Member Info for CaptainSwag

""could the gov argue that if there is no production"
No they can't.

"from your quote odx state they have used pre production to upgrade their manufacturing facilities - was that an allowable spend under the terms of pre production?"
Yes it was"

happy to hear if that is true. ..are their any definitions of "pre production" and allowable spends in the contract ?
What evidence are you basing that on?

going to court would do neither party any good - but I don't know how deep the gov/odx want to dig their heels in?

it was a scoop because TW released the article on Friday when it wasn't in the public domain and none of us knew about it

"that you are clearly very positive about it despite it costing investors money."

i like TW. my heart sank when i read the article. however i still didn't think odx would be shopping (window or otherwise) a week after an rns saying a placing was not needed in the short term. every time i seem to trust odx it seems to cost me heavily... but more fool me

i am more interested in truth and learning from my mistakes

"Thankfully ODX have a runway before they needed to raise the cash"

time will tell. if i am honest i would not be surprised if we get an RNS within the next week or so saying that a placing had been done.

could the gov argue that if there is no production then there is no pre production?

from your quote odx state they have used pre production to upgrade their manufacturing facilities - was that an allowable spend under the terms of pre production?

you have to remember that there were issues with ODX understanding the terms of the contract expiry - something pretty basic - so although one would hope they have sought better legal counsel on this - who knows?

in my only experience of commercial courts the judge was excellent - very logical and fair. so i think if there are any grey areas then odx might get the benefit of the decision due to the circumstances.

I can't remember if there were details in the tw article on this - i was more focussed on the placing scoop

I would need to read the whole document - and don't have a link.

I am guessing it might come down to some definitions . If ODX received a pre production payment but did not actually produce anything are they entitled to "spend" it? one would hope that the "spend" is allowed on getting capacity ready - however without seeing the contract I am not particularly trusting on ODX to get it right.

be great if they don't have to pay - I doubt it is an issue that will be quickly resolved going on other covid companies in dispute with the gov

nope. i read the rns of 10th dec 21

"Omega has received confirmation from the DHSC that they acknowledge that the contract expired on 1 October 2021 and a request that Omega submit a proposal for the repayment of the pre-production payment of £2.5m (net of VAT)."!

£2.5m is what odx owe the gov. they got it as a pre pay to be offset against future sales. however after all the work getting everything ready and being kept in reserve they now have to cough up. odx don't think they will have to

marik - i was looking for it when you asked yesterday but i couldn't get in my account. reset password /user name lots of times. something wrong. it is free to join and i think you get 3? free articles

TW is marmite but i quite like him. and always worth a listen.

trader

don't wrestle with pigs - you get muddy and the little muddy porker enjoys it!

I don't even bother reading stuff -it is never about the company - only ever pursuing a poster and having ago.

marik - that is what those guys do. they try to come off as altruistic but actually end up hurting the little guy more. Garyn writes for them and he is a particularly nasty bit of work taking glee at peoples losses.
however odx went and approached bucket shops about a placing - even if you are right and i am wrong they should have been more market smart. of course there was a good chance they would get caught out.
at the very least they should have said nothing in the rns the week before about placing.

the thing is that they had already been shafted once by the gov on the antibody test..they had seen the gov shaft other companies eg ncyt.
colin needed to understand the contract - he didn't even know about the final expiry date. he needed to get a better deal - how can you do all that work and still end up owing the gov money? and no min fee...guy was an idiot.

having signed the contract they then sat around for months without getting a plan b for covid.

you don't run a business dependent on one customer - no matter how big

blame lies with ODX - poor poor strategies (eg pro use of lft in usa...really? what chance of selling that) and unable to sell the very good non covid portfolio

"Was there need for them to release that rns on speculation? "

yes because it was out in "press"

Marik - i don't know how long you have been into ODX ? but if you are new then I can assure you that they have never in the time i have been involved seem to have acted with shareholders interests.
i agree the whole thing has harmed investors - but i suspect their true focus is on making sure they get paid a salary for the next year

"They have plenty of money but wanted to find out if the current market was favourable,"

I disagree. the market is up in the air with macroeconomics and uncertainty(russia etc). the SP had dropped from 25p ish at xmas to 15p when colin left and down to 10p under big jag. this is a terrible time to find out the "hunger" - especially if you really intend to do it in a couple of months when approvals could maybe drop and give a SP rise.
the hunger now could be very different to 2/3 months time

in my years on AIM when a company go looking to see if possible to place it is because they mean it. we already have been told that it was 5p for 5 million. they meant it. for whatever reason whether they struggled or TW caught them out they are now backtracking to save face

"Testing may well stay for a long time. Consider the mutations of Covid and new Variants of Concern ."

the issue is that boris wants to do away with free tests,,,was planned for april..my suspicion is he is now aiming asap and certainly by the summer - omicron delayed things. no free testing and the market has gone as people won't want to pay £15 for a test for daily things.

there is a huge future still in lft - if you can use it for other tests. the hard work has been done in getting joe public to accept them and learn how to use them

Oke..from Colin's presentation they sounded like they had called it a day..or at least non priority.

Thing is if they want to place they may have to use the COVID card as the previous sales of non COVID stock will hardly attract takers

Testing ...approvals then. Placing would have been logical...but no idea when approvals are coming. Any way this is odx...logic seems to be in short supply up there

You don't test the water when the price is so low. Whatever they say they were looking for business. If tw said they were trying to get 5p then I think we can believe him as he was right about placing ALLL along.

Trouble is that odx have blown there load already

computer - my guess is that if they can still get 5p for 5m then we get an RNS by Friday.

If no RNS then I suspect that they couldn't get one. plan b would presumably be to pump up the rice until they can offer enough discount to get it over the line. we know it is coming just don't know when or what price. so we are in limbo. of course the get out of jail would be an approval drops shortly. i guess we would still get a spike but there would be a rush for the door.

they got badly found out last week. pants down by their ankles

oke - any company (obviously NCYT are in the same business and have cash and will be looking but only my dream) would just have to buy some shares / make an offer to existing shareholders. current mcap is £15m so even an offer of double is only £30m. they would then get food intolerance (which i believe NCYT are also dabbling in ) and HIV . plus manufacturing capacity for lft. NCYT have there own pro use lft covid test and are also prob going self test. they have contacts internationally and good reputation so could sell their products a lot better than odx

how many would take 16p today? I would considering this could be down to a placing price pretty soon.

still.....only dreaming

twatcher - don interrupt walt mitty - he is on a gold command call. hush hush top secret meeting with head honchos...would not be surprised if they didn't have something "big" up their sleeves...mass walk outs ..nudge nudge wink wink

or maybe everything is still as expected and he is happy with his long term hold - for however long odx stay in business that is

testing - totally agree. would love another management to take over though my worry would be that it went private. we would get a premium on current share price.
novacyt would be my dream takeover. i think they could really use the capacity and have the international clients to ensure sales

twatcher - true. and could they afford someone new? someone who knows he might not get paid in a few months time?