if any redress. Sorry.
So what about Duty of loyalty to shareholders?
@calderkate, I have mentioned before that i thought that there was a distinct difference in what the company was saying on twitter to what it was saying via official channels
In june just after “Te****ate”, i raised the issue with the FCA, who reviewed my complaint, and responded with
“This matter has been passed to the Market Integrity Unit in the Market Oversight Directorate (MO) of the FCA. MO is responsible among other things for monitoring issuers’ compliance with the FCA’s Listing Rules, Disclosure Guidance and Transparency Rules along with the UK Market Abuse Regulation.
We are reviewing the issues that you have brought to our attention with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.”
I raised a question in the year end presentation as to whether the company had been contacted by the FCA regarding their twitter feed and Colin denied it, but ever since that time there has basically been s marked change in the approach, my belief is that was because the company got a reprimand from the FCA
Nope, I suppose if they believed themselves to be sinking but actively covered that up you might have a chance of at least reaching the starting blocks but I doubt it. I know I am not giving you the answers for which, in your pain, you are frantically searching for but in my opinion the best thing to do is hold hard and hope that this is just a bump in the road and given time and the right approvals landing we will get back to where we were supposed to be. ATB
Bigbangs- are you a solicitor or barrister?