Member Info for Computer909

"I have lost confidence in the accuracy of the communications emanating from the company"

Thats because in most cases liars get caught out by lies they have previously made, or make subsequently, and these charlatans aren't clever enough to keep track

Take a look at what the company have told us officially regarding their financial situation in the last 6 months.

In the November interim accounts the company reported, for the six months to November 2021

Health an Nutrition = £1M profit
Global Health = £3.1M loss
Corporate = £0.7M loss

They told us in the presentation that they were actively looking to reduce cost base (we now see how that has gone, selling the manufacturing plant to the competition.)

So based on the figures release in the interims, and the bullsh it they gave us about the Health and Nutrition business going from strength to strength, What the hell do they now need to raise £3.2M for working capital now for ?

They have ditched the loss making Global Health arm, so if you believe what they say they company will be into profit making territory, and they still want half the cash to do what ever they want with.

£0.4M to exit ALVA, so only a net £600K from the sales after we spent the DHSC cash and £200K of our own cash (in the six months to November 2021)

£1.5M to move CD4 to ELY, really? the ELY move was already planed how much additional spend can this move be on top of doing the original move?

£1.1M US Health expansion,
£0.4M Broadening the Health Portfolio.

Let's see the expected ROI on these investments, as its our cash they are wanting to spend ?

£3.2M in working capital, for what when you tell us the company will make a profit with the Global Health lead weight removed?

From where i'm sitting the alternative plan from the Bod need to come to the table with is a detailed business plan for the expansion of Health (and the the ROI on the estimated £1.5M), Put their hands up that they are exiting Global Health and the Alva exit/CD4 relocation costs are unavoidable if they want to ditch the ALVA site that is costing the company many millions.

But they can whistle for the £3.2M working capital, because the have previously told us to our faces and via the released figures, they don't need it, If they now want us to believe they need it then let's see what they think they suddenly need it for.

"Never been in a position like this before the bod need to know of how unhappy investors are in the situation they created."

Oh they sure as hell know, but until recently if didn't affect them so didn't really give a sh it, remember this is the new CEO who didn't even deem it necessary to address the shareholders for months into his leadership, Now there is a threat to his easy life we will see many desperate attempts to frighten the shareholders into trusting the BoD with their best interests, but they have surely burnt any bridges for trust between the BoD and the company shareholder base.

Lies, Lies, Lies thats all that comes out of their mouths.

Just weeks ago they had cash in the bank and were financially stable enough to not need a placing, now the company is at risk if the placing doesn't go ahead, even though they have reduced the overheads considerably with the sale of Alva and it has given them a cash injection, even if it is just a bag or beans compared to what we spent on it in the last two years.

“ I hope they are going to explain why they sold off Alva site for so little”

I suspect the sale isn’t about getting rid of the physical assets, it’s about getting rid of the wage bill, Again it’s strange we were happy to continue with the status quo and pay the staff when they were sat about awaiting the promised approval and commercial deals, but just days after the approvals start to come in, then that’s the time to sell, it just stinks somewhat!

For Orient Gene I wonder what the retention agreement will be, how long before the headcount is trimmed to simply meet the likely need for Cassetting and pouching they need, in order to justify their uk diagnostics mantle

"The board will not fold this company if it's a no vote."

Look at Jag's CV, he has been Commercial Director of a manufacturing company that couldn't sell Covid-19 tests in a global pandemic when every UK government contract is justified by a "global shortage", and within months of becoming the CEO of this manufacturing company, the share price tanks and they sell off their manufacturing capability for a pittance.

He knows he isn't going to walk into another job paying £150K+ any time soon, he will not be abandoning this easy ride very quickly, at the moment their plan is to shaft the existing shareholder and keep their cosy life, a no vote will make them have to look at an alternative approach in order to take the shareholders along with them, and if they don't know that, and already have alternate plans then they shouldn't be in charge anyway.

@maninpink, @calderkate, I’m just wondering how you see the SP rising in the short/medium future if you get diluted by 76%, or are you intending to take up the full offer and only be diluted by 36% but hand over more cash to the BOD without holding them to account. If this placing goes ahead the existing investors are basically wiped out, the company will continue in its current trend of simply producing enough revenue to pay inflated salaries with no mind to the shareholders until the next placing is needed.

With so many new shares being issued at 5p the sp will be nailed at or below that level for the foreseeable, if your concern is getting your money back where do you think the revenue is coming from to support any rise, as sure as hell there isn’t going to be any sentiment driven rise whilst this BoD is in place. With Chris Lea unchecked steering the ship this is only going oneway , into private hands, and the question now is can we stop that happening.

Voting no sends the message that we wont accept anymore of their antics, voting yes is the green light for more of the same.

You do have to vote based on your own needs and beliefs though.

@Caley2: @ I'm troubled by the many millions sunk into alva and now being sold off for a pittance”

It’s like a 16 year old buying a banger , spending all their pocket money for a year doing it up and getting it road worthy, then on his seventeenth birthday, he passes his driving test and the next day sells the car for less than he paid for it, and decides to use Uber instead.

If they really intend to move to a subcontractor based manufacturing arrangement for Covid tests, why didn’t they do that whilst the 150 staff were sat around doing nothing waiting for the approval, not wait until the approval arrived, third party engagement and any tech transfer will take months, this is just more bull****, they are basically saying they are writing off any Covid business, but again aren’t upfront enough to just come out with it.

@marik: “Even on the 10th, ODX states: "...there is no certainty at this time that any such fundraise will proceed."

Wake up and smell the coffee, at that point in time they were scrabbling around in the background desperately trying to get the placing away, they were caught out when it leaked and were so desperate for the SP to not tank, they just plain lied, in order to get it over the line.

This type of placing doesn’t happen overnight, and certainly the sale of a manufacturing plant to the Chinese doesn’t, especially when that manufacturing plant currently houses £17m worth of government equipments, they would surely have had to engage with the DHSC regarding the sale, and we know how long that takes.

Make no mistake once again they were telling us one thing to our faces, whilst stabbing us in the back.

This BoD have only their best interests at heart, not the company, not the staff and sure as hell not the shareholders.

5/03/2021
https://twitter.com/Omega_ODX/status/1371365738309632002

“We're delighted to announce that UK Government has valued our 11 February contract, to provide manufacturing capacity for #COVID19 Lateral Flow Antigen Tests, at £374 million. “

So, They were telling us to our face how “Momentous”, how “significant” the impact, substantial revenue growth, and how genuinely excited they were at the “big things” happening to “Deliver” millions of tests per week.

When in reality they were thinking something wrong here let's take the cash and run ….

https://www.omegadx.com/Portals/0/ODX%20-%20Exercise%20of%20options%20%28Directors%29%20TVR%20and%20issue%20of%20equity%20%2815_02_21%29.pdf

https://www.omegadx.com/Portals/0/RNS%20Exercise%20of%20options%20TVR%20and%20issue%20of%20equity%2019%20February%202021.pdf

https://www.omegadx.com/Portals/0/RNS%20Exercise%20of%20options%20%28Directors%29%20TVR%20and%20issue%20of%20equity%2018%20February%202021.pdf

Anyone thinking of Voting in favour to support this bunch of charlatans should look at their past performance, and the previous bull they have fed their shareholders.

12/02/2021
https://twitter.com/Omega_ODX/status/1360222318363107330

“Off the back of confirming our #COVID19 Lateral Flow Test contract with UK Government, our CEO, Colin King met with @sharebuyers to discuss this momentous moment for the business, along with our future ambitions…”

12/02/2021
https://twitter.com/Omega_ODX/status/1360222320456052737

"The DHSC contract is expected to have a significant impact on the future performance of the business… it is likely to result in substantial revenue growth in the financial year beginning 1 April 2021."

12/02/2021
https://twitter.com/Omega_ODX/status/1360222321768808451

"Government support for our production ramp-up, and recent public statements by the UK Government on the UK’s lateral flow test production (2m a day) shows that there is clear expected demand for these tests."

15/02/2021
https://twitter.com/Omega_ODX/status/1361265998020632576

“Our Alva HQ is changing!
Due to our rapid growth, and to accommodate the production of the #COVID19 lateral flow test, @CeterisScotland will oversee the building of a link corridor, fully connecting our facility. Headcount is now 123 people, with some 60 incoming.

16/02/2021
https://twitter.com/Omega_ODX/status/1361662415281278978

“?? This April, we'll deliver 2m rapid LFTs a week.”

17/02/2021
https://twitter.com/Omega_ODX/status/1362040022015348738

"NHS Test and Trace is readying for nationwide 'surge' testing under which more than 400,000 rapid lateral flow tests will be sent by post to homes and workplaces every day."

“?? This April, we'll deliver 2m rapid LFTs per week.”

20/02/2021
https://twitter.com/Omega_ODX/status/1363128100532420608

"In an example of the high degree of partnership and collaboration now in the UK industry, Mologic has partnered with Avacta to produce its tests and to get EU regulatory approval."

01/03/2021
https://twitter.com/Omega_ODX/status/1366439063784464390

“Here in Alva, we're genuinely excited to be playing our part in this transformative strategy - and fully expect to contribute in due course via our recently agreed @GOVUK contract.

02/03/2021
https://twitter.com/Omega_ODX/status/1366646782218928129

“We're thrilled to announce that we've inked a three-year contract with @Screen4Org to provide a #COVID19 testing service using the Mologic ELISA IgG antibody test through our specialist laboratory in Cambridgeshire.”

04/03/2021
https://twitter.com/Omega_ODX/status/1367430578627371013

*BIG* things are happening…

14/03/2021
https://twitter.com/Omega_ODX/status/1371365742017404930

“We'll make further statements as appropriate, considering that these production volumes are expected to result in substantial revenue growth for the new financial year.”

"if they are reading on here."

Well if they are ....

"We have your number Jag, no longer will we put up with your half-truths and outright lies, I hope you feel as uncomfortable now as all the shareholders have done watching you ride the share price down to this level, Unbelievably you expect us to trust you when your behaviour over this placing has been criminal, "We have cash in the bank, don't need a placing, just investigating a placing but the market conditions aren't favourable, placing done and sold the family jewels for a bang of beans !, all within a matter of days"

£3.2M in working capital needed for director salaries, relocation packages, initiatives we have paid for before.

Welcome to a concept known as performance related pay, you have been measured and have come up short !

……if the BoD agree to take a 33% salary cut until the shareprice returns to 40p, lets see them put their money where their mouths are rather than more of ours

And put more of the cash they robbed from us with their options pump and dump back into the company, rather than the embarrassing £20k each they are at the moment.

Words are very cheap for the Directors, we have seen that numerous times over the last two years, this presentation will be another attempt to mug us off again.

“They will be privy to the electronic voting and it may be close call”

They will be aware of the backlash to their little plan to set themselves up in the easy life for the next couple of years at the expense of shareholders, and will now be desperate to put forward the apocalyptic prospect of the vote going against them.

Let’s not forget the long list of lies and half truths they have peddled over the last couple of years and where it has got us.

They as expected, will declare and threaten that there is no other option for the company, but the facts that they have released previously don’t support that narrative

This bunch of charlatans will say or do anything to ensure their piggy bank keeps paying out whilst they sit back, and are paid very well for achieving very little.

I’ll change my vote if the BoD agree to take a 33% salary cut until the shareprice returns to 40p, lets see them put their money where their mouths are rather than more of ours.

@JudgeDredge: "The reality is that LFT technology has benefitted from the pandemic in making it a useful tool to detect all kinds of viruses"

Yes and in June 2020, when they wanted more cash from the shareholders they stated

Intention to develop two tests over medium term:
1) A test for Cryptococcal meningitis
2) A TB-LAM test to diagnose T.B. in people living with HIV

And said £2.7M was being raised for that purpose.

Have we seen any additional test even mentioned since then, and where exactly has that £2.7M gone if not for what it was raised for.

Bullshi t in the 2020 placing, Bullsh it in the 2022 placing, if they get away with it it will be Bullsh it in the 2024 placing .....

"their collective incompetence in managing the CTDA process"

There is likely to never be any major rush to approve LFT tests through the CTDA process, as soon as they do the get out of jail, global shortage bull they have been using to justify sending billions to china goes away, and the focus on procurement practices intensifies, in the same way they managed to hold back MHRA approval for antibody tests in 2020, they have used the CTDA regulations to their advantage in order to line the pockets of a few mates. (One of the "mates" is the F***kers that think they can steal Alva for a pittance because of the firesale they drove)

@Calderkate: The issue is that hindsight is alway 20:20, when i said you need to decide what is best for you with regards your investment and your mental health i meant it.

For me i'm just disappointed with myself to have been strung along by their lies and half truths, you ask why so many seasoned traders have been taken along, in my opinion its because the bull was allowed to be released by the company itself via official channels on twitter and RNS, so it had to be truthful right ?, and yes the regulators should be held to task for this, but realistically with no IIs involved the regulators aren't interested, and ODX/Walbrook know that.

You can take a look back through my posting on here, most have always said i was negative regards to ODX, so why still be invested, well that is because they have always been able to dangle that possibility that it was about to turn around and everything would turn out as expected, and with Covid we were all hanging on for the NCYT/SNG rocket to happen again, for me I kept my average at around pre-covid levels for protection, but even that didn't protect me from a loss.

I always thought the DHSC contract was worthless (Colin basically told us that in the announcement RNS), but private sales was always the golden fleece, but turns out the company was simply not up to the job commercially (and that is where Jag has been for the last two years)

I have given you a quick brain dump of the negatives that have gone on, try and make a comparative list of the positives and then decide if you can trust the current BoD with a £7M windfall and to have your best interests at heart.

For me i have not one ounce of trust in any of them, I will be happy when they are all shown the door. I have never before been so emotionally charged concerning an investment, and i have made money, and lost money based on my own decisions, but what has gone on here just seems a little bit different and just wrong.

I reported ODX to the FCA in June over their ramping tweets, and will be reporting their placing antics, but i don't expect anything to change,

Do you think with this track record any of them would be in a job if they had to make the cash for their salaries, rather than bleeding the shareholders.

The shareholders have been a piggy bank for the company (just take a min to look at the RNS list from the company over the last two years and how many options they have issued), all the time whilst continuing to make a loss.

In my time investing I have seen some shady management teams, most that think they are owed their salaries because of a title on the letterhead, but none so blatant as this, They were more than happy to keep the Jam tomorrow narrative running until the emperors clothes disappeared.

One thing i missed off my previous list "We look forward to a transformational year !"

.... If 140M new shares @ 5p hit the market, then shareholders are done for, the SP wont recover for years.

@Calderkate: You need to decide for yourself, whats best for yourself, your investment and your mental health.

You have been here long enough to have seen most of the shenanigans that the bunch of charlatans that are the ODX directors have put us through.

Remember : (To name just a few of the classics that have been ODX)

UK-RTC, Antibody tests alongside Oxford vaccine

ABC-19, MHRA approval "imminent"

ABC-19, not telling us the contract had a get out clause for the DHSC if MHRA approval never arrived, and that was just what happened.

Mologic Antibody test , a complete disaster

ELISA test, then Lab service, an expensive disaster

Christmas Present from Colin (in 2020), still waiting !

This April we will Deliver 2M tests per week, (Whilst selling their holdings in the background)

Busy, Busy Busy, Whilst sat doing nothing

250+ staff must be doing something, turns out they were not

In Colin We Trust

Drunken Tesla tweet at 9:00PM on a friday night

Slow regulator engagement and incompetence in the application.

Fan-fared commercial launch of Antigen test that has resulted in next to no sales.

Spending not only the governments £2.5M, but we are led to believe a sizeable chunk of our own cash on "2M capacity", without any minimum order quantity.

Signing an exclusive deal with DAM for what turns out to be a deal that consumes less than 1% of the available capacity.

"ongoing Constructive dialogue with the DHSC", when they must have been aware they were not able to secure the IP for a test, the Cassette and pouching work must surely have given that away to even the most gullible

Lets put the rumours of a placing to bed, forever

We don't need a placing we have cash, we are looking at a placing but wont do it if the conditions aren't favourable, Screw the conditions we have done a placing (within days)

Selling Alva for a fraction of the amount we are led to believe has been invested in it, and to rub salt into the wounds to the Chinese !

The Eu regulator approval announcement that clearly wasn't an approval, and was just a carrot to keep the shareholders dangling whilst they toiled in the background to stab us in the back.

After over a year of waiting for approvals within days of supposedly securing it, this "LFT Manufacturing company" no longer has any manufacturing capacity. If they think we believe the bull about outsourced production of covid tests they must think we are stupid.

Chris Lea has clearly been brought into the organisation as they saw the direction of travel back in august, but continued with the pump to keep the shareholders locked in.

If they get away with the current plan they will have £7M+ in the bank and basically a free-hand to sit back, take their salaries and bleed the shareholders dry again.

The question should not be, should i vote No, but rather what on earth would possess me to vote yes ?

If 140M new shares @ 5p hit the market, then shareholders are

I have chased AJ Bell's Corporate Action team again this morning, and this after noon the Corporate action event is now available so I have voted No, No, No !

Anyone with AJ Bell accounts and who don't see the event should secure message and ask where it is.

I'm done with ODX also, Not selling the last as its not worth it now, will file then labelled "lessons learned"

Unlike most I never believed the DHSC contract would be worth much (always a DHSC contingency and little else), but was expecting the private sales of the antigen test to generate at least some revenue (Who couldn't sell a covid-19 test in a Covid-19 pandemic right ?) , with this mornings announcement that is now gone. CD4/food-tech will keep the lights on for the new streamlined company but very little else (at least until the Chinese take that as well), the TB/Meningitis test was promised in the previous placing but never mentioned again once they secured the cash, so who can trust what they say in this placing.

Always kept my average around the pre-covid levels (approx 18p), so was confident I could always get out without a loss, but the recent antics of the BoD around the placing and leaking the news, caught even me out, This was clearly orchestrated by the BoD to suit their own goals, and they are obviously not aligned with that of the PI shareholders.

It's been one hell of a rollercoaster, and one hell of a lesson learned, the biggest being that for small cap companies it's more important to look at who is in charge than the actual product they have to sell. AIM is a jungle and the regulations nonexistent or at best given lip service.

For what its worth i'm confident with EQT and BRES for a profit into the end of 2022, but always DYOR and only invest what you can afford to lose.

Good luck all, I hope you all remain safe and sane.

Done.

The simple fact that none of the BoD took a single share in the placing is a clear indication of their confidence in the company even at 5p, this is all about the wages and screw everyone else.