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If we don’t get clarification on Monday it would be helpful if Omega put a tweet out to quash

It may be a reason no directors have bought in, even at 10p
they could make a token purchase at 5p

I just registered with the news out let forecasting Omega fund raise - its free

9mins in to their news round up they open up on Omega

Gist

Apparently Omega have been doing the rounds to raise £5M @ 5p, existing shareholders will own 33% of the equity
they advise don’t buy the shares even at 5p
They say they are very confident re the source of the information

IF it’s true we may see an RNS on Monday morning, I just can’t see it

Captain

Sell the assets would be my preferred route

RNS a week last Wednesday - not via Tweet

‘Further to recent speculation, Omega can confirm that it currently has cash balances in excess of £2.5m and an undrawn overdraft facility of £2.0m. Thus, there is no short term need to raise additional capital. Like all growth companies, Omega will look to raise funds to drive growth as and when appropriate’

They can’t raise ££ just pay Jag & Co their £200,000 salaries

it would have to be a contract - firm contract at that

Otherwise it’s just cash to pay the BoD Salaries

Unless Omega have a manufacturing contract?
Considering it was only last week they told us no fund raise at the moment

We will soon see ….

http://www.*************.com/views/60412/breaking-omega-diagnostics-hugely-discounted-placing-next-week-source

Kate

Trader Buckie has a good point

Stas,

‘ he was the Commercial Director that Commercialised nothing ‘

Says it all.

Stas, Going Concern is not an issue today, not with £10M p/a of non Covid sales -at the 50% plus margin we are aware they should be enjoying

The new CFO thought he could secure £8M and he got £2M, am guessing but the £2.5M DHSC claim may have spooked the bank, they must also have a 1st Charge on the assets IF the facility is drawn.

The issue on the share price is there is no compelling reason to buy until RNS (good) news

Good point by gazelle

The CFO told us he was seeking £8M on the investor call

The recent RNS says Omega has £2M bank funding

I just can’t see the negative cash run rate being end of March - the losses in H1 2021 were lost costs to DHSC fiasco

They can tick over for 2022

The issue they have is that there is no compelling reason to buy Omega shares without positive news to utilise Alva
as the share price drops they are then exposed to a cheeky bid

I don’t believe Omega are going bust short term ,not with the £10M of sales @55% gross and £4M total cash with bank debt - the £2.5M DHSC claim will drag out

If we are heading for £15M m/cap or lower then a fund raise for an opportunity to utilise Alva is going to be difficult to sell

The lower we go I feel the option for an asset sale grows

Just how low is low now ?

Captain

Agree, Colin comes across as a decent chap, he just wasn’t good enough in the role as CEO of Omega during Covid.

He probably enjoyed the praise tweets of ‘ incolin we trust’
which were put out by the Marketing team at the time the marketing director was selling his share options at 90p before he jumped ship with the loot.

Colin lost money on paper on the shares he bought, he didn’t sell his options with the others and he is now the fall guy for the whole BoD - rightly so he had to go but the big winner in all this was Jag who has played a blinder for his own personal gain considering as Commercial Director he is as culpable as Colin in terms of under performance, he lands the £200,000 salary and he nicked £200,000 on his share options away at 90p ,all whilst generating a total of just £600,000 of -undisputed -commercial deals from Covid over a 2 year period and a global pandemic.

As for life boats … don’t think any of us would want to be in one with Jag , just wish his past Omega -the business -performance gave some comfort this man is commercially capable to grow Omega

Danl,

What’s your view on Ingenuity’s payback per client - timeline - ditto cost to acquire / roll out that client ?

Suggest this a key, if the timeline is within 12 months then we may not need SoftBank and the dilution that would follow

In some ways it would be helpful that their option expired whilst Ingenuity is being scaled up over the next few years?

Quite a few of us got conned -I’ve learnt a hard lesson

Notice how Avacta are playing the same game?

They updated their web site regarding Ava6000 yesterday afternoon, share price jumps 11% as they infer their cancer treatment trial is successful - they are about to embark on a road show to institutional investors

The market then expects an RNS this morning but nothing

The directors can pretty much get away with saying what they want outside an RNS, just like the Omega BoD did, however false information on an RNS and it’s a different ending for them.

Looks that way

Colin / his non exec, both thrown out the lifeboat

Being fair to Colin he didn’t sell his options like Jag / others at 90p
In fact he bought shares - was it 50p ?

Colin will use an executive recruitment agency to find him his next placing, in the meantime he gets paid by Omega as per his contract terms/ duration.

Scaff

It doesn’t work that way as BoD director as in Colin’s case

You are in a contract with a timeline, no more than 2 years often 12 months the BoD would have had a ‘vote ‘ to remove him ditto the non exec Director same time - it’s not like a standard PAYE employee contract where HR is involved
Somebody used the analogy of getting rid of a Football Manager yesterday it’s not far away.

The Chairman drives this process to vote down Colin / his side kick / my guess is he had to do a deal with Jag for his vote, they may take the view they don’t need to replace the commercial director role, especially whilst paying Colin.

Nb I don’t think they would have had the vote as such, the Chairman would have rung Colin to say this is the situation, I have the votes, how do you want to play this ?
Colin has weighed up his options and took the view better to walk.

The Company will then honour the balance of Colin’s contract

Put aside Colin being pushed or jumping - personally can’t see him jumping when he was on £200,000 p/a

For the time being they will run this business for a lifestyle by a mixture of drilling costs down, reducing marketing costs - £800,000 in last update - and hoping they can maintain the projected £10M a year revenue from non Covid sales and return to the 55% margin

If we look at Administrative costs returning to Pre DHSC levels they may just break even, they have their £2M cash on the balance sheet and £2M facility

Balanced against £2.5M owed to DHSC and on the other side £650k owed by DHSC

EU HUA may generate decent revenue next winter but do we really think this BoD and Jag are capable of generating high sales in what is now a congested market place ?

Jag has been the Commercial Director throughout Covid, we generated £1.2M in that time period and £650k of which is disputed by the DHSC via Abingdon.

It’s a lifestyle business or sell the assets to an operator who can do something with them, until EU HUA news I can’t see what stops the daily slide unless the Chairman has plans for disposals?

Jag now on £200,000 a year won’t be pushing for an asset sale - put aside his nice windfall 12 months selling his options at close to 90p for £200k ish ?

It’s a gravy train for Jag