Member Info for Computer909

"Considering how low GDR was"

Gendrive have done two placings since Covid and been forced to offer massive discounts on both (40% and 60%) raising a combined total of approx £13M.

Lets not forget that ODX have effectively smoked £11M from last years placing, and if they have to raise they will likely be forced to offer a similar discount, as this is basically a leper stock at the moment !

"Why has the CEO still got a job"

Thats a question that most of us have been asking for some time now.

Realistically we should have known this sh i tshow was on the cards, as soon as they disallowed comments on their twitter feed.

If you really want to know just how unscrupulous or incompetent the guy is, just take 5 mins to go back through their twitter since its just full of lies and half-truths, you wont believe its the same company.

How is he still in a job, the question should be how is he not banged up?

Busy Busy Busy
1 Colin King
We are making all of our tests
This April we will deliver 2M test per week
Transformational year
Transformational second quarter.

Now = Confident of stemming loss ....

Clearly Kieron who was responsible for investor communication realised what was going on and baled as soon as he could, the question is how many of them that are still their were also aware ?

"DHSC Spending for Oct"

We know they have over 300M in stock, even the incompetents in the DHSC know they don't need to buy any more as yet, and we know also now they don't fear that they wont be able to source them at quick notice from aboard at any time in the future either.

"Yup, I'm here hopeful the SP will go UP !!"

Blind hope, in this car crash, whilst Donkey is still in charge

@CaptainSwag: "in my view the SP is still too high for current income"

Realistically this is still under pinned by investor sentiment, blind hope and desperation. Realistically Colin basically admitted that UK manufacturing can't compete with China in mass production, In reality "Camilla" sat at a desk in Alva feeding the machine by hand just isn't going to match the mass scale automation (or slave labour) that china has, (and the purchasing ethics of most turn a blind eye to the Chinese activities as long as the price is low)so the margins just don't add up, That is simply made worse if you have to pay someone else a slice for the IP of the test.

For Covid basically ODX are disappearing down the gap, they aren't a test developer like AVACTA and NCYT and they aren't a contract manufacturer like ABDX (mass producing for AVACT & VATIC), they are basically trying to be everything for everyone and ended up being nothing. Unfortunately the big swing in ODX fortune came when Mologic failed PD, the whole business model went down the swanny from there on, and Colin just wasnt up to the job of recovering the situation and has now retreated to hide behind the minuscule CD4 and foodtech revenues, that will basically keep the lights on (just if they massively cut the cost base they have built up this year)

I for one was a little concerned that Donkey didn't go into the DAM agreement in more detail during the interims presentation, are we actually making any substantial margin on those tests or is it a "loss leader" in order to get something out of the door?

Without some traction on approvals in the next week or so then we are heading back to pre-covid (low teens) and basically we have to admit its been one major screw-up.

The company are just a bunch of amateurs that have been burnt by the big boys !

@SneakySimon: "when was the latest extension dated until"

I'm looking at a freedom of information request with the DHSC to find out exactly that information,

@BigBangs: "That leaves him in a position to put the train back on the rails and we can all cheer."

Could he really continue if he has announced to the world that Omega's biggest ever contract had expired when he wasn't 100% sure it had, and it turns out it had not, wiping £20M off the value of his company?

@Sneakysimon,@Klein57: i find it incredible we are in this position, when the contract is so clear regarding governance, check points, reviews etc.

My opinion is with @bigbangs , no one at the DHSC was willing to confirm the extension probably in fear of being becoming accountable for something, and Colin was forced to take legal advice, and make the statement he did.

It wouldn’t surprise me (as nothing surprises me with ODX anymore) if Colin rocks up next week and says the DHSC have now confirmed the extensions

Where does that leave Colin, officially he did nothing wrong , reported what he had to, when he had to, but look at the consequences

@wadogara: i think everyone sees through your “filter those that don't bang the ODX drum”, now

@Uponega: with all due respect, covid is the only thing that has kept Omega afloat for the last 2 years, do you honestly believe they could have raised £11m with a placing price of 40p before covid, The covid opportunity promised by the BOD is what has put Omega here and they have really screwed it up.

@Calderkate: So what about Duty of loyalty to shareholders?

I’m not sure that exists in the aim market, i have / had investments in Aim companies that have been much worse than Colin (VAST and AEG to name just two), most of the others i wouldn't trust as far as i could throw them, the only two companies i have not yet had cause to question the BODs integrity are EQT and BRES, i’m sure there are more but i have yet to find them

@calderkate, I have mentioned before that i thought that there was a distinct difference in what the company was saying on twitter to what it was saying via official channels

In june just after “Te****ate”, i raised the issue with the FCA, who reviewed my complaint, and responded with

“This matter has been passed to the Market Integrity Unit in the Market Oversight Directorate (MO) of the FCA. MO is responsible among other things for monitoring issuers’ compliance with the FCA’s Listing Rules, Disclosure Guidance and Transparency Rules along with the UK Market Abuse Regulation.

We are reviewing the issues that you have brought to our attention with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.”

I raised a question in the year end presentation as to whether the company had been contacted by the FCA regarding their twitter feed and Colin denied it, but ever since that time there has basically been s marked change in the approach, my belief is that was because the company got a reprimand from the FCA

And also the dates in the contract dont add up, the published long stop date of the 1st April 2021, but the committed commissioning schedule was the end of May 2021?

So surely the must have extended the long stop date but when was it?

Something really doesn’t add up

@Bigbangs: looking at everything that is available in the public domain i have to agree with you, i cant see that anything has changed , and whilst yes by the letter of the contract without the DHSC specifically extending the long stop date then the contract would expire, and i can see why a contracts solicitor would issue that guidance, but it makes no sense what so ever for the DHSC to allow it to expire, it wasn’t costing them anything and the capacity was there on standby if needed, and why did ODX feel they needed to clarify the situation now, also why have DHSC representatives only recently answered written questions to parliament regarding the contract and not stated that the contract had expired.

Surely ODX cant have screwed up that much though could they?

@CaptainSwag: i cant find any reference to any extension , do you have any links?

Having had time to look at the DHSC contract in detail, i’m in utter disbelief as to how poorly the company have managed this contract

The clause in play is 13.1

“The Contract takes effect on the Effective Date and ends on the End Date. Unless the Authority gives notice to the Supplier that it is proceeding to Phase 2, the Contract shall expire on the Long Stop Date. If the Supplier completes the requirements set out in this Agreement to be completed during Phase 1 to the Authority’s satisfaction, the Authority may exercise an option to continue the Contract by giving written notice to the Supplier during Phase 1 whereupon the Contract shall continue until the end of the Initial Contract Period.”

Now the notified long stop date is 1st April 2021, so in reality this contract expired on that date, as the company had not received a notification of any extension,

How could Colin have been in regular dialogue with the DHSC and this not have been addressed, something is very fishy here, in what ODX have been telling us for months

... and BuggerUp even has the nerve to post just yesterday

"Such a great demonstration of UK commitment to Life sciences"

The bloke is deranged !!

BuggerUp Bethnell and Matt Hand job at their best

https://twitter.com/OmegaDiagnostic/status/1371517483149058052/photo/1

March 15th
"This New partnership will help supply essential lateral flow tests to people all over the uk, showing the pivotal role that scottish expertise is playing in our effort to stop the spread of the virus"

Also March 15th
"The UK continues to lead the way in medical diagnostics, and we are working with companies such as Omega and Global Access to build our expertise in the field"

What a pair of ****s !!!

"odx need to be headhunting - and look to change in new year."

Who in their right mind would want to take over this clusterf**k !

"Just like to also highlight CD4 revenues ....."

If we had not gone through what we have done in the last 20 months or so then maintaining those levels would probably be seen as a result, trusty old Colin taking the company steadily forward, but lets not forget the idiot asked us for £11M last year, has p'd it against the wall and we are 40% lower in our value, sentiment is shot and the laughing stock of the market.

And they are still in a job !!!