Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Looks like they have well and truely drawn the big bath now. I think there will be a change in management which will be timed with test approvals and growing supply to the private market. I do think there is a funding requirement on the near horizon for ODX but what is better is that the DHSC let us down now rather than decide not to pay for supplied tests £10m in. No comfort today, at this price, but may all be for the best in the long run.
I believe so - no test to sell, Chinese tests over bought, no government contract. Extended overdraft - likely no positive cash flow from covid for a good number of months.
With a placing on the cards for a q1 shortfall - so similar to abdx
I do have concerns regarding liquidity until a proper order is received.
Surely - Colin needs to be moved into a technical role and a business orientated leader put in to ceo. A firing would be a revenge act
A thought from all needs to go to the staff at omega. Likely all going through a drastic re-sizing and seeing all this play out on noticeboards and Twitter. Colin must be beyond embarrassed (maybe not that self-aware) and the place super depressed.
And to continue is the difference here - 1 dunt news release then a call to follow to worsen it. Not the first time and there must be some standard somewhere that they should not do that
Or a company releasing a RNS stating talks still ongoing and then doing a presentation to say it’s a dead dodo? What is wrong with these guys - every time he speaks it is a disaster. Take the hint - don’t speak
Twaddle
Sorry guys maybe I am being slow. If the contract is in theory expired how do they know they have access to the equipment - would that not be matter of fact through notification from DHSC ?
He did not say it had been confirmed expired? I do not remember him saying that. They just said expired and
mumbled about long stops
Bigbangs - I feel that is exactly what happened.
It’s not quite as they have presented the numbers. They have held back releasing the £2m payment from DHSC at the half year point. Meaning the cost of all was expensed with none of the benefit offsetting. Still a loss but narrower. If at the year end they still have that in the balance sheet that will be of interest as why they still believe they have a credit to be taken across all future tests manufactured for the DHSC. I still think all eggs in one basket.
Karaleva - beggars belief indeed. Sickening inaccuracy. Government can be blamed, PD blamed, but that is criminal.
@wadogara all reasonable points out with CK’s control. However his job is to get maximum return for shareholders. He needs to have irons in many fires. He needs multiple strategies in play at the same time to hedge risk and maximise return. He has not done that well, not well at all. He needs to look at a contract and see if it’s business he wants and weigh up the risk. He’s now burnt prime time in a hot market that they may only have a few years of and this is the time to cash pile to grow into the future. He will never do that off the back of existing capabilities of cash stream. He has failed to perform his fiduciary duty and he has failed to meet the competence of the role he is in. That is why people are so down on him. Also whilst he is in role there is permanent damage to the share price as the releases and trust he even has a grasp on a situation or a document has been lost in the market. It is his fault what this news has done to the share price.
As long as Colin keeps his mouth shut we should be fine
@wadogara - agree but the actual verbal description was massively negative in the presentation. I thought he spoke to the points well but he has obviously lost control of the threads on trying to scale a business and it has blown up in his face at every periphery point possible. If it was an appraisal he’d be scoring baldly and put on notice. Without a “nut” contract a company like odx will struggle nevermind with the inept government at play. They may get nice contracts but they need to scale in volume to make any money.
Just listened to the presentation as have been busy all day. Wow - totally wrote off covid as a revenue. They have lost money on the venture and I don’t think they knew what to say today after finding out yesterday. One thing was true they spent too much time talking about the other lines. Investors do not want to listen to that - the market does not value their previous business and neither do most here. Other than the big bath the cfo has taken on the product lines the eluded to the fact that they had expensed the cost of development of the capability to produce DHSC test but held the £2m back in the balance sheet. If they are not going to produce the tests then they either need to give it back or release it in the period before year end. If it is still all quiet by year end then the treatment of that will be an interesting tell. I think the CFO has had a big impact on the messaging today. Colin advised the guy had picked it up quickly. Unfortunately this tells me that he does not recognise someone who are structured and business orientated handling simple concepts and information is just doing it simply. Colin obviously cannot do this. He cannot structure a contract. He cannot plan a path forward in light of a contract. He cannot run a supply chain given the excess, waste, expired material and excess material unit costs. Nor do I expect he can turn an organisation from this point. I fear he’s been bullied by the CFO as the quiet scientist into just smashing the prospects of this business in covid (real growth). Out his depth and capability.
They are carrying 500k in labour for the half year for the government contract - WTF?