Member Info for CaptainSwag

"Mind you not sure that Donkey's subscription to porn-hub premium and a lifetime supply of Buckfast will be seen as an acceptable spend, neither will be the ludicrous rebranding and the car-park extension !"

The trouble is that some on here think if it was spent before a certain date then it was covered!!!

Now Colin might try and justify it as he had a lot of time waiting around doing nowt..but gov might not agree! Lol

In the spirit of the agreement I think odx have probably behaved reasonably.
I believe there are some grey areas because the pre payment would have covered phase 1 work only..if odx have jumped the gun and for example hired staff ready for phase 2 in belief that phase 2 was defo coming and they needed to be prepared in advance then that is on them.
They might feel it was justified and can argue all they want that they were doing it in the spirit of the contract but the terms are quite clear.

We know what the gov were willing to pay for ..we don't know what odx spent it on.

My guess at this stage is that it will be settled for a nominal fee - saving face for the gov.

Only opinions and ramblings - reality is nobody knows.

trader - since posters on here are not mentioned in it - it is purely about ODX - I doubt she would be interested

As for the link - if you look right at the bottom there was a link to a thread on here in which I was part of the discussion. So am fully aware of the rationale put forward which is based on the following.

The Agreement does not require #ODX to pay back the money if it has been spent by them at the End Date [1] which according to the RNS was on 1 October 2021 [2]. ODX have spent the money and as per the Government request have responded in writing...."

the dispute presumably arises not because odx spent the money by the time given - it is whether they were permitted to spend it in the way they have. if they have not then they have to repay.
ODX feel they spent it as permitted - the gov don't agree.

"So “it could possibly take a year to resolve” and yet individuals on here are using it to imply it increases the likelihood of a placing at 5p? Make your mind up lol.

You know as well as I do that the likelihood of ODX having to replay it are virtually zero,"

no. the point as i have repeated.is that i don't know. nobody does. therefore it is prudent to ring fence the money. just in case.

my hope is that by the time it does come to a resolution - odx would be able to pay it without batting an eye lid. oke hopes there will be another contract with the gov anyway. it could be resolved next week.

Have you even read the contract?

"I also find it amusing that certain individuals are still trying to use this £2.5m pre production payment as a way attempting to reduce the cash position, and scare investors.

ODX will NOT be paying that back to Govt, and certain not in a lump sum."

It is a dispute which means both sides feel they have a case. It could possibly take a year to resolve - going by other companies who have disputes on going
there is no certainty in any outcome.
having gone through the contract i can see there are certain grey areas and also I could see reasons why at present the gov might not let them off. saying that i am positive that odx will not have to pay the full amount. however ignoring it does not make it go away.

hashtag question anybody who says fact about a dispute that could ultimately go to court

"ODX currently have capacity for 2m a WEEK, when utilising Govt machines!!"

odx are not permitted to use government equipment for non gov work.
Their current capacity is whatever they set up for themselves - which is i believe 660k from colin's presentation.?

it seems some on here do not understand the definitions of
rumour
scoop
confirmation

oke - if they are prudent then they will need to ring fence the £2.5m for the gov dispute.

personally I think they will settle a deal - which will prob cost odx something - but hopefully a lot less.
if they go to court ?i would favour odx to win. however i think both parties will wish to avoid this as extra cost and does neither good in terms of publicity and possible future relationships. however they need to cover the worst scenario - and ring fence the full amount. that makes the cash balance a lot more fragile.

the key is how confident odx feel they can monetise the new approval and how quickly.

as for inventory - I wonder if they could not contract a pre- production payment ...don't laugh!....or at the very least go back to the bank for a larger overdraft?

if they can monetise the new approval then that really should be the end of this placing saga - as cash will be coming in
if they can't i would expect the placing to rear its head sooner rather than later.

i give it til the end of next week before i am comfortable on the placing.

"A new ambitious plan will need to be paid for, so what’s the harm in testing the capital markets with discussions."

if they were just sounding the market out - and bearing in mind their cash position I am not convinced - then the harm was doing it immediately after posting an RNS saying it was not needed short term. At best it was naive to assume that it would not get out. if it got out it would always crash the SP and make them look like liars. which is exactly what happened. it is like asking another girl out - if your girlfriend finds out then how can you defend the action

i don't believe they were sounding the market out as the scoop gave a definite price and volume that they were looking for. why sound the market out now when the market is spooked a bit anyway and the SP was on its knees. Clearly if it were a sounding out it would not look that way. it is going to look desperate. You don't go to all the local pawn shop at the worst possible time when you have a healthy cash balance in the bank - just to see if they would be interested.

they got caught with their pants down and may well have failed to get what their bottom line was. the rns was necessary as the scoop was out and they had to try to save face. the real question is has the approval changed the desire for a placing? at the moment the market does not know and this i think is reflected in the lack of response yesterday to news that we have been waiting 6 months for.

they could have used yesterday's rns to finally close out the issue of a placing. they didn't. why not?

I can see blue numbers - what does that mean?

"I just think they'll send the cap round to fund ODX2 and i get the niggling feeling we'll be largely kept in the dark like before."

agreed. i suspect we will be kept even more in the dark now. to be fair to colin he did try to be pi friend until it backfired on him
as i have been saying i would not be surprised if a placing came very soon. they could easily get their previous target of 5p now and they have softened us up with the good news today

wad - to be honest i have kind of resigned myself to not expecting much in respect of communication from the new CEO. if he delivers then i won't care and he has rather lucked out with the approval coming so quick in his tenure.
personally i am much happier with the way the RNS was worded. the bad news was in there but not clearly spelt out. i was never asking for deceit but you have to play the game and certainly not shoot yourself in the foot

twatcher - i had shares in one company which i think almost came to it - at the time i was warned by a mate who suffered it a couple of times. the tactic was to dilute shareholders until they could not really do anything about it

"Thinking NHS / Care Homes etc"

any idea on the volume of that?
tbh when i was reading the contract last night - it sounded like a lot of bother if the numbers aren't great . also not sure i could deal with the grey hairs another gov contract would give me!

i still think the eu private market is the best bet - or even foreign governments

"So staff are not playing cards then..."

it is the sales team you have to check

fair point Oke.
the machinery is still there and ready.
However I still think Boris wants to do away with the free tests pronto - though another variant could change all that.

oke - i suppose the issue is that odx still don't have a self test they can sell in the uk. The CTDA part of the RNS suggests that we are no nearer getting approval for it.

it seems to me that the uk is demanding much more than ce does in terms of validation ? unless of course it is chinese stuff

colin was pretty adamant that the gov deal was done with.

Would be nice though.

"He took the previous 2 companies out of share ownership and into private ownership that is fact. We do not know if the shareholders benefitted, as it depended on what price was agreed. This could happen here in 12 months time too. Sell off, go private, or delist and do a management buy out. The key is the price?"

did not know that. that is a worry as it is not unheard of for company's to destroy their own value to enable a cheap buy out
the price certainly has not done well since he joined though i put that down to colin

Thanks sledgey. Makes sense.