Member Info for TWatcher

"happy to hear thoughts"
....Was the last thing you wrote on that post.

I gave you my thoughts on the 3 things that you listed. I thought the second was ok. The other two make great sound bites but unless the substance is there behind them, mean little and are potentially negative to the SP. Those are my thoughts.

I note you are now complaining that i gave you my thoughts ?, but you did not counter them. Perhaps when you said "happy for thoughts", you actually meant "happy for thoughts that agree with mine"

This highlights the danger of some highly frustrated shareholders going off half-****ed and running head first into something that has not been fully considered. For example, what you do think will be the effect on the SP if the same TW who leaked about the fundraising, now puts his particular "spin" on this amateur hour action group. ?

my request is
1) CEO removed, vote of no confidence. We need new blood in the business not same culture
Who selects the new CEO, what is the selection criteria.

2) stop rewarding failure, share options have price targets
ok

3) independent investigation into last year of trading by directors, i suspect foul play here but
Who picks the independent investigator, how much will it cost, how long will it take, how does it help shareholders. Whilst investigating the directors, who runs the company, the directors under investigation ? What do you think an announcement of investigations in the directors will do to the ODX share price.

Unsurprising, shareholders have given up looking at bidstats.
But a quick check today doesn't make great reading.

The usual subjects published in January
Innova.... £430M, £323M and £215M
Tanner Pharma... £169M
Medco... £59.5M
ODX...0p

https://bidstats.uk/tenders/?q=lateral+flow#768147455-767492486-30

Got these contracts without tendering.

"The Omicron outbreak and its high transmissibility has however led to an urgent and unforeseeable surge in demand for LFTs. Due to this urgency, UKHSA is unable to comply with the time periods required for a further competitive tender (whether under the DPS or otherwise), as any delay will risk the current stock of competitively-procured LFTs being exhausted thereby introducing a significant risk to public health."

"The current BoD will be taking regular advice off their NOMAD and Company Lawyer, without doubt they are exposed as is the company"

The website indicates they use an outside solicitor firm for legal issues, there is no inhouse advisor. This is the same solicitor that they had to refer to before coming to the conclusion that the HMG contract had expired over a month prior to them checking it. Still incredulous that the expiry date of the last extension was not burned into their heads, or the prime importance of it.

Call an EGM...but what is on the agenda, who speaks for the group, how is he/she selected ?

I understand (believe me !) the frustrations but unless there is a thought thru policy of what the desired outcome is, and what is achievable, exactly what is the point of it other than to vent ?

And anyhow, if you want someone to fill out a form, let them see the entire form to make the decision, currently it appears you have to fill in personal details before you get past the first page to the Q&A. How are people supposed to make a decision on a form they can't see until they have divulged personal information ?

I note there is no mention of Data protection regulations as to how this information is stored, how it will be used, who has access. There are legal requirement for such stuff, and for a link to the policy being followed to be on the page in question.

It looks like a rushed one-man-band crusade, that hasn't given it much thought.

The user promoting this, I have no recollection of him ever posting on ODX in the past. I quick look back shows he hasn't done much posting on ODX at all, but one of his posts from dec says

"follow me on Twitter and see what work I have done already with other action groups. "

So he appears to be big into action groups ???, either he has been extremely unlucky in his share selection in the past, or action groups are a hobby for him......think I'll pass.

The next fairytale

We are on the cusp of success, as soon as the PM is changed :)

Oke made a useful point earlier, in that the main site is very specific and historically handy to the main directors etc. Its not the place you'd select in the morning to build a manufacturing plant. The logistics of getting raw materials, and then getting the finished goods to wherever make it far from ideal, never mind unattractive to a potential bidder simply from having to encourage existing senior management to tranplant themselves to "the sticks"

It would be a lot more attractive take over possibility if it was located in the home counties / midlands

"swatting away any seeds of positivity"
how poetic :)

I have been and remain entirely critical of the company's decision making, its loose adherence to rules regarding its communications and the channels used for it, its complete amateur hour/incompetence in understanding the basics of the contracts it signed, and its inability to get an order of any significance. I've also called out all those "look at the employee count must be serious stock building", "gates will push mologic thru the US", "looks at those labels on those boxes" crap that the rampers fed this board no end of, and unfortunately some lapped up on the understanding they were being genuine. I guess these must be the seeds of positivity. I do not recall you ever doing any swatted or calling rampers to task

But interesting you get straight on a high horse when I call out someone who has consistently sowed subtle ramp seeds for the last 18 months wrapping it in jargon to make it sound plausible, and yet in the last week has done bugger all except "wave", apparently too busy booking holidays. Many would like their past posting on here to be forgotten, like it never happened.

wavey rampy Mcregulator, clearly has his head in the sand, not a single pertinent comment, he of the "its all going swimmingly well" brigade

Swag, historically a small company, probably zero experience or knowledge of looking to a wider market for a CEO, and then you have to consider whoever they get has to be prepared to move to a relative backarse of nowhere, as that's were the business end of ODX is.

went with the "handier" option.

"WONDER HOW MANY WOULD BE CAUGHT IF THEY CAN CONFIRM NO PLACINGS NEEDED"

"Company may choose not to proceed with a fundraising until such time as conditions are more favourable. "

They are definitely doing a fundraise, just a matter of when.

I need a new keyboard :)

It is certainly not possible to draw a conclusion of the burn rate solely from a statement of cash at a particular date, without knowing the immient liabilities/pendings at that date.

Capt, that's my point, for example what the hell is the point of buying machine capacble of producing 1.3M LFTs a week, that has laid unused for 1 year now at a cost of 5M, when they can not achieve orders for the 600K+ a week capacity they already have.

I can not see the story they are going to portray that will be compelling to anyone that knows the company. And given they are already in discussions they are at least considering doing it shortly.

"confirms that it is in discussions with certain investors and shareholders"

BTW who are these shareholders that they are in discussions with ?, we have not been advised of change in significant shareholdings (i.e >3%) in the whole time I have been invested. If they are not substantial shareholders, they should not have advance warning of a funding raise and hence a potential dilution of the SP, before the rest of us. Most likely them selling out over this last while knowing whats coming before the rest of us.

"Doh! You can't expect SOME people to read more than two sentences"

Fixed it for you.

...I am comparing known audit figures from the last reporting periods and seeing whether the cash rate that they indicate would suggest this entirely inept managment have been able to get the burn rate down to 57K a month. As per my post given those reporting periods, was somewhere between 180K and 515K a month.

We know this company has been "cute" with wording. You can have £2.5M on the day you say it, knowing you are expecting to pay out funds shortly. For example a week from the figures expressed, the monthly salaries are due. Also did they have a big tax bill pending ??

Better to work out cash burn based on full, closed audited accounts as opposed to figures that are expressed in isolation of other key metrics, that in doing so means you can not fully assess them.

"You need to account for the £2.0m cash payment from DHSC."

Which is why i mentioned it ???...the question is was the payment matched to one-off non-recurring expenditure during the period, in which case both sides can be ignored going forward.i.e. its like it never happened.

If not, then at least a portion of the £2M is part of the on-going monthly burn and has to be dialed into the burn rate.

FY to March 5.8M cash and cash equivalent. Notes say that they had a £2M overdraft facility, none of which was used
HY to Sep 4.7M cash and cash equivalent.Typical for ODX,their accounts are inconsistent and this time the notes don't refer to the overdraft.

But assuming totally unused, it would appear that only £1.1M was burned or £183K a month. However that ignores that during the same period they received a one-off £2M cash payment from HMG as a prepayment, so that that was burned as well which if true is £516K a month. Now you can argue that the £2M one-off cash input was mated to a similar amount of one-off expenditure, but actually we don't know. So somewhere between 183K and 516K burned per month in the 6 months to Sept.

Is it reasonable to think that the burn rate is down to 57K a month in the last 3.5 months ?

As per the title, what realistic narrative from ODX would make it look attractive to buy in.

In other words, what constructive use of the funds can they say is the reason for the fund raising, ?

...and clearly hasn't a single relevant thought on ODX :)