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There was no letter of credit. A number of details relating to the now expired dhsc contract with Abingdon appeared in their prospectus for their application to list on the stockmarket There was a one of payment of circa £1M for raw materials. This contract generated 1M units sales, of which odx manufacured 250k. there is no ongoing draw down from dhsc for continued production. Dhsc does not have any contract with the consortium for antibody tests.
That’s the one. Here is the actual agreement (thanks MB for posting it in November): https://atamis-1928.cloudforce.com/sfc/p/#0O000000rwim/a/4J000000kE0b/4GX1_UMogDlN5UZ6w.bYa9R.LIbF5wHYLUljGrLS6gk
As you can read we would expect it to hit ABDX balance sheet, not ODX. And anywhere up to 10-15m tests COULD have been produced.
For the record I personally believe TWatcher will be proven correct that ODX have not been utilising max capacity, but if cash movement is their only proof of that, then there is simply no proof.
Baldingquickly - is the letter of credit you referred to related to this? Or something else?
https://bidstats.uk/tenders/2020/W41/736559165
TWatcher still ignoring the Letter of Credit which allows the UK RTC members to obtain raw materials and would not necessarily impact upon Omega’s cash position. I will not filter them as someone needs to keep them in check.
Ps. Not to be read as I believe they are producing, just pointing out TWatcher’s otherwise sound logic starts from the false assumption that it has to be on Balance Sheet.
Genericname has hit the nail on the head. Derampers try to exploit our natural anxieties for any investment. We feel anxious because we have put our own hard earned cash into our investment
Fear and 'greed' the so called twin drivers. Greed isn't really it. Substitute 'greed' for wanting a better life. For a new start after the disruption of a pandemic or years of austerity. A bigger house for a growing family.
If you want to make a lot of money you can't wait for the RNS specifying a massive contract. You will be paying double in the blink of an eye. If you are in buy or hold. You saw it happen in front of your own eyes with NCYT and SNG. It's started already with GDR and ODX is on the cusp. Those derampers are without exception not interested in you. They want to get your shares at a lower cost. Your loss is their gain. Some of them are just trolls who can spell. They aren't invested. They've got no mates. The board is just a way they can get some attention.
Benny I have him filtered others don’t.
concur horizon, lft’s Will help us to stay safe and Help towards not having to lock down again.
Twa t Cher spends a lot of time here slating the company while not holding and if you notice disappears on a very good Day I wonder why.
We are making fresh air not, we are hoarding Test for contractS and the inks drying.
2 million is Very close Indeed, But tt is even closer be out if you dare.
Ps it’s coming that’s for sure Aimho
@Twatcher you are assuming an awful lot from movement in the cash balances for someone who likes facts. You like the rest of us do not actually know how much ODX are producing but you keep insisting it's negligible!
And here is a example of referring to the past as opposed to future earnings.
Remember the key to multibaggers is getting in before the magic happens.
But an overall loss, that meagre cash burn doesn’t account for the capacity expansion. Whatever the gross profit is, it’s gone into expansion
Yes Covid income is estimated to be £1.5m. Do you not need to factor in the estimated £7.8m revenues from ODX other product areas as these generate cash as well?
"but just as those who say they are making them don’t actually have that knowledge, neither do you to the contrary TWatcher so don’t pretend otherwise. "
But where does that end, you are suggesting that rampers can say just ANYTHING and unless the company states the opposite, it has to be considered possible ?
You don't need to beleive me, in fact I don't want you to beleive me. simply look at the interim report from 2 weeks ago, as I've done.
" the year-end cash position is expected to be in the region of GBP5.5 million to GBP6.0 million. " I looked at the figure for the close of the previous 1/2, and the cash position @ sept 2020 is £7M.
So entire cash burn for the 6 months to march is estimated by ODX at £1-1.5M, and that includes all the kit they purchased to go from 100k a week capacity to 1M capacity, and the remodelling costs of the factory etc. Revenue from all covid related activities estimated @ £1.5M, that INCLUDES the already known 250K RTC, and some 3rd party work. And that's revenue, the profit on that is a lot less. So it's not like they are forecasting major LFT sales income that can be used to fund production during the 1/2 year.
Now take that ODX estimated cash burn and attempt to mate that to the rampers telling you that ODX has been operating at full capacity each and every month, and will continue to do so to end of the financial period. On an average of 250K a week from Oct to Dec, and 500K a week from Jan to march (I'm way lowballing the actual capacity chart figures), the rampers will have you beleive that ODX will have produced and stored over 9M tests in this financial 1/2 year, with NO impact on cash balance.
Anyone having a cursory glance at ODX's own figures will conclude ODX is not forecasting any manufacturing of tests in there figures. Take that, and add the known fact that ODX has not once stated that they are manufacuring tests (excluding the 250K), or indeed stated or guided production figures, only capacity figures, and the conclusion is blatantly obvious.
"There was a letter of credit granted to the UK RTC for the purchase of raw materials for AB LFTs which would cover it TWatcher. "
Abingdon stated in their prospectus that they received an upfront payment of <£1M (just under £1M as i recall) for raw materials in relation to the 1M unit order they received from uk gov. That contract expired 15th of Feb, with no additional orders.
There was a letter of credit granted to the UK RTC for the purchase of raw materials for AB LFTs which would cover it TWatcher. I’m inclined to agree that it is unlikely they are doing so, but just as those who say they are making them don’t actually have that knowledge, neither do you to the contrary TWatcher so don’t pretend otherwise. It’s just your opinion.
ah the old "odx is making tests and just not telling anyone" line. I remember that being used repeatedly in regard to the RTC antibody test. So they are now making shed loads of antigen test, they are making shed loads of antibody tests, they are not selling a single one of them, but putting them into storage. The people posting this drivel never consider that doing so would require, at this point, £Ms a month to be spent on raw materials. ODX does not that money sitting about in cashflow.
Actually it is likely the complete lack of meaningful sales in the previous quarter that lies behind ODX now getting to its long forecast 2M a week capacity by getting freebie equipment from uk gov, it is reasonable to assume that ODX had dialed in many Millons of LFT sales for the last quarter, when calculating funding required for capacity, and with such flow of sales, not happening, would have struggled to hit the forcecast.
"investors are just fed up with the lack of enthusiasm and pr from the company"
Says who? I'd rather less PR 'spin' (a la Avacata) and just stick with factual RNS as and when required. The odd humorous tweet is nice but the suggestion that we need a constant flow of 'news' (which would end up being anything but news) is bo110ck5!
"investors are just fed up with the lack of enthusiasm and pr from the company"
This is AIM, sentiment can turn in the space of a few seconds, it does on here frequently.
Aberdeenman
Penance - you ok hun?, it only hurts if you let it.
I think ODX are already in full production before approval, which is why they can't go public yet. The next think to happen will be sign off of the test, ODX will confirm the order and suddenly have a few million test to distribute off the bat.
I think tax implications are the latest thing on anyone’s mind when it comes to covid testing, even Odx and government. I think you have watched too much American tv :)
Can’t help thinking Mologic test is having issues!!
Not a deramp, I’m a lth and in deep.
Does anyone think it has been drawn out by odx/government as they know capital gains tax is going up so they are waiting for that before big news
when I last spoke to walbrook, after TT transfer ODX would have to get CE mark for Visitect. It's possible we could get news once both are done
I have to agree twatcher, nobody expected this tt process to take this long. Odx, Mologic abs government are all quiet on the progress of this test????
I think Colin is long overdue an official update on rns regarding Mologic, not all these half hearted tweets with news we are all aware of.
Come on Colin, give us an update on Mologic??