Member Info for TWatcher

"0.1K a month" should be "£0.1M a month"

I note that cash burn has dropped, net cash was 1.5M in 31st March, and is now 1.4M on 5th May. Seems unlikely that ODX is operating at just 0.1K a month loss on an ongoing basis, so potentially some incomings from the sale of Alva might have been realised recently, making the cash burn look good. Also for the first time ever in an RNS, the company is warning that there is a potential that the overdraft may not be renewed by the bank next month.

This is a last gasp of breath, given where the SP is there can be no more fundraising, so this £2m+ either saves them, or the company is finished.

So, you look at the directors and see how deep they believe in their own strategy. "investing" £80K between the lot of them, wonder how many months salary (paid for of course by previous shareholders via fundraising), that amounts to, probably not even per person equal to how much you are supposed to put aside for an engagement ring.

In my opinion, these directors continue to show almost no faith in the company they are directing, anyone else that does so, if they thought that 4p SP was going to 8p in a month, would they not be committing more to this money doubling opportunity ? For those that are new to this company, 15 months ago on the 15/02/2021 the current CEO, Jag Grewal exercised 210K of options and immediately sold them for 87p each which equals approx £180K.

"choo choo all aboard the multibagger express"

LOL

From the title I thought the post was going to be about the bod.

"I believe Reggie is on a gold command call to Putin - he is brokering the peace deal as we speak. hush hush head honcho secret meeting...."would not be surprised" if peace soon ....maybe tomorrow? Thursday is his favourite day"

I'm going to need a new keyboard

wow, checked the trades, 9 trades since 8am (now 1pm).

Checked the RNS my bad, that initial purchase order was for £750K.

The RNS did say that there was a possibilty that DAM might sell ODX's food detective. It also said the "partnership" was for an initial 12 months. Finally the follow-up RNS a few days later said "This new legislation is not expected to cause a delay in the supply of Omega's VISITECT(R) professional-use COVID-19 Antigen test to DAM Health clinics in the UK under the agreement announced on 1 November 2021"

who knows, we haven't heard anything different other than the "head of terms" announcement back in Nov and apparently £175K was paid. Mind you, if after 5+ months DAM have still been unable to sell a visitect in the uk as it is not legal to do, one wonders whether that "head of terms" has actually manifested into a full contract.

ODX did kindly tell us at the time that the fact that the visitect needed to pass the CTDA or whatever it is called, was not going to impact the contract. I did muse at the time that the contract likely had a stipulation that it was based on a requirement of ODX to supply a test legal for use in the UK. So technically lack of qualification did not impinge on the contract as that condition was already in place. As I have often said, you need to read ODX RNSs very carefully.

TA has it's place, but when there are known external events in play such as lack of strategy and money on the verge of running out, TA is nowhere near as relevant.

"You called ODX correct all the way down from £1. Your technical.knowledge was immense and very useful.
How does this dead cat even interest you any more?"

I'm out a good while ago, but still at a massive loss, still have a, probably, morbid interest in how things will go from here. And never ceases to amaze me how history repeats, we STILL have new folks coming on here saying the silence means something is brewing, just wait for those contracts etc etc.

"contracts"

You might need to define for ODX what those are, of the 4 "contracts" signings that spring to mind whilst I was a shareholder.

1) Sub-contract manufacturer for antibody LFT, that produced 250K tests, but a significant proportion of the income was never paid by HMG.
2) Contract to supply DAM with a test when covid LFTs where a thing, but the test was never and still isn't legal to be sold in the UK.
3) Contract to supply lab testing facilities to Screen4 (?) that never produced income.
4) Contract to supply a covid antigen LFT test to HMG, the test never materialised and as of writing HMG wants £2.5M from ODX.

when all else fails, go for groundless speculation.

Don't let the 1.6M traded figure fool, that amounts to £70K for the whole market buys and sells combined.

As an aside, I wonder what the hell HMG is going to do with the machinery it is picking up from Alva ? Its probably not possible to re-task it for much else other that LFT production. So does it just go into storage, and then ultimately die off ?

Anyone with commonsense, would have realised it makes no sense to pay to dismantle/pack/transport/store.

Wonder is HMG just holding out until OG has entire control of the factory, and then sell the kit to them ?

"From memory were odx not going to pay it off from money earned from production."

The section I quoted is crystal clear, paid back via production, but it not paid back when the contract ends, the remainder needs to be paid back.

"Perhaps more clarity from the company as they not only seemed to think they could challenge it, but also thought they were owed some form of damages"

This is the same company that only realised ONE MONTH AFTER THE FACT that the contract had expired, This is the same company that responded that HMG where contractually obligated to provide them with a test when a freedom of information request from the relevant department had stated that HMG were under no such obligation.

This is a company that has next to zero money and is short on time to fight a long winded case with HMG. It is worth remembering that ABDX is STILL trying to get payment for the RTC antibody test from HMG, the supply of which finished over a year ago.

Page 5 section 13 pretty much ties it down to being repaid

"The preproduction payment will be deducted from the charges to be paid to the supplier OR REPAID TO THE AUTHORITY IN THE EVENT THAT ALL THE PREPRODUCTION PAYMENT HAS NOT BEEN REPAID TO THE AUTHORITY PRIOR TO THE CONTRACT END DATE in each case according to schedule 3."

(My capitialisation)

Caley2

The terms of the contract have been in the public domain for a year+
https://atamis-1928.cloudforce.com/sfc/p/#0O000000rwim/a/4J000000kI0H/EySZ28HhbGWp.KyQFExkrBzY54f6HXd6hOd1W5fDn3E

this isn't a blog, its a chat forum.

Who did you say was the brains again ?

oke ,interesting point about the 4p min.

memory serves me that they were being asked questions about orders, and how "busy busy" they were, and they didn't like the questions.

DIdn't they also change to a different twitter account which doesn't then have the likes of " in April we will deliver 2M LFT a week" tweets in it.