Member Info for BIGBangs

Thanks Sculley, yes the bottom line is we still have what we believe to be a gold standard test going through the approval process and we are hopeful that we will soon receive profession use and the all important home use approval for the UK and EU which could potentially take up our 100 million production capacity. We have FDA approval in the mix but would need to produce some profit elsewhere before we can afford, if the cost does fall to us, the fees involved. These things remain true and significant although most of us have been wallowing in self pity that the CEO and board have not lived up to our expectations, all is not lost and from the point we have fallen to a positive RNS about approval will lift the SP and our sentiment.

We’re there two presentations just the one I watched was a car crash? Sentiment shot to pieces feel that we are worth more than the current SP but not expecting very much at all until we get approvals.

‘Read the room’ perfectly sums it up for me - they have behaved badly not from malice but just utter incompetence which continues as not even during this rebranding have they taken a moment to clear up their website which, now painfully, continues to refer to the £374m DHSC contract. I think they are just desperate to do something of which we will approve but they are useless, messing with branding does not hit the spot, concentrate on obtaining the approvals, enlist the local MP and Nicola Sturgeon in fighting your case - nothing else will lift the sentiment and give this company and the SP a chance of success.

I am guessing the shorters have all retired to the Caribbean with their winnings. Nothing to see here until approvals land and sentiment (my own included) changes. ATB

Inept. I noticed a lot of talk about overdrafts - dubious - I hope they have maximised their use of government furlong and bounce back loans etc before they even try going to the bank.

Thanks Sneaky, I still can’t find it but will give it a go another time. I am amazed that when I ventured onto the ODX website they still have a blue box appearing referring to the £374m DHSC contract - I must be going mad.

Thanks Sneaky, have you actually checked as I normally leave it open and it is not working, I have also been to the company website and followed the Twitter link and that also fails, is it just me?

Of course it might be just me but have Omega closed their Twitter account?

An excellent tweet bringing lots of things together. We have been knocked back but not knocked over. It all about achieving approvals specifically HUA and then we can try again. Far too much input from me over the last couple of days I intend to back off and wait for better news to land.

I will go further, if it transpires that the Chairman’s statement is correct and the agreement was not extended but lapsed in April at the end of phase 1 then the company have just opened themselves up to the types of claims that Calderkate and Flashy have been suggested as the BoD had a duty of care to report that to the market as soon as they became or should reasonably have become or made themselves aware of it which would certainly have been sooner than 7 months ago and any positive statements even tweets that they made subsequent to this surrounding the government contract could certainly land them in hot water if the FCA actually had any teeth.

TWatcher I take your point, the Chairman’s statement said:-

‘Unfortunately, DHSC did not provide the Company with a licence to manufacture an approved test and as such Phase 2 of the contract, covering manufacturing, has not been activated and therefore no orders have been placed. We now have confirmation that the contract expired at the end of Phase 1, although both parties remain in dialogue and DHSC are still providing us with access to their Government-funded equipment to provide the infrastructure to grow our businesses.’

The presentation elaborated on that point and identified that they were unable to obtain confirmation from the DHSC that the contract remained live and as no extension had been received the legal advice was that it had lapsed - you will agree that this is different from receiving confirmation from from the DHSC that the contract was over. I really don’t know how much I care about a contract that was on the back burner having lapsed and could make a reasonable case for being positive as to the opportunities that having the increased capacity for commercial production is an advantage. But CK’s presentation and his subsequent statement to the Scottish Herald stating that they had ‘deemed’ it as having lapsed which is very different and makes me question where we are. Would ODX need to make a further statement if they physically received formal notification from the DHSC that the contract had lapsed - after the chairman’s statement probably not but what if the reply they received from the DHSC was no, we did not mean for the contract to lapse and whilst we may not be ready to place an order we would like to keep the facility in place as we may want it in the future? Would you want them to report that or not?

Hi TWatcher yes I read it and I interpreted that as we will no longer be sitting ready to move on the government contract with all the ancillary staffing costs that this requires but will be mailing levels commiserate with a reduced capacity expectation - they could hardly reduce their actual capacity as they have been producing virtually nothing.

Not sure it would be quite so straightforward as that, they will have to agree some sort of rental but I would definitely anticipate that the terms will be very favourable. If ODX brought this to a head on purpose then we could see some quick action from DHSC to steady the ship, I would like to think there was a plan but I am not going to build myself up to face another disappointment. We will almost certainly have use of the equipment either for DHSC as per the reinstated or a revised contract or will will have the opportunity to use the equipment for a very good price when we need it for commercial agreements. As I have said all depends on achieving approvals and nothing has really changed.

From the Scottish Herald article tweeted by ODX:-

“In advance of today’s results, we took some legal advice and have confirmed that the contract has in effect expired,” Mr King said.

In effect expired is very far from we have received confirmation from the DHSC that they do not intend to utilise the contact and that we should consider the agreement to have lapsed. In view of the effect on the SP I would have expected a definitive position.

Mine too Calder but the SP only reflects the market and not the value.

The only positive I take from all this is that every other UK producer, will the exception of Surescreen is in the same or a very similar boat - waiting for approvals. None of them have been given a £20m boost by HMG and all of them are waiting for the same paperwork facilitating production of a viable test as we are. Sentiment has been crushed but nothing has really changed.

I can accept Colin is frustrated that after all the effort put in preparing for the contract that as yet has not been called upon - we all are but that is very different from formal confirmation from the DHSC that they do not intend to call on us and we can consider the contract as lapsed. As you or Computer agreed he is inexperienced and does not realise the implications of every word he makes during a presentation. In his heart he may believe the contract will produce nothing and we should concentrate on commercial opportunities but before he states that in a formal setting he should have been 100% sure of his facts and I don’t believe he is.

Gman - seeking confirmation when they did was foolish, obtaining a legal opinion on the result was foolish and reporting it without formal confirmation- if indeed that is what has happened - was foolish.

To be clear, I listened to the same presentation that you did and have read everything that ODX have written and I am far from convinced that a DHSC intended for the contract to lapse. I see it that no extension to the contract as required has been received within the timeline specified and due to the timing of the presentation when ODX were unable to obtain specific confirmation from DHSC - note that they did not receive confirmation that the DHSC had knowingly not extended the contract - the strict legal advise was that had to report it as being over. Any of us in business will have faced contract termination or extension notices being overlooked and HMG are equally capable of forgetting to do something. Again ODX need a definitive response from DHSC.

Guys none of us know the precise details of what has actually occurred. I do not have a great deal of faith in HMG knowing what is going on anymore than I do in ODX at the moment. My view, due to the significance- real or imaginary, of the contract ODX must pursue clarification to the an absolute definitive - I do not believe they currently have that - whatever the consequences to Colin.