I can't think of any other way ODX shareholders can be screwed10 Dec 2021 10:15
What an absolute total S8itshow. There is some much in that RNS, I hardl know where to start.
1) The contract was dead 1st Oct. We were told over 7 weeks later. The question that needs to be asked here is, ODX clearly were suspicious that the contract was dead, when they asked for a "legal opinion". The only basis for that would be knowledge that the last long stop date had expired, and no extension had been received. So to ask for legal clarification, someone knew the significance of the long stop date. And the Contract is absolutely clear, no further extension to the long stop date, no confirmation of movement to phase 2, and the contract expires. So we need an explaination as to why a publicly listed company was not enquiring end of sept about the status of its most important contract, and was not enquiring AT THAT TIME from their legal dept what the legal postion of the contract was if the status quo remained on the 1st Oct.
In My opinion, that isn't incomptence, that at best it is negligent, and to my reading of it sounds they knew the situation but are using the instrument of requiring legal advice before making a determination as an excuse.
2) We were already told the contract was dead. someone on here told us previously they would like further confirmation. I said the last thing ODX needs to do is tell the market TWICE that the contract is dead...and yet they go and do it !
3) The £2.5M was mentioned as being accounted for separately in the interims a couple of weeks ago, giving a clear indication that to me this was always being held back to be returned to HMG in some fashion or another, possibly on a per unit basis when ODX starting using the gov machinery for commercial purposes. On that basis I personally don't see why this was made a massive thing today. Yes, it suggests they want it back as a bulk payment, but the company allocated that in the accounts as if it might need to go back at some point anyway. Clearly if ODx just pony it over, then it kills their cash on hand big time, but they are not going to do that.
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