Member Info for CaptainSwag

Haha...guilty on that one ! Lol...though I am blaming my phone !

Oke - yep. They also said busy busy..big things coming...transformational...

We don't need to place...as they went round with the begging bowl.

I have given it until the end of this week - I think if a placing is going to happen that is enough time to sort it.

I suspect they maybe torn because as BB says turning down cash is hard...especially when it doesn't cost you..unlike shareholders. However if they place then it really does little for investors trust.

Gonna be interesting week

Big bang's - odx confirmed the scoop in the RNs released only a week ago...not only that , they do not say they had discussions they said they " are in"

," notes the recent online speculation and confirms that it is in discussions with certain investors and shareholders regarding a potential equity fundraising."

Now in the RNs 2 days later they had the opportunity to say that subsequent to the approval they are no longer looking for a placing for the time being. They chose not to......

I don't think it does - for some of the reasons already stated on the bb.

if odx could sell the test in uk under EU approval then they should/would have said something in the last rns

the fact that they stated

"Omega remain in the review process under CTDA regulations, which were introduced on 1 November 2021. Further field study data has been recently requested. Omega is seeking this information from external parties but this may not be available prior to the current extended deadline for submission of 10 February 2022."

suggests to me that they still need CTDA approval for uk. otherwise they would have said further to eu approval we no longer need to go through the CTDA process

freddie - i doubt these boards really make any difference to the SP contrary to what some posters believe. it will depend on odx ability to sell something

the issue is that there are posters on here saying they will be no placing - they usually then go on to say but if there is one ....and give a list of reasons why it will be good. lol

any new investor is entitled to hear both sides of the story - or would you like them to be deceived into buying so that you can get some of your money back?

odx has potential - approvals for self test in eu is a huge step. they have a good portfolio. if they get their act together we can have a higher sp. we don't need to lie

"They may been informed verbally EU home use was imminent and sounded out the market in advance ?"

oke - still does not make sense to me. they would have had to leak market sensitive news to potential buyers - very very risky. or else be suitably vague in which case the potentials would prob say "yeah you guys have been saying imminent on something or other for almost 12 months now - "

if they weren't in need of cash and knew approvals were imminent - why bother?

".the company may choose to not proceed with the fundraising until such times as conditions are more favourable"

remember they were looking for £5m at 5p a 50% discount. before approval with no substantial sales of any of their products
my suspicion is that a) they were struggling to get even that and/ or b) once the scoop was released they chickened out. the bod would have been worried by a revolt of the peasants!

do people really think they were sounding out the market on the hunger for a placing at the worst possible time? really?
i suggest they needed cash because having only £2m (once the £2.5m under dispute has been ring fenced) was a few months of running costs. the longer they left it the more desperate they would be and the more they would be knocked down by any potentially interested parties.

since then they have got eu approval so they are certainly in a stronger position than they were- the SP has gone back to just above where it was before the scoop. so conditions are already more favourable.

the real question is how quickly odx can monetise the eu approval? and by how much? this will determine if they have to place and how quickly.

i am afraid supposition of contracts worth £100millions or 500% increase in SP is just conjecture at the moment. just figures plucked out the air which sound good but unfortunately not based on any fact. pure fantasy at the moment.

i have always said eu were their best possible earner - now odx have got to prove it.

"Placings ideally good for growth,not always ideal for the shareholder tho"

wad - the concern for me is that although they confirmed that they were in discussions about a placing - they did not take the opportunity to advise for what potential growth opportunity.

We know they have cash balances in excess of £2.5m and an undrawn overdraft facility of £2.0m. We know that they should probably ringfence £2.5m for the gov dispute in the interest of prudent accounting - however much the company believe they will not be required to pay it.

It is therefore not unreasonable to question how concerned odx (regardless of what they say) are on how long the remaining cash can last with their current cash burn - and whether the cash raised will be used to ensure they can continue.

the trouble with a placing is that the SP usually drop to the placing price - and they have already told us that it occurs it will be at a discount. The scoop which correctly reported the placing discussions wrote about a 50% discount- £5 m at 5p. in any case there will be a substantial dilution of the share total. this makes it harder for the sp to rise in the future. so it is a double whammy for shareholders

The company were found out regarding discussions with other parties regarding a placing. they confirmed it and the ended the RNS saying "the Company may choose not to proceed with a fundraising until such time as conditions are more favourable. this hardly sounds like it is definitely not on.

i think many thought that the good news on the approval was not reflected in the SP rise. I suspect the market is concerned that a placing is coming

next week will indeed be interesting

"CK would have been aware that EU approval was going to take a few months and that in the meantime,DAM would be extending further into EU and further afield."

I don't see why he could not given exclusive supply for each country as they opened outlets - that way they could still have sold in any country that DAM didn't go into. the exclusivity suited DAM a lot better than ODX. or maybe not because it took away any further responsibility for colin to sell pro test in eu

"does this mean that we automatically fail in the CTDA approval"

good question.
Firstly i doubt they could stop them re- applying again with more new data. though possibly have to pay again and have to start the process from scratch again?
secondly - since no LFTs have been passed - it would seem that maybe quite a few companies are in the same position. in which case i suspect the date would be extended

"By the way CKs work."

i rather think it was lansdowne's work - getting the two parties together. CK just got his crayons out and signed whatever contract was put in front of him..signed an exclusive eu contract with a company that only had a few outlets in one country (spain)

Dr..my only concern is that odx sign an exclusive EU contract with dam ...when they only supply Spain as far as I am aware. Happy to give them exclusive rights in Spain..to get ball rolling..then they need to do more deals

"They did tell us approval was imminent so surely have been negotiating contracts in anticipation..."

They should have at least been putting feelers out and finding out who makes the decisions etc

However my faith is really not that strong tbh. Let's hope I am wrong .

The presumably could do a deal with dam pretty quickly and anybody rher are currently selling non COVID stuff too.

Online pharmacies.
Big chains...equivalent of boots here. Eg rossaman or whatever that German one is

In Italy the little independents pharmacia are a real part of the culture / local neighbourhood. Locals Get health advice..stuff that should be off prescription if they know you...don't know if they have distributors selling them a range of products etc?

I think Amazon is a dead dog...Germany Amazon needs German approval. USA Amazon looks like it needs FDA.

Other Amazon outlets don't sell...I suspect because of the nature of the medical instrument.

eBay ? Maybe not the image they want but neither is going round with begging bowl

Presumably there may be deals they can do with pharmacy distributors ?

BB. If that comment was to me about Lansdowne not selling but arranging deals...my bad..that is what I meant in that they have not got us a deal with someone who could sell non COVID stock..

the jury is out on lansdowne for me tbh. are they responsible for just odx covid tests or the whole portfolio?

in the time they have been used there has only been one deal. now it was a marmite deal.
i was overjoyed to get something/anything and DAM have impressed me as a quick set up with aspirations. the pro test was never going to be a big seller so to get anything is a bonus

however lansdown do not seem to have sold any of the rest of the non covid portfiolio ?
even the dam deal was only for uk/spain / mexico in reality.

i am not sure leaving it to lansdowne alone is the best strategy - although does seem to take responsibility off odx which they seem to like

if i were odx - i would be looking into the marketing strategies our chinese friends adopt

the amazon question is a good one,
firstly not an amazon in every country. the main ones i know are germany / france / italy / spain but countries such as greece seem to have to use usa amaon
covid tests are not seemingly sold on italy/spain / france amazon. german amazon only sells tests approved by the german body BfArM. usa amazon - all the test that i saw were FDA approved. though not sure if this is a required stipulation

i was puzzled by odx not wanting to sell direct to public - surely something to explore? sure if they want to put themselves out as a serious industry company - fine - but find a way to sell something

"It appears they have outsourced sales to lansdown - who as we know put the DAM deal together"

oke - do we have any details on this partnership? are they helping with all the portfolio or just covid stuff?

if they announce Sales then they won't get a placing away as the SP will rise - but with decent sales then we may not need to raise money.

any contracts would raise SP. the higher the SP the easier to get a placing I would have thought...the better the price and less dilution

of course good contracts and hopefully they may not have to place at all

i agree next week is going to be interesting - if we get to the end without a placing then i think that could be a good sign

Since we only just got approval...there has unlikely been any sales yet...I suspect they will be looking at contracts with sales outlets like dam etc. I would expect an RNs with details of any contracts signed...

One would hope they had done some of the groundwork in the last 7 months whilst waiting....but maybe that depend on whether the sales team could be bothered