Member Info for CaptainSwag

the question is did they deliberately destroy sp....unless they are in cahoots with a buyer i would say no. i believe it is the usual combination of incompetence and could not care less. when jag took over the price dived - if they cared there would have been some response.
the incompetence is thinking that you could go all over town and raise and keep it quiet. they don't know whow to write rns that are market friendly.
so the SP crash is again purely down to them...interestingly the rose tinted brigade on here are somewhat quiet..so even they seem to be getting the message that the biggest derampers are the company itself!

as for news? who knows?....if there were something then you would expect them to pump the SP up on it and then place. as you get a better price/ less dilution
so personally i dont think anything has changed....they are still waiting for approvals ...bit of packaging work for other lft maker maybe..and churning out a few of the non covid portfolio

only my opinion

hashtag xxxx show

i have given colin "cant sell a test in a pandemic" a lot of stick over the last 6 months. However on reflection I think he might have walked because of the placing. although an incompetent bumbler that really forked up - by the crazy contract with no minimum and short expiry date / late approval applications / defending wally broke etc etc. he did strike me as a decent guy. just totally out of his depth and a rabbit in the headlight.

so then we come to Jag? why? a failure already in the company and clearly not CEO material - radio silence and not even an introduction to the market. was it because they knew they would not get anyone else with an immediate placing on the horizon? was that the deal? take us through the rough patch and you are CEO. if it all goes pear shaped at least you have an upgrade on CV?

K - i am expecting another possible surge in cases as the stealth omicron becomes dominant. touch wood it is the same severity or less. one question will be - is there the possibility of reinfection?

panic - the problem is that i should imagine a lot of people now assume a placing will happen and so are not going to risk buying. will the company confirm no placing? doubtful. what would they say we are not going to go ahead for now. which in forked tongue of ODX means absolutely nothing now. they will not be able to say ever and so there is always going to be doubt.

the damage is done

hashtag xxxx show continues

https://www.wantedinrome.com/news/italy-new-covid-green-pass-rules-1-february.html

Boris is acting as if it is over but not everyone is

"WONDER HOW MANY WOULD BE CAUGHT IF THEY CAN CONFIRM NO PLACINGS NEEDED"

not as many as those who got caught out by trusting and believing the company and their communications eg no placing needed short term and a week later hawking themselves around for one

computer - the worst i was involved with was HUR where they proposed a 95% dilution to be given to bond holders- basically giving the company over. my suspicion was it was a crooked deal and the step to going private. Share holders united and it went to court and got thrown out. fortunately there was a large II on board who did not let them get away with it.

at times i have wondered if ODX are destroying the SP for a cheap takeover. it is AIM after all and they have hardly proved to be honest. however i don't think they are competent enough

marik - they know about it - it is the reason they issued the RNS today. the FCA will do sweet FA.

it is AIM - the wild west.
i guess that i thought ODX would be a bit more legit as they were dealing with the gov - OK don't laugh!

i spent the weekend defending ODX on this rumour ....saying i didn't believe there would be a placing - they would not dare. and guess what
more fool me.

fortune - dam have their own issues. with boris diverting attention from partygate by acting as if covid is over it has scr*wed the LFT private sector market.

marik -

"Thus, there is no short term need to raise additional capital. Like all growth companies, Omega will look to raise funds to drive growth as and when appropriate.""

so the week after they stating this are trying to get a placing. so that was an out and out lie.

i disagree with they were checking the market. The TW article stated they were asking for £5m at 5p. if you were checking the market you would certainly not be entertaining 5p - 50% discount on an already hammered price.

furthermore if they had something in mind for growth now would have been the time to announce it and get a rise in sp which would make it easier to place. so that was another lie. the placing is for money to fill the coffers

if they really wanted to place then they should have pumped the sp up a bit first.
they could have placed when the SP was much higher as they should have been aware of the cash position since it was confirmed that the gov let the contract expire

having been caught out and possibly even finding it hard to complete the placing last week - they would seem to be playing cute - oh we don't really need it. i call bull. they had to say that
they must be aware that they will need it in a few months. things will not be any easier for them as they will be possibly running on fumes and so be even more over a barrel.

you have been somewhat obsessed with burn rate today - which i can understand . good luck - but i doubt very much you will get the accurate burn rate out of ODX. so the best you can do is guesstimate from historic records. i don't buy £57k for one minute - no matter what terms it gets dressed up in. they also have to be mindful that they might have to pay £2.5m back to the gov at any time.

personally at this moment in time i am more worried about the SP as that reflects the value of my holding. a placing will halve it in my opinion. even if they can get away without a placing for a few months - i see no reason for the SP to increase as everyone knows there will be one. furthermore they have already admitted that it will be at a significant discount

the company is not in a good position financially.
they have a new CEO who still has not had the decency to introduce himself or give any idea what his strategy will be. tbh he was a failure in previous roles and whilst i was willing to give him the benefit of the doubt - today has slammed the door on that
they cant sell any significant amount of covid tests
the rest of the portfolio is good but again they can't sell any of it

it is a xxxx show. only my opinion

Marik - the problem with going with the RNs is that they already lied about a placing.

So the chances are they could be lying about not needing it immediately.

Either way they have shot themselves in the foot. They obviously will need to place sooner than later. They won't get a good deal as they have already said they are willing to take a considerable cut on so. The sentiment is now in minus figures so hard to see any sign of a so recovery.

Talk about share suicide..

Unless the machines could be used for making a lateral flow device - and a variety of assays could be used?

Kev...it is amazing that they signed a Pretty rubbish contract and didn't understand it. Result got nothing. I didn't think that would be possible and kept me in from£1 to 25p. At that point I kept in because I was expecting a spike on approvals.

The fall from there to 8p has been so quick that I am almost dizzy.

From hope of "big things" to placing ..I keep thinking I will wake up and it is some kind of nightmare.

The trouble is that I don't honestly see any future for the company. There may still be some twists and turns. Eg now that Boris says pandemic is over the cdta approval will come on Thursday !

The issue is that even if they were to buy something with the placing money. Would they be able to make it accretive ?

Buying 17m of machinery for £5 m sounds great on paper. But what would they be making with it and what amount would they sell.

I haven't sold my remnants today because it really isn't worth it. But I would not average down as the board are incompetent as we already knew and also as dishonest as you can get

Tbh...it will take time for the dust to settle before they can attract new investors. Those who won't know about their history.

They are unlikely to make anything from COVID now imho. The rest of the stuff is good but without sales.

Xxxx show

Can someone explain what would happen to my shares in ODX if there was a placing? (current average of 60p)

The sp will probably drop to the discounted placing price. last week was 10p , if they had placed at 5p we would be thereabouts today. so drop in SP and your capital. also more shares so you have been diluted and therfore harder for SP to gain.

unless there was a very good reason for a placing. but that horse has gone by them being found out

"My take on this is the price is being manipulated down to entice that so called Investor they are talking to. Deceitful Company."

max - they lied in jag appointment rns, they then tried to get a placing on the quiet but got caught red handed. that is why the SP got battered.

in hindsight they should have said nothing about cash = not lie. Then hawk themselves around for a placing.
but their incompetence and lack of market nous undid them

we pay the price

99- my take on it now is that cash /equivalents was £4.7m on 25/11/21 rns. this was stated as cash balance but included the overdraft facility of £2m.
jan 2022 is £2.5+ and £2m overdraft = £4.5m and change

marik highlighted this today. i think it was misleading in the november rns and presentation.

so the burn over xmas has not been so bad. however things are desperate enough to go for a placing

"If it turns out the cash flow is not an issue and the burn rate is NOT £650k per month, then we have nothing to worry about with respect to paying the wages.

and there is the rub. cash flow is obviously an issue because they have sold almost next to nothing - hence the placing. we know this because they can't sell any covid tests - apart from some pro use abroad to Dam. they have done some minor packaging for another company and the rest of the portfolio barely gets sold at the best of times

tbh i am not too bothered how they dress it up in the accounts - the reality is they clearly have more cash burn than income. With little cash left and the dhsc hanging over them- the cash they do have (+ overdraft) is not going to last long. i give it until the summer at best.

Even if approvals drop - the current sales team seem to not be able to sell..anything...anywhere
Dam also have their own problems it would seem.

i think that jag was promoted because they possibly could not have got someone better on the open market. clearly jag did not want to be public as he would have come under scrutiny

only my opinion

"I am not sure if I would conclude this, they've represented the figure as would be practice."

don't agree as if they had stated cash / equivalents it would have immediately come under scrutiny and questions asked.

"I am not aware of the overdraft they were seeking and what their current status is." -

i believe this was mentioned in presentation. did not take too much notice as mistakenly thought the cash position was better. enough to carry us until approvals

"The salaries etc can not be taken on their own to work out burn rate."

I would suggest that by burn rate most on here would add up all outgoings - operational expenses/ overheads and whatever other terms - and use that as a figure that the company need to make to break even.
make less and they are eating into cash.

wages are very much a focus as the company will not continue if it can't pay them. furthermore the directors would place at 1p if it meant they got paid....so the closer they get to not paying the wages the more the worry in my book

marik - i owe you an apology

the 25/11/21 rns said cash balance £4.7m - which to me meant cash sitting in bank. however looking at the balance sheet the same figure is down as cash / equivalents which should include overdraft as you pointed out.
in which case the cash position was much worse than a lot of us thought at the time. i would suggest this was written in a deceitful way too

they clearly got refused on the £8m overdraft they were seeking. who knows if the £2m overdraft can be withdrawn

my suspicion that the burn rate id £600,000 is close to the mark looking at operating expenses for the 6 months to sept

admin = 4.5m
marketing = 0,8

then you have overheads on top - wages / elec etc

the ceo salary is £16k a month so there is no way you are anywhere near with £57k a month