Member Info for Atanasoff

Surely they will have created the new, super dooper domain name (bought for 99p on 123 reg) as an alias to the current domain and then just swap the domains over when it goes live? So easy to do in Microsoft 365.

What am I talking about? This is ODX.

Yep. Announce new website - which they could have done in the first RNS and you get an Error 1001. Doesn't look like the DNS has been updated, meaning it has been done at the last minute.

Also, check out the URL - http://www.cnsplc.com - that is friendly and easy to remember isn't it? Who was the marketing genius that came up with that?

If these guys ran a taxi firm back in the days of the yellow pages you would bet they would call themselves ZzawokskiBrothersTaxiCompany.

You have to laugh really. Well unless you have a holding that is so big you can't sell it without the share-price plunging below 2p.

Aberdeen - I guess when you have lost 98% any other loss is by definition proportionately less. Let the BoD eat that final 2%. It is worth next to nothing . 2.10p for the person dumping 300,000 shares this afternoon. That must have hurt but better than nothing and hopefully they can move on.

Another figure touted by your sought was 12p. That would be too much for the BoD to resist. But to get there you would need a 471% increase. So won't happen.

What loss are you nursing?

You aren’t wrong .

The alarms should have been screaming with the tradeflow “acquisition” and then disposal.

The only fascinating thing for me is how many times AZ can milk holders (many of whom don’t even know what syme is meant to be doing anymore) before it goes bust.

The 4p trope, since the share price plummeted by 98.64% in the last year, is well worn. It was the figure often ramped. It was also the subject of the abortive attempt to consolidate shares.

Fundamentally, if the share price goes above 4p it enables the company to offer a discount, typically when dilution happens.

So it is surprising that shareholders voted in the AGM to allow a substantial dilution of the business. They didn't want pesky shareholders getting in the way and needing to have a meeting to come up with whatever "investment" plan they had discussed in the pub the night before. Pg 81:

"it would allow the Company to implement a rights issue of an amount equal to two thirds of the issued Ordinary Share capital " (pg 81).

They may not even tell you:

Directors intend that such authority will be used only in connection with an acquisition or specified capital investment that is announced....that has taken place in the preceding twelve-month period "

Remember this was PASSED. So you should pray that, as seems likely, this share does not bounce because the directors it would seem want to bleed you dry.

"Need Victory Dance 3.10 Ascot for the best weekend all summer. Now for the treble in the 2.35 Mobashr big price but I'm laughing if it wins."

Supremely bored after a day on the beach considering what boat to buy. Thought I would log in and un green stripe the fool.

Gamblers are fundamentally losers. Neither of the above won. If you looked carefully at the form book you would realise they were never going to win. Losers always think they are smart and can outwit the house. That rarely happens. It is why losers are losers and end up living back at home drawing tax payers money for being a "carer".

This is an allegory for ODX.

Don't listen to losers. Back to being a green stripe. Even that level of engagement is offensive.

It was why I was rather pleased that the new non exec was appointed. Sadly, this came just as the only other credible member of the executive team walked out.

You are right - corporate governance is vital. It is often lacking within the SME sector. It is why they ended up having to get in consultants when they were in a mess. If they had done things correctly the consultants either wouldn't be needed or when the warning signs appeared.

You can't manage it if you don't measure it. It was ever thus.

As for the question - this is an interesting one and one I blame myself for being sucked in. I abandoned due diligence and my own investment metrics. I saw a company that made covid tests during a world first covid lockdown. What wasn't to like? The rot however had set in long before.

If you actually study ODX they have kept going due to selling off assets and raising money. Rinse and repeat. Colin was appointed in 2018 to fix the mess - it is a familiar story - lack of comms, poor results, costs too high, poor governance.

As an example - mainly because some are holding onto this prospect. In 2018 they wrote in RNS the following:

"As part of the strategic review noted above, we are actively pursuing opportunities to target and add additional sales channels which we firmly believe have the potential to create significant value in the world's largest market for food sensitivity testing."

In the raise that followed the money was meant to go on improving prospects in the US.

In 2017 they had ISO 9001:2008 and ISO 13485:2003 for Pune (India) but failed to bring this QMS to the UK.

So in answer - it was in 2017 when things turned from being a profitable company to the mess that has resulted today. This was due to weak management and poor governance leading to ambition overtaking ability and inability to take the steps needed to correct it.

I believe this company is now in a death spiral. It will be when, not if, they go and the only other question is if anyone will pick up the scraps.

An AGM is a regulatory requirement for listed companies and others. It can be a box tick or highly contentious. But they give good clues to where a business is.

How about the ODX AGM? Here are some things to note:

1) A company that believes institutional investors are interested will ensure the AGM is where they are - i.e London. The location? Ely. A small little town in the turnip fields of Cambridgeshire.

2) A company that wants engaged and involved shareholders will ensure that the AGM is well marketed. Instead the AGM resolutions were buried in the Annual Report. It screams they dislike SH and just want to get on with whatever it is they are doing. Like awarding themselves huge bonuses following record losses.

3) A company that has lots to say will want attendees. Instead we have an AGM in a little hotel whose capacity is 50 seats.

The sooner shareholders realise that the BoD are not working in the interests of them the better.

The only thing that is preventing a share collapse is so many being 90%+ down and writing them off.

I doubt anyone would be able to sell a large holding

They won't have £3.8 million.

Apart from that I agree. Desperate stuff.

"What timber did you buy?"

Siberian Larch (45x 19mm profile) and some AA Grade Marine Ply (18mm)

FYI Will be buying some Alder soon for a sauna that is going in the gym annex.

HTHs

Less than £300 traded. Wow. Ive spent more on timber today. Imagine having a largish position and wanting to sell. 20% spread shows how dire the situation is.

What do we think? Will it go below 2p again?

£28K traded today. Much better than near zero but on such a sharp U turn you would expect more of a normal share. But this isn't a normal share.

Spread is 20% meaning that the price has to recover 25% before break even (before brokers fee). This makes the increase less than palatable. Nuts. As is anyone "topping up" to "average down". A true gamble based on hope rather than evidence. Some could say that although the U turn is likely correct it does makes things more perilous.

At least it gives a few quid more to those that want to get out. The recovery today means the stock has only lost 8.8% this week and 31% in the last 6 months.

I expect the trend to continue until they can demonstrate they are making good on the strategy. The signs thus far are not promising.

What is odd is that I saw the new name on google maps - I just didn’t think it was the new company name but the old company.

Agree they don’t do it on purpose. Just utter incompetence. The UK is littered with badly run companies. It’s why I don’t mind recessions - it gets rid of the chaff and helps good companies become better - leaner and more able to adapt.

The right decision - mainly because it is clear they would have lost - but what another example of an arrogant and tone deaf BoD. Remember when they said they would communicate more and engage with investors? Yeah, what happened to that?

Simon should go. So should Jag. It's like the clown show. This isn't the first time they have tried this and it was a completely counter productive move that time as well.

They seem to love harming the company they are meant to be running.

Bring good news about sales - THEN ask for dilution. Don't announce £300K bonuses then ask for consolidation so that they can keep the gravy train going.

They couldn't even produce a decent governance structure without consultants. What are they good at apart from lining their pockets?

BEWARE - the share price has "risen" mainly due to the spread going to 20% again. This looks likely to fall below 2p. Unless other news drops you have until November. One thing is certain - the half year report will make grim reading based on current evidence. The return of production numbers is about the only known plus currently.

Not sure if serious captain !

LOL

I didn't say that would be the low, merely that we would see 2.25p again (and got grief when it went up mainly due to the spread).

Captain I think should take credit for saying it would go below 2p. I didn't think it would.

Don't buy a Tesla guys.

Just a reminder - in 2021 they had a £11m placing

In 2022 they raised £6m by selling off the family silver.

Now ? £3.5 m in the bank? Just the rump of what they used to do (Germany was closed years ago etc)

They were always a 20p share on original numbers. I may work it out at some point but the fact is that the ONLY thing that matters is market cap. Is this loss making business that is dependant on (expensive) manual processes worth )5.7 million?

Remember this is not a medical company in the true sense - it just sells dubious tests and is moving to be a glorified disti

The more I think about it the worse it looks.

You may have lost 95% already but the chances of losing the lot are now even more likely.

The vote will pass because of the timing. The best way to express no confidence is to sell - if you can. Those with big holdings would likely find it challenging. They would t be able to sell the whole holding in a day that is almost certain. Not on these volumes

If the price stays around this level it will be £1.44

The rebrand and share change seems about focus on conning mug punters. The way this has been sneaked out and last minute RNS tells you everything about how this company views its holders.

Expect a dilution within 12 mths. This is the way the company has survived. Simon Douglas seems to despise share holders - not even being in the meetings anymore.

Life style business where shareholders will be milked. If you can sell then I think it makes sense. When the consolidation happens it could go either way but most likely is down.