Member Info for Computer909

The only thing to come out of the Wood relationship to date, is for us to pay them a wedge for an "independent technology and market review", cash out and nothing back, we wait to see if the association with wood actually puts any coffers in the pot.

@Aandi: "we don't get a partner announced on the same day they become a JV and give us cash"

We were first informed of a wood group involvement in October 2020, not sure anyone can claim that period as "Same Day"

@Aandi : "So eqtec need to do the ground work first to maintain the involvemeent of woodgroups"

What exactly have wood group bought to the Eqtec party to date, apart from paying for the drinks at COP26?

Please don't get me wrong having many irons in the fire is a good approach, but not when there are more irons than fire !

"You do know that eqtec are a sub £100m market cap technology and engineering service company and not a management/construction firm yes?"

I suppose the answer to that question is do they? On one hand we are a Technology and Engineering service company and on the other we are having to throw money at the SPVs for land purchase and facilities development, mainly due to the poor calibre of partner being brought into the deals.

"Not all will be met on time when so many projects are being juggled"

Whilst understandable in the current climate, It would be nice to just meet one target on time and on budget, just once would reinstate the confidence that they actually have a grip on the situation.

According to LSE support ...

"The shares aren't issued in the UK so this is classed as an international equity.
We currently only show domestic equities so this is why you are not seeing it listed in the risers list. "

I'm sure they have previously shown EQT even after the move away from the CREST to EuroClear in January, perhaps a policy change on this site?

Anyone know why even with an 18% rise which should put it 5th in the share risers table, EQT doesn't appear anywhere ?

https://www.lse.co.uk/share-prices/risers.html

"In addition, the Company has agreed to indemnify finnCap in relation to certain liabilities that it may incur in respect of the Placing"

I wonder how much of the company's money the BoD have committed to pay FinnCap now the placing has been canned?

I hope there are a few other AIM Board of directors that have been watching ODX over this placing shambles and will start to rethink simply using their shareholders as a limitless piggy bank to subsidise their incompetence, and feel a little less comfortable tonight.

Managed to offload my last 10,000 after a struggle this morning, so thats me completely done with ODX now, I was hoping yesterdays presentation would be an attempt for the BoD to show some empathy with shareholders and at least some enthusiasm for what they had planned, but there was neither. I kept hold of the last 10k in a vain hope that at least a new plan could push the share price to pre-covid levels, but it is clear from the presentation that the company is now just a "dead man walking" and if it can stay afloat then it will be years before any shareholder value is added, and in that timescale there are plenty of other options available to try and recover some cash.

I take the experience from being invested with ODX on the chin, the lessons learned have been brutal, but the situation in Ukraine, with tanks rolling down the street, and the fact that "Vlad the impaler" who is clearly suffering from dementia and living in the 1950's is sat with access to a big red button, just puts everything into perspective.

Good luck all, and stay safe.

I note with interest Chris Lea's comments regarding the share incentive plans.

He stated they needed to move away from the scheme that meant that share options were not issued when the shareprice didn't match the company performance as it previously did.

So basically admitting that the BoD knew their share options were way over the true value and sold immediately as a result, all at the same time as telling us the company was moving into a transformational year.

#Charlatans

Lol, Conscious of time, looks like preparing to do the hour and get the hell out of there as soon as they can

"Dubai Trip"

Personally I wouldn't have cared if they took the whole sales team to Dubai, if they had produced any sales to justify the trip, but, as with everything ODX they simply seems to be the attitude that they have no consequences of their actions, Sales in normally a targets based remuneration sector, for ODX it just seems they really never even bother with any true attempts at securing sales, because when all was said and done, their salaries get paid whether they sell anything or not.

Take Jag, years of non-delivery rewarded by promotion.

#Children_Playing_At_Business_With_Our_Money

“directors sucked vast sums out of the company”

The clearest demonstration of how much and how often the directors have sucked cash from the shareholders

Just go to https://www.omegadx.com/Investor-Relations/RNS-Announcements and do a search for “OPTIONS”

37 Options RNS in the transformational years (2020 & 2021)

https://www.which.co.uk/money/tax/capital-gains-tax/capital-gains-tax-allowances-and-rates-a0muq0c65cd7

Deducting losses from your CGT bill
CGT is charged on your total gains each tax year. So if you make a profit when selling one item, but a loss when selling another, you can deduct the loss from the gain before working out how much tax you owe.

While you can't carry forward any unused allowances, you are allowed to carry forward any losses that haven't been used to offset gains.

Even if you don't owe any CGT, it's important to submit details of losses in your tax return to make it easier to offset them against a potential gain in future years.

@M0neyMan: Shorting?

Do you actually know what an idiot you sound ?

I still have a few, enough to get a say and a vote, which will be NO !

For anyone that thinks the BoD will be looking to increase shareholder value and have your best interests at heart.

Current mcap is £9.M, let's remember that a drunken Tesla tweet late on a friday night wiped nearly £12M off the mcap overnight, and they wiped a similar amount by the placing "leak" , and they want us to trust them with their new strategic plan?

"Fool me once, shame on you, fool me twice, shame on me"

"If we are paying more for Raw Materials than what we can buy the full LFT from the Chinese "

But the Chinese company was willing to pay for the manufacturing facility and to keep the manufacturing staff?

Not sure that the chairman's words have any credence whatsoever.

"Chairmans Letter"

I note with interest the clear attempt of the Chairman in his letter to paint the "New Team" as having nothing to do with the previous debacle that ODX has turned into, when in reality they have been more than complicit in the shambles, Jag has been milking the company for over 10 years.

Its clear that their approach is one of, ignore the previous cash we have raised and promises we have broken, this is the new dynamic ODX, who "have a strategic plan", for all those that cant remember Donkey King was brought in on the ticket of delivering the outcome of the last strategic review: (https://www.omegadx.com/Portals/0/180410%20-%20Strategic%20Review%20of%20operations%20and%20Trading%20Update%20-%20RNS%20-%20London%20Stock%20Exchange.pdf)

#InColinweTrust, #InJagweTrust, do they think we are all stupid and don't pay attention to what has gone on.

If some of the Chairman's letter sounds strangely familiar to you ....

https://www.omegadx.com/Portals/0/190417%20-%20Trading%20Update.pdf
"Colin King, CEO of Omega commented: “We have made significant progress in the last 12 months to streamline our business and to focus on those areas that can deliver the most shareholder value."

From the contents of the letter we can now see what the "Stick" looks like, its the threat that without the placing they wont be able to move CD4 to Ely and will look to drop that part of the business, but they tell us that is only £1.5M of the intended cash raise, and also that they have previously told us they had cash in the bank, and we know there are other less "nuclear" ways of raising that cash if its really needed.

They have also told us (https://www.omegadx.com/Media : "Introduction to VISITECT® CD4 (06.11.20)" @3min : 50 ) that after securing WHO approval, they are expecting to supply 4-6M CD4 tests per annum from 2023), now they tell us that they are willing to ditch that business if we don't throw them £1.5M cash ! (Two years for approvals then ditching the product line?, does that sound familiar ?)

Don't be misled this placing is about their own comfortable lives and has nothing to do with shareholder value, (There is no way Shareholder value will be recoverable if 130M shares hit the market at 5p) They just see placings as the easy option, and why wouldn't they, they have used the same approach and justifications numerous times before.

And let's not forget the previous bulsh it they have given us to support the 2020 placing and how well those actions have gone.

ELISA Testing - £1.1M
Covid Lateral Flow Manufacturing equipment = £3.0M
CD4 margin improvements = £0.4M
Expansion of Lateral flow portfolio = £2.7M
Working Capital = £2.3M

So we now know that £4.1M of this has been a complete waste of shareholders cash, We know that nothing was done with the expansion of the portfolio, so where did that £2.7M go?

And the working capital estimate, for what was a much larger company footprint was £2.3M, but now two years on with the much streamlined company going forward they say they need £3.2M.

The 2022 placing document is a fabricated farce, its obvious they were told how much they could raise and at what price and have thrown together some figures to justify it, when the majority of the cash they want is for more of the same, inflated salaries and an easy life.