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MY experience of commerical courts is that they take ages, the lawyers are always the big winners, and they cost an absolute fortune, money that ODX cannot afford to spend.
"Now I feel what this gov wants this gov gets, "
guess that depends on the judge if it goes to court....the only commercial court experience i had is sitting in on all the hur stuff. the judge was great...very reasonable.
if they do have to pay it back it won't be for ages (ncyt have been almost a year and no sign of light at the end of the tunnel) and could prob be paid back in installments.besides if odx don't have the cash to pay it back by then it won't matter anyway. it will be game over
That's not right. At the last investor call, the new CFO told us that the 2.5M was written down in the annual accounts, and was required to be paid back.
The 1/2 year statement said:-d
"This cash contribution has been held on the balance sheet and was to be released to revenue in line with shipments to the DHSC"
The implication being, no shipments no pay back.
Additionally in an RNS on the 10/12 the company said:-
"having taken initial legal advice, do not believe that the Company is required to repay the pre-production payment and will respond in writing as requested."
Now I feel what this gov wants this gov gets, however at no time has ODX said that the money had to be unconditionally paid back.
Stas,
‘ he was the Commercial Director that Commercialised nothing ‘
Says it all.
"i am willing to give him the benefit of the doubt but he is not making it easy"
Why?
Jag was useless before, indeed one might says he was culpable, he was commercial director that commercialised nothing. Add to that he was one of the selling directors of options. He knows the whole history of the company and yet even knowing all this, he has just continued with the radio silence - I expect he is only there as an interim.
I expect you must be desperate to give him any benefit and I certainly would not give any doubt as to his credentials!!
Stas, Going Concern is not an issue today, not with £10M p/a of non Covid sales -at the 50% plus margin we are aware they should be enjoying
The new CFO thought he could secure £8M and he got £2M, am guessing but the £2.5M DHSC claim may have spooked the bank, they must also have a 1st Charge on the assets IF the facility is drawn.
The issue on the share price is there is no compelling reason to buy until RNS (good) news
Captain - Question for you When did or have Novacyt paid ODX the money they owed them?
gazelle - with all respect NCYT is a different company. much better prospects and £100m in cash. so clearly not in the mess odx are in
the new guy at ncyt came in and wanted to do his evaluation and then talk. presumably he was headhunted or the best applying for the job
he at least did an introduction statement on one of their rns
jag on the other hand has been at the company for years and already a director. so should already know enough about the company to be able to make some kind of opening statement. he had no external competition it would seem but even so should have had to interview and present his case
shareholders had no opening statement on the change over rns . nada.
the market clearly doesn't like as seen by the 30%+ drop since he took over. nothing else has changed so that is down to him. still radio silence. not even tweets
i am willing to give him the benefit of the doubt but he is not making it easy
Let them sell they’ll be be praying premium when our new CEO flexes his muscles shortly with an RNS!
£2m under legal dispute so no need paying gov as this may be be required a few years down the line..
Big difference between 'seeking' £8m and 'getting' it.
The fact that shareholders were told they would seek £8m overdraft, but later informed they have a £2m overdraft would tell most logical people that the bank turned them down.
Not surprised they must be going concern risk by now for sure.
Cos they need informing everyday and then they pick at anything which is said
Why don’t people just wait a week and give the guy a chance, then, maybe if no news consider selling but to sell now is just stupid, hold and wait, otherwise you just may regret it. I’m not selling nothing, I’ll make my decision next week.
Why is everyone on hear so keen to hear from the new CEO. Over at NCYT it took the new CEO 100 days from last october to january to talk to anyone. This could be same. Last year Omega's final year results to 31 March was not published until 13 July 21. So, might be a long wait for news. Any news.
New CEO only in job a week, so give him a break…I’m sure he will be updating the market pronto..
Good point by gazelle
The CFO told us he was seeking £8M on the investor call
The recent RNS says Omega has £2M bank funding
Bouncing back up ;)
Then who is selling large amounts then
calderkate people buying to get the average down.. Be interesting see what happens next week..
That's not right. At the last investor call, the new CFO told us that the 2.5M was written down in the annual accounts, and was required to be paid back. He then told us he had approached the Bank for a 8M GBP loan arrangement which will assist with cash flow.
"2. ODX have fulfilled the terms of the £2.5 grant. It was not a loan and if HMG do try to claw back they have not a legal leg to stand on"
It was not referred to as a grant, it was referred to as a prepayment, implying it was a payment for goods in advance of the goods. Stating as a fact that it was a grant, is not factual correct.
This list of facts isn't a list of facts, and that's a fact.
The big sellers probably the last CEO and director who have just departed
wasn't it after the dam visit that colin......cough "stepped down"?
Someone's buying up shares can't you see it
4. DAM visited a few weeks ago no doubt to discuss further contracts. You don't personally deliver bad news so my bets are there is a contract on it's way
A person from DAM visited. Thats all we know, the "no doubt to....." is conjecture/speculation not a FACT
"3. We are still awaiting Porton Down validation - it cannot be long now"
We're not.
Porton down are only involved in the test is going to be selected by HMG, that boat has LOOOOONG sailed. We are waiting for CTDA who are not Porton Down