Member Info for JafTrade

Can some one please HELP me or at least tell me what the hell happened

So In April i was given roughly 24,275 Accustem Science LTD shares, I randomly checked today and now my holding has been reduced to 1213 shares in accustem US shares.

I queried this with IG and advised it's a 1 for 20 shares held

provided me https://www.globenewswire.com/en/news-release/2021/12/01/2344098/0/en/ACCUSTEM-SCIENCES-LIMITED-ACCUSTEM-UK-and-ACCUSTEM-SCIENCES-INC-ACCUSTEM-US-Recommended-corporate-reorganisation-by-means-of-a-Scheme-of-Arrangement-under-Part-26-of-the-Companies-.html

Can someone please help me understand what the hell happened here? How on Gods planet is that any value to shareholders when accustem US is trading at 60p roughly.

basically, if this is accurate, this is the biggest scam I've ever experience

Omega (AIM: ODX), the medical diagnostics company focused on Global Health (CD4 and COVID-19)
and Health and Nutrition, announces the results of the resolutions proposed at the General Meeting
held earlier today.
All resolutions proposed at the General Meeting were decided on a poll. Resolution 1 was passed and
resolution 2 was not passed.
The results are set out below:

Resolution For Against Withheld Total
1 19,291,181 15,607,068 9,748,955 44,647,204
2 18,946,605 15,950,447 9,750,152 44,647,204

Resolution 1
To authorise the directors of the Company generally and unconditionally to allot
shares or grant rights to subscribe for or to convert any security into shares up
to an aggregate nominal amount of £5,623,843.56 in accordance with section
551 of the Companies Act 2006 (the “Act”).

Resolution 2:
To authorise the Directors of the Company to allot equity securities pursuant to
the authority conferred by Resolution 1 as if section 561(1) of the Act did not
apply to such allotment, subject to certain limitations.

There isn't much to say than what has already been said probably a million times already,

I think people are just waiting for the results of the AGM now which is on Monday.

I agree captain

If they have 3.2m working capital the BOD laughing all the way brother bank, that's them.sort for another few years.

If they lave limited amount they will be forced to actually work for a their salaries.

agree with the points but just want to add some more detail

My opinion on voting is as follows

vote yes
pro - the placing can go head and odx get cash to spend as they see fit
con - considerable dilution with no guaranteed benefit other than bod salaries secured
BoD will act as they please knowing that they can't be stopped
£3.2m working capital that yes voters voted on will be wasted based on the BoD previous track record

A vote no
pro - bod get a bloody nose and may have to re-evaluate their alignment with share holder interests.
Stop the massive Dilution
Force the BoD to reconsider they're plan, re-assess fully Move from one site to another when CD4 production could just as easily be outsourced (BoD have stated it is competitive hence their is a market to outsource) as well as re-assessing if 60-70 Margins are appropriate to remain competitive
Move to US will likely be stopped, in my opinion that is a good thing until they get their house in order and prove that they can sale what they have first saving additional £1.1m
Fully utilise they un-drawn down overdraft facility
Fully assess trade finance facility, per Nov 25th update is potentially £8m - has to be fully assess, just because it is restrictive does not mean it's a bad thing, stop the BoD running around spending as they please - exactly what the BoD needs, a leash
con - bod don't have money and will probably struggle to keep company going unless they dramatically increase sales - I see the point but I don't agree, their immediate term forecast to increase sales is only £400k on Health division, they only threat they made during the presentation that they may not be able to move from Alva but still mentioned that current production will continue until end of the year. Plenty of time to get their act together

My apologies for the lack of communication from OSAG, bet really there is not much to say here,

No further communication from the ODX BoD to share with everyone,

The uptake from the open offer was disappointing but not unexpected, hope the BoD takes not of shareholders sending them a clear message (albeit except individuals who took up the offer - not here to **** anyone, i am sure people have their reasons)

We still asking to call there brokers and make sure their votes are counted. I know i sound like a broken record.

Monday is fast approaching and should know the outcome of the VOTE soon.

Other than that I hope everyone is safe

I hope everyone had a good weekend and managed to think, and make sense of the presentation by ODX BoD late on Thursday 24th of February. It lack the filibuster enthusiasm that many might have expected to watch, as we saw the sorrow drawn faces of the leadership team navigating the ship with no real plan or direction, confessing themselves that they have not explored other "Real Options" (trade finance, outsourcing) but concurrently come to the conclusion that a over 50% dilution to existing shareholders and erosion of stock by over 90% giving way to a massively discounted placing was the only way to grow the business whilst at the same time lack any real skin in the game and being so supportive of the plan and the future that they collectively want to invest a eye watering £20K in ODX.

I urge all that are still in the stock to have your vote counted, Please call your broker today to vote down the proposed resolutions.

most brokers deadlines are a lot earlier than then the Cut-off date of the 5th March (which is a Saturday so typically non working day). Most brokers we have had conversation with either have a cut off on 1st March or 3rd March 2022.

It's really sad to see OKE and Comp909 sell out, i fully understand and wish both the best of luck and to anyone else that decides to sell

Yesterday presentation, as previously commented will not provide you with much more then what was already known, just confirmation of how incompetent the BoD really and solidifying my opinion that they need to be removed.

As painful as this drop is in Share price, it is expected after that presentation however I am still holding strong and willing to fight the fight (some may say deluded but it's a matter of principle) - I haven't sold anything and have no intention

Take away from Presentation:

Cash still in the bank
Overdraft Facility of £2m not yet drawn and still available
Trade financing still not yet fully explored and still option (around £8m from Nov presentation)

Consequence of not getting placing approved:
CD4 production may close, it's a losing part of the business - empty threat in my opinion could just outsource it which Jag admitted to, and is an option (near then end of the presentation he stated this)

Move to ELY - £1.5m - There was a £500k cost of move (capex) and there was another £500k for technical expertise but then there was nothing to really explain why the additional £500k was required and was just waffle
This can be funded from overdraft and the £600k from ALVA sale

The reality of the situation which WE at the OSAG have been suspecting is that the funds are not required and it is an easy route for the BoD to secure there positions for the next few years. a over 50% dilution is not justified and the presentation proved that.

We will not stand for that, the BoD wants a easy life for the next 3-5 years without delivering anything

The LTIP (Long term Incentive plan) is a smoke screen as there are millions of options already available to the current board and i posted this on twitter already

I urge all investors to call your brokers and VOTE no to the resolutions proposed

The BoD will be force to sit down with OSAG and we will start a dialogue

Well there you have it folks

Confirmed they have CASH, confirmed they overdraft of £2m,

Threat is to close CD$ but near the end Jag confirmed my points on twitter, could outsource it

Only thing this board needs is to move to ELY, that's partly funded by sale of ALVA (net £600k) and therefore £900k for rest of the move.

At a push a £2m total raise maybe required to allow for working capital

Other finance avilable
- Money from AVACTA i think they said
-Money from Government

The LTIP ( Long term incentive plan) is a smoke screen, i have posted they have options shares still to be given to them, they did not state that they will be withdrawn.

Wow, it's worse then i thought.

I appreciate other peoples views on how they took the presentation, In my opinion they pretty much spelled it out as clear as say this placing is to keep in their jobs for the foreseeable future.

I have said it a million times now, £3.2m working capital and absolutely no plan for it. didn't even attempt to answer my question i submitted to provide a detail plan. that's almost 50% of the placing price given away at 5p

Ground Breaking*

Sorry busy and doing multiple things

Hi All,

We have had a response from the chairman to our letter we sent back to him,

Nothing Group Breaking but just an update.

It will be posted to OSAG members and Twitter soon.

OKE

Totally agree, doesn't make sense

The utilisation of the funds also doesn't make sense and this available in the FINNCAP report

@Captain,

Its been posted on twitter for well over an hour now

For our members in this BB the Chairmans letter has been sent to everyone to their email address along with our response,

Please study these documents and you will see that the summary provided on twitter is in line with chairman letter received. we tried to give as much information as possible at the same time protecting ourselves

I hope you see that OSAG has been working in the best interest of ALL shareholders not just OSAG members, We have been very clear and direct with the BoD of Omega Diagnostic. Our amended resolutions where voted on by our early members and were sent to the Board with the views expressed.

We do not have confidence in ODX BoD, and that is the opinion of many of the shareholders that contact us.

Going forward our priority are

1) stop the dilution through voting NO for the proposed resolutions tabled on the 7th March. OSAG represents roughly 10% of the shareholders in ODX however we have stated that, as we understand the landscape, ODX will have roughly 18 - 20% support for the raise. OSAG members voting against the raise will not be enough. Any shareholder who shares our view HAS TO VOTE for the dilution to be stopped

2) We want to engage with the BoD and open dialogue to address all Shareholders concerns

3) Finally if point 2 is not achieved, the OSAG will seek independent legal advice and take action through the legal framework

but "Dsaf" or RegulatorUk" or "John Nicholson" or what ever fake name you want to use,

I thought you said there is no letter

I thought you said ODX want engage with OSAG

This isn't a game, this is serious issue and needs to be handled with respect not by a keyboard warrior hiding behind his fake profiles and screaming because daddy doesn't give him any attention.

When this vote is over, we have to work with the Board so therefore communication exchanged has to be treated with utmost confidentiality

Clearly your a child with a computer, it will be my last communication with you

Sorry for lack of messages on here, the Chairman has acknowledged the OSAG FINALLY with a late email on the 18th of Feb. so working through the weekend on that ensuring we provided an appropriate response back, breaking down his comments and matching back to RNS posted by the company. The facts do not support is arguments.

Poor attempt to try and push us to support the raise with no clear clarity on what they are going to use the working capital on. Consequences of not supporting the raise is laughable, basically advising they can't carryout the plan but not detailing anything more to add real substance. MANY MANY QUESTIONS still left un answered and these have been sent back to him. Their plan is laid out in the circular, that's what you will hear from them on Thursday so read it and then decide on that basis if you still support the raise or if its the same broken promises they been spewing the the last few years.

You will all see exactly what I am talking about on Thursday. Don't expect anything ground breaking and I'm sure you will feel more frustrated by the end of it. Our Stance has not changed

All OSAG members amended resolutions, which all members had voted on, to be tabled were ignored in his letter to us. Not addressing alignment to shareholders interest by Introducing stretched targets for the board before being given options amongst others.

After the vote on 7th and if we are successful in stopping the raise, we recognise the voting for new resolutions/actions will have to be done again as the OSAG has grown to well over 100 shareholders and hitting almost 150 members. We want the new members to have equal say.

The Chairman would like shareholders to support the raise but he himself and Ceo only buying £20k shares each even after Ceo sold over 200k shares last Feb. EVEN he doesn't believe his own plan.

Detailed email is being sent out now to all OSAG (Omega shareholders Action Group) members.

On positive note, communication with large holders have been well received to support the current resolutions being voted down.

Thank you for everyone's support, we can't reply to everyone's post/emails but try to answer what we can or at least try to include answers In our communication.

It's late, I'm tired but just thought I'll give you an update for those who are still awake burning the midnight oil.

Good night everyone

I have said that the investor meet schedule for the 24th is a distraction 1) to run down the clock for retail PI's to get there vote counted and 2) to scare LTH to support the BoD

to support this i have asked why can't we have the investor meet on the 21st to allow everyone to hear out the board and allow time for people to be able to vote (still Tight)

Look at the RNS of the 25th of November, result for half year were released in the morning and the very same day CEO along with CFO did a investor meet.

It can be done, Investor meet should have taken placed today, if the BoD were sincere, allowed investors to absorb the information, contemplate it over the weekend and then decided their votes on Monday.

I strongly suspect the timing is deliberate and I have speculated the reason above.

Make sure your votes are registered, last few hours in the day left to make your voices heard. Make sure you encourage others to vote also

Bankruptbrit,

so sorry to hear that my friend,

the BoD has hurt a lot of us, i have people dm'ing me telling me their stories. most are in the same boat

i've lost 80% value in my holding, why would i VOTE yes so they can then continue. No, Today they shown that they are scared and then had to RNS

They know, as I have mentioned over and over and everyone here on the board except very few people, that we have the upper hand here as shareholders, that unlike a lot of other AIM companies the board do not have the shares to carry this vote over the line

I said this openly, they have been putting barriers up for the OSAG group from the beginning expecting us to jump over hoops, Today the whole community got to see themselves what we had to deal with

the date for the investment call is deliberate and orchestrated, they know that brokers require 5 to 7 working days to process votes therefore those sitting on the fence will not have time for their votes to be counted.

for those reading this, Vote today via phone, secure message or proxy forms,

if you like what you hear on the 24th then cancel your vote with your broker. This way you are covered

Shrewd Dude,

Call your broker today or message them via secure message facility and provide them instructions to vote NO

Many have asked the same questions and many HL holders have already voted through HL

Rodika,

If you have a broker you need to chase them as tbf no-one i have met have really been informed of the VOTE except via the official RNS by the company

Typical process by most broker is

1) download the proxy voting form from ODX website

link here: https://www.omegadx.com/Investor-Relations/Corporate-Information

2) Scan the signed copy to your broker

3) send a sign copy to your broker also to make sure your vote is counted

I hope you support us and VOTE NO