Member Info for preciousmaj

"Nonsense. This will definitely see 25p by the end of next month. Wait and see."

Deramper

Ubik_Fresh, you don't think there would be any potential suitors for the company at this distressed period?

Yes Okehurst1, it bodes well for a good outcome. The Directors are either working to find a positive outcome with auditors or having talks with would be suitors as an back-up option.

I think a takeover offer or a positive conclusion to the audit followed by the final results release will be value accretive but what will come first?

chrisdr2 posted the following on 23 Feb 2022 11:39:
"Surprised that OSAG has only c10% of the current vote as members. I have control of a higher % together with a few colleagues and my good self and we have yet to vote!"

He has insinuated that he and his colleagues represent more than 10% of the holdings in Omega, which equates to more than 18.3m shares. If he is telling the truth (unlikely) then it would suggest "Chris and his colleagues" equated for the majority of the 16% to apply for the new shares.

This means that up to 6% of other shareholders who have participated in the open offer will vote FOR the massively dilutive fundraise. I don't see how this person thinks they will win the vote with only 16% support.

https://twitter.com/AIMissionary/status/1498592990729838594?s=20&t=h56Lt8xSXSTweleuvxxuJQ

The OSAG have 10% support and every other sane shareholder should also vote this down. Most won't bother but this will be extremely tight IMO.

''Surprised that OSAG has only c10% of the current vote as members. I have control of a higher % together with a few colleagues and my good self and we have yet to vote!''

You and your colleagues own more than 18.3m shares between you?

Live and let live dsaf, and if you can do better then do it. There's nothing to gain from attacking others from doing what they see in the best interests of shareholders. A lot of shareholders clearly see the good that the OSAG are doing. Your negativity and personal insults don't help achieve anything. If you prefer a different approach then suggest it, shareholders will follow and support you if we agree.

You really are boring and repetitive dsaf

unionpacific, if you're a genuine shareholder then suggest an alternative

Shareholders need to ignore the noise and make every effort they can to protect their equity in Omega, we have nothing to lose from taking this action but so much to gain. We can force the BoD to listen if we work collectively. Ignore the noise, there are a lot of external elements at work to derail our efforts. Stay strong and hang tight.

I don't think anyone is calling for the fundraise to be called off, just needs to be revised to be more palatable for retail shareholders. If an improved offer was put on the table that limites dilution and provides the company funds to proceed with the growth of the business then the share price will no doubt increase as a result.

Hi Prime, you can follow instructions on Twitter @AIMissionary

https://twitter.com/AIMissionary/status/1492964402269720581?s=20&t=laHazfXb_uAAkYAfl37eYw

How do you come up with the conclusion that the company will be taken private? Absurd

unionpacific, the information has been taken from the RNS.

"but I'd expect any rise to be heavily sold into"

That is exactly why shareholders need to stop this and demand the BoD revise the fundraise.

That's not true unionpacific, we know exactly what the BoD intend to do with the funds.

The Company intends to use the net proceeds of the Fundraising as follows:
Estimate Use of Proceeds £m
Exit Alva manufacturing site 0.4
Relocate CD4 production to Ely 1.5
Establish Health & Nutrition US business 1.1
Broaden Health & Nutrition product range 0.4
Working Capital/costs 3.2
Total £6.6 million*

Its worth noting that the £1m proceeds from the sale of the manufacturing business to OG doesn't seem to be accounted for.

The question is do they need to conduct such a large raise and have so much working capital? Relocation costs seem to high as well.

The OSAG is making fantastic progress with shareholders representing +5% of the current share capital signing up.

If you're a genuine shareholder then you will support the action group instead of making false statements.

The BoD need a kick up the rear to force them into changing direction.

Hi Okehurst1,

I have been reading your posts over the last few days and agree with the vast majority of your comments.

However we definitely need to have the action group to coordinate the feedback and engage with the BoD on shareholders behalf.

It's no good making excellent points on LSE (and Twitter) like you have made but not be able to present them in a clear and forceful way directly to the BoD. It's clear the BoD via Walbrook are making it difficult for shareholders to communicate with them, any action needs to be direct and be able to back them in to a corner.

The BoD won't take notice if 3/4 shareholders send a couple of emails to them asking for an improved fundraise but they can't ignore a coordinated attempt by +5% OSAG members.

Its a long journey ahead for long term shareholders with averages near to the price the last raise was conducted at but we feel there's no point in selling your shares now. If we ignore the last 2 years ever happened and focus on the core business then we could well recover from this. We need to get rid of the deadwood and get a clearer picture of the new strategy to be able to recover from this. Jag Grewal has said "we look forward to updating the market with regards our new strategy in the months ahead." We're been asked to participate in the open offer NOW and need to hear details of the new strategy NOW.

At 5.86p, the company is currently valued at around £11m. We feel this is extremely low, if the raise is approved we would have up to £7m new cash in the bank. We need details of the agreement Omega have with Orient Gene to produce the VISITECT Antigen Test, this could still bring in substantial revenue but costs will be reduced substantially with the sale of the Alva site, which employed 109 employees. Margins could potentially be better now but dependent on value of orders the BoD can obtain.

Apologies for not keeping in touch regularly due to bereavement. The email provider is really poor as well and I'm unable to send emails to 100+ members in one go unfortunately. Please follow on Twitter for up to date information on the group: https://twitter.com/AIMissionary

We would like to put forward resolutions towards the EGM, please advise what resolutions you would like to be added. We now have numbers required to table these.

I will ask you all to email Omega / Walbrook directly to prove your holdings and to confirm that you support the OSAG in the action they're taking. Please follow on Twitter for the announcement and details, we're waiting to hear back from Omega. A email template is ready to send out to everyone, which will be posted on Twitter. Please wait for further information on this.

Regards,

Omega Shareholders Action Group

Dear Sir or Madam,

You have probably all seen the extremely disappointing news of a fundraise of up to £7m at an issue price of 5p per share:
https://www.omegadx.com/Portals/0/ODX%20Placing%20and%20Open%20Offer%20%2811_02_22%29.pdf

There has also been a further update in regards to the sale of the Alva manufacturing business and sub-contract approach for the VISITECT Antigen Test:
https://www.omegadx.com/Portals/0/ODX%20Alva%20site%20sale%20%2811_02_22%29.pdf

This news will be extremely damaging to long term shareholders. Recent RNS updates suggest that this raise was planned some time ago and price was agreed at 5p, it would seem like Omega were dropping the share price on purpose so they could say the issue price represents a discount of 31% of the previous closing price.

The Alva site has been sold to a subsidiary of Orient Gene for £1m, which is extremely low especially when the company spent an additional £2m+ on refurbishing the site to supply the DHSC.

The company has had no positive communications towards shareholders for some time, the only good news we had was obtaining the CE Mark for self-test use for the VISITECT Antigen Test on 3rd February. Most shareholders thought this would be the turning point for the company, communications would improve and orders will follow from the EU. However nothing materialised from this update.

The new CEO Jag Grewal has not communicated with shareholders in any positive manner since he took charge of the company.

The UK Govt have a lot of questions to answer, there was a lot of noise from the PM about creating a domestic diagnostics industry but here we are giving away a site for a fraction of the funds invested in it, which was geared up specifically to secure the supply for the UK. This manufacturing business has been handed over to a Chinese firm who has already benefitted hugely at the expense of British diagnostic firms.

It is clear to us that the BoD are complicit with the manipulation of the share price and need to be removed immediately. They knew they would need shareholder approval at the EGM to issue new shares and conduct this raise, we feel they kept the share price low so weak holders would sell to those with inside knowledge who would vote to approve the resolutions that will be tabled at the EGM. They have been making poor announcements and scaring small shareholders into selling to change the make-up of the share register, if the raise is approved then shareholdings of current shareholders will be reduced further.

1/2

#ODX Please fill in the form below. We need to bring in more members to the action group urgently and call an EGM to demand answers.

https://forms.gle/3nMQPeCG8WLHpeqs6

We plan to use the answers on the form to apply pressure to the Board to protect shareholder value.

https://twitter.com/AIMissionary/status/1488195134831345666?s=20&t=0uTCvdbIt2XxX-d0pqXx2Q