Member Info for Okehurst1

Union

Been on this BB for a good 18 months, I got it wrong and backed the Board and as a result had numerous healthy debates with TW / Captain / Comp , check out my history

The penny didn’t drop until Q4 last year this BoD had been misrepresenting the facts - add as I say check out my posting history

Q1 2022 I wanted the BoD to exit Alva and focus on Cambridge as the business would then not require a £raise

It’s doesn’t require £7M , they have told us they require £3.5M … they will have £4.5M and hopefully a business that is generating £12M a year with 50% gross

I don’t want to see another 140M shares in the market all bought at 5p, the Spivs will trying to dump for months

However if we have no raise and as we don’t need the money they have told us that in affect, then we squeeze the Spivs and us the shareholders will see the share price go up as they race to cover their position

It’s a no brainer for any shareholder who actually owns shares today

Kate
Someone will have bought those shares agree but that doesn’t mean they think the 140M extra shares is a good deal for them ?

So the Spivs can’t vote on this transaction they need the Turkeys to vote to let them in on the cheap

IF any Spiv has ‘ sold ‘ via a T20 -before we all knew what was going on -,and is gambling the 5p placing goes through then they could make a few quid IF as I say the Turkeys and this BoD win the vote

The Spiv covers his ‘ sale ‘ with his new 5p share and he’s away he doesn’t even have to sell a share

I just wonder how many have done that as we dropped from 15p to 5p in just days ?

T20 sell £100k over a number of days
Buy back via the 5p planing and deliver the share certificate for the T20

£65,000 profit per £100,000

Not bad as long as the Turkeys vote them in, IF we don’t then they have buy in the open market … the share price will have to go up

The issue for them is getting the Vote they want … On the day , they don’t own the shares below

Lots of PI shareholders just won’t be bothered to vote, IF 20% of all shareholders vote NO - the Action are claiming they are past 15% saying NO - where will the BoD secure 21% ?

I think they are going to struggle to get this across the line

TW … spot on
Selling a product is too much like hard work

Much better sell your super pumped options raise £12M of shareholders to pay bumper salaries

Then …

Repeat rinse … raise £7M , award a load of options at 4p

Go again 2 years time

Gravy train

Worth noting

The Company says they need £3.5M working capital

They will have £4.6M without the £7M raise

So the Company is not insolvent as it stands - plus the £12M revenue via Food / Health

As the BoD have no shares and Omega have no Institutional support of note, it will be interesting to see how this all plays out ?

There will be a lot of disappointed share holders who just can’t be bothered to vote or take up their rights ?

Who would take up their rights when the current price is 5p and IF the vote goes through we could worse case have an extra 140M shares hitting the market ….. getting close to doubling of the number of shares ?

It’s only going one way and it’s sub 5p as the market digests an 140M extra shares

On the day itself …. It’s based on how many people bother to vote, if we assume most investors are not happy with the BoD then they will either vote against or I think more than likely not even bother with the proxy

The Omega action group are building quite a bit of momentum on Social media it will be interesting to see can they beat this dodgy BoD ?

For what it’s worth I have voted No / against both resolutions

Thanks Jaf

Stas.

Don’t disagree with your comments re the BoD but the Company is not insolvent yet - we think !

I am not supporting the BoD raise and will be voting against

How’s it Administration ?

They have £2.6M cash post deal
Plus £2M banking facility
They have no debt

They need £3.5M working cap

Throw in £12M a year t/o @ 50% gross margin from health / wellness and they have removed the loss making division

The BoD having told the market they had ‘ substantial’ cash just 2 weeks ago … this Company is not insolvent

Hopin

The issue is we don’t want / nor need the extra 100M shares
As we know they need £3.5M working cap

They have £2.6M they raise £2M at 10p 1:9 say

We ‘only add ‘ 20M shares as the BoD chip in as well and no £400,000 fees

We have a business that could do £12M @ 50% gross
£4.5M in the bank , controlled overheads - the rights issue document would lay out the model / costs
and IF Covid returns we have EU HUA and the Chinese who nicked Alva to make tests for any contracts we land

The only outstanding issue is CD4, personally I think they out source manufacturing same as Covid LFT in line with contracts

With no debt , £4.5M cash plus some hefty tax losses on 10p a share @ 200M shares ( give or take ) then we are valued
at possibly just 1 X 2023 revenue

IF .. the BoD secure contracts for CD4 and Antigen tests they know exactly how much they will make via out sourcing that bunce on top

Good point TW

From a share trading prospective anyone who has a piece of the 5p shares who forward sold would have to buy back
to close their position - that’s a bit of short term fun and maybe holders to trade a bit if so inclined

On a more serious note the BoD then have to present a document that explains what the new money is for in a wee bit more detail, they offer the shares to the existing shareholders not the Spivs , same time avoid £400,000 worth of fees

I know that its not been in Omega’s DNA but the BoD need to learn - the hard way - how to read the room
the BoD need to have ‘skin in the game ‘ and contribute to the rights issue
They will know the minimum required to show faith in their business model moving forward.

In effect we give the BoD a bloody nose, it will be a shock to them

At the same time the London Stock Exchange via the AIM team will be reviewing their conduct, we leave that to the regulators - Tom has set this ball rolling

Look at Redcentric Directors getting 3 years prison, the regulators do have teeth if they have a case

TW did a good post on this the other week which I agree with 100% , it’s too convoluted to attempt to control the BoD via demands

Our best tactics is stealth via keeping it simple

We vote NO , they can’t then push the £5M through @ 5p

We make the BoD review their tactics , ideally come back to us the shareholders with a simple rights issue - no £400,000 fees as well - and they contribute to the fund raise, it doesn’t have to be a lot cash wise but collectively they get skin in the game same as us

Fortune …. Spot on

Vote No

£4.6M net

Nb no fees as well

They are raising £5M with £400,000 of fees

We only net £4.4M but end up with 283M shares

Terrible bit of business for the shareholders

Captain

They can come back with the begging bowl but they will have to do so with a higher price / less dilution and less £cash being asked for

They have £3M …go for another £2M @ 10p

£5M is more than enough cash at this stage

Reckon they could get that way with current shareholders if collectively they took 10%

Gooner
Will do

Think just getting the message out to shareholders to consider, we just tick ‘ No’, that’s all we need

We don’t have a lot to lose, Omega are not going bust BUT we stop 66% dilution @ 5p and an extra 100M shares

IF the BoD then come back at say £2M @ 10p we have £5M cash , no debt , £10M a year of sales @ maybe 50% gross
there is a fair chance the share price will be well above the 5p

20M extra shares rather than 100M makes a big difference moving forward to the share price

Plus the Spivs get burnt ,

What’s not to like ?

If we except this proposed structure that’s what we are …

Vote the proposal down, they secure £1M from the Chinese
they have £2M in the Bank, they have a profitable division generating £10M a year revenue

They then come back to US the shareholders with a proper rights issue document laying out their plans and if need be raise £2M plus with no fees

We have nothing to lose, Omega is not going bust, the BOD don’t care about the share price - they sold their shares at
90p they don’t own any

But we do …. Look what the members of LV insurance have done ?

Vote the proposal down, it forces the BoD to come up with better terms for the shareholders at the same time the Spivs will get badly burnt, we could see the share price move back to 14p as the Spivs try and cover their position

Worth thinking about

Captain
That’s the crux

They can’t say they have ‘significant ‘ £cash then say 10 days later the business in insolvent - it’s only facing insolvency they can raise funds for the benefit of creditors

We shall have to see what comes out of the London Stock Exchange investigation into the Directors conduct but we can as shareholders vote down this massive solution

The business then has £3M cash in hand
£10M T/o
50% gross ? Maybe higher

IF the fund raising was voted down then the Spivs - who have sold in advance and buy back in the 5p placing to close their position - are in trouble

They will have to buy back in the market and the share price should rise, with no debt , £3M cash, reduced overhead and the £10M revenue then the BoD can return to the actual shareholders for say £2M at a fair price and the BoD can contribute to the fund raise same time

I for one will be voting against the proposal, we have very little to lose

Nb noticed comments from a poster regarding Jag
IF Tom is correct then Jag is in a serious trouble IF it’s deemed he misled the market, as posted the directors of Redcentric just received 3 years in prison, no idea if the allegations by Tom are correct but the AIM Team will be all over this BoD