Member Info for BIGBangs

You still need to have booked a LFT in order to complete your Passenger Locator Form to return to the Uk, as I read it you will just also need a PCR test upon your return as a matter of course to exit isolation, news still developing so things might change.

Well at the risk of a bashing, after the last few days and after having the opportunity to reflect, I believe there is more likelihood of the SP rising on Monday than falling but I also believe that my time for making predictions as to price is probably over. ATB

Well, if we do not already have formal acceptance to use the machinery, which we may and as the tweet suggests (I know, no need to remind me) then when we actually need to use it to fulfil an actual order, I am sure we will get it - it can only be a matter of agreeing a price.

Thanks Chris, certainly many of us had read and had a good general understanding of the contract and perhaps it was simply an excess of hubris that allowed us to believe that HMG who had issued the contract, stated that they wanted to develop the UK diagnostics industry, named ODX as one of the chosen then paid Mitsubishi £1m to calibrate the £17m equipment delivered to the site adding a cheque for £2.5 million to cover ODX’s costs that had led us to believe, whatever the specific contract terms may be, that they were serious? Having had the chance to calm down a little from the poorly handled RNS and the car crash of a presentation I am actually not too disturbed that the HMG contract may have, in my belief, temporarily, fallen away, the opportunities for ODX utilising the machinery for commercial purposes are strong once the approvals land which they should. Glad that you remain invested and appreciate you insights.

Solder a reasonable point but on reflection no, not state aid. The equipment was supplied during a time of emergency in contemplation of an order that was required for the good of the nation - with the order having potentially lapsed there will at some point be a need to account for the cost but as I have said before a simple rental agreement on favourable terms of £2/300 k for annum would tick all the right boxes. ODX of course would need to be undertaking commercial opportunities, utilising the machinery before they would be prepared to enter into such an agreement, until then it can sit where it is.

Sorry I missed something, if at some future point ODX did receive confirmation from the DHSC that the contract was not only lapsed but they had no intention of utilising it in the future then of course they would have to report that but of course, if we are right, by that time we may have had the approvals we seek and the whole world would look different as we could now use the machinery for commercial purposes - result = rise in SP. At the very least we would have been closer to that goal.

So what have we actually lost? We have been exerting precious resources by sitting ready to push forward with a contract that has produced nothing for us although even as I type that I realise again that I am wrong. The truth is we are actually in a much better position by having gone through the process than not. We have the machinery in situ, all configured and primed for which we have effectively been given £2.5 m to get ready - we have accounted for the £2.5 million oddly but this is ODX. So by signing the contract we sit on c£20m of assets that we would otherwise not have had or worse they would be sitting somewhere else - however poor the contract terms this was clearly the right decision. TWatcher is of course right in that we should treat the Tweets with much more care (or disregard them all together) a comment that Okehurst has also made and I agree but I hope the tweet means that they have had confirmation from HMG that they can use the equipment. Seeking the advice re the expiration of the contract when they did was foolish, a barrister will never ask a question to which he does not already know the answer - it was a mistake to pursue a legal opinion at this time they could have justifiable said they have yet to hear formally from the government as to the position with the contract and that they would be pushing for a formal update (they do not have one). They could have also started a discussion on the benefits of the contract falling away and the opportunities to which that might lead in the commercial world. Finish off by confirming that they were totally on top of the approval process had fully answered the questions raised and remained hopeful that the applications would be successful in what they understood to be the near term. Job done SP 60p. That in my opinion is where we are - other than ODX did not say any of this and the SP is 26p. The worst must surely be over the opportunity for new investors not carrying the baggage of missed opportunities is good - still holding.

Hasiba thanks for the name check and your good wishes - ACA seems such a long time away but we came good there in the end - dividend paying shares for me going forward.

Captain, in hindsight many of you comments have proved to be correct but banging the same drum 30 times a day on a share in which you remain invested was confusing and your message became lost. Although I do not believe I did if I made any disparaging remarks I apologise but if you are staying, as I believe you are perhaps consider a change of approach that may be more valuable to all.

I am also encouraged by the reference to Lansdown - those guys will be totally focused on commercial opportunities and will provide a level of professionalism that ODX may lack.

In normal circumstances I probably would not RNS about the equipment but if my SP had just been battered and I could present some positive news flow on a Monday morning I think I just might - nothing stopping them if they feel the confirmation is significant which it probably is especially if you consider the position if HMG had made it difficult or worse still asked for the equipment to be removed.

Probably what he meant was only good news Friday - I’ll take any positive.

It was foolish.

Cash has been used up quicker as we have been tooling up (including staff costs) for the contract we were hoping for and cash burn will be lower going forward. The contract was obviously for 0 - 374 but we normally noted it as 374 being the potential. The presentation should certainly have covered the fact that the contract had apparently lapsed but could be reinstated by DHSC at any point, there were many points that CK and his mate could have made but didn’t.

You will forgive me Calderkate, but you seem angry with everyone today, I feel you pain, I am loosing as much as anyone here but it may serve you better to take a little time away from the board. As investors we are all on the same side here and any comment we make is our own option based on what we believe, I take the trouble to explain why I hold you do not have to agree with me - that is ok. ATB

Regulator as a reluctant Tory myself I have no argument with you there but I do believe ODX’s side of things could have been handled better.

I have had every opportunity to get a lot of my chest over the last couple of days and I have not held back on my disappointment but now it’s time to consider the positives- for my own sanity if nothing else.

ODX are established in the market place. We have machinery and the skill necessary either employed or available to produce over 100 million test per annum. The market place is indicating that a retail price of around £3.75 is very achievable and our costs are unlikely to exceed £2 per unit. LFT are constantly in the news and Covid is not going away (for better or worse). Many opportunities for continued LFT usage (flu) as it is no longer acceptable to walk around with a contagious virus that could have been identified allowing us to shelter. There is worldwide and increasing demand. We have provided the necessary applications for approvals across the globe and have answered all of the ancillary questions raised, we are hopeful that approvals will land shortly. We have contracted with Dam and engaged Lansdown to ass it’s us in rolling out commercial contracts. We were given a £375 m contract by HMG which may have lapsed but could be reinstated and potentially used. We have cash in the bank (and within the balance sheet) that should comfortably see us through several years. We have a board that have been given a baptism of fire and I am prepared to give them the benefit of the doubt that many lessons covering contracts and communication have been learnt. HMG have stated at least that they are keen to develop a UK based diagnostics industry and we have been identified as one of three leaders in the field. Prof. Bell has gone on radio 4 to indicate that a Uk company is close to MHRA approval and that a tests developed abroad may be contracted to produce within the UK - they will not start from scratch. In relation to all of the above our SP is ridiculous but also slightly irrelevant, we will not be doing a fund raise. I will be holding. ATB

I really do not see the machinery becoming and issue, HMG do not want to take it back, we can’t afford to buy it so a simple rental agreement will be negotiated, my guess, when we have a order than can utilise it, £2/300k per annum which is fine.

Have to agree with you TWatcher, I am not normally in favour of changing jockeys during a race, Colin knows he is out of his depth, he said as much yesterday and he has until the AGM to get us onside. We do not have an obvious replacement, hopefully CK will lean on Lansdown who could make the difference.

Well Max if Chris Lea is the man he should have done more to salvage the car crash of yesterday’s presentation than to hide behind discussing non Covid activity when the shareholders wanted to talk about antigen even antibody testing and how we were hopefully close to approvals and what not having the government contract shackling our future progress could mean to us.

A little harsh Regulator, many of us have experience of running public companies and we have a right as shareholders to express our disappointment. I realise you are very knowledgeable but I understand you background is within the NHS so on this occasion your faith in Colin, as was mine, is misplaced. A good CEO would have made a much better presentation yesterday and please don’t just come back saying he is an honest guy, maybe but he is out of his depth.

Realistically the best way to achieve this is wait until the AGM and vote him out. If you got enough shareholders together (can’t remember if it is (5% or 10%) and call an EGM but the process would probably take you past year end anyway.

Harvey, I agree. I have already raised ODX’s plight with my own MP several times but I am certainly willing to have another go and a concerted effort might help. I do get the feeling that the MP’s already know that this is a disgrace but it is only one of many and they are perhaps a little scared to raise their heads too far above the parapet.