Omega Diagnostics Share Discussion Threads

[nxc] 23/9/2019 16:26

GWR7 - you clearly have a personal grievance which I am happy to discuss with you in person or via the phone as a bulletin board is not the forum for such a dialogue.

[gwr7] 23/9/2019 15:44

It seems Oldnotwise didn't withdraw his comments as they're still there.

[gwr7] 23/9/2019 15:42

Oldnotwise - 23 Jan 2019 - 15:09:09 - 19014 of 25462
To the BB
If it's not obvious what happened just now, NXC (DE???) posted at 14.44 under the Name ALFTUPPER a message talking about why he hasn't posted before in relation to my earlier request when he said that he thought that sufficient time had passed that he could comment on Scancell without fear of affecting the current BOD position. That message was very quickly edited with all the text removed!
Since NXC was supposedly the retiring Chairman DE I wonder why he didn't feel equally constrained on the Omega diagnostics BB on ADVFN where he'd been posting since October last when he stepped down in the same month.
Since he posted today on here under AlfTupper I thought you'd enjoy a post (My 19013) from that version of DE nearly two years ago when he was being far from generous to the then BOD of Scancell.
I'm not too certain that I'd like to endorse NXC or Alf Tupper as being DE in any shape or form.
Should our erstwhile Chairman wish to make contact with ADVFN and they can then make contact with me to prove that he's both of these posters, I'll naturally withdraw my comments.
looking forward to seeing what materialises.
All In My Personal Opinion.
ATB

[nxc] 23/9/2019 14:52

Dibs61
It was you who raised issues of integrity regarding people you do not know - you miss my point and in that regard all I was saying is that I know them and trust them - I do not know you therefore I would not trust you until I had met you and formed a judgement. I did not say you were untrustworthy but you have chosen to interpret it that way. I am happy to speak to you directly and if you have read any of my previous posts you might revise your statement - I fully acknowledge my responsibility in not delivering value to ODX shareholders but I did put my money where my mouth was and have invested over £900k into the company. Also for the record I left last December prior to the last two fundraising.

GWR7 - you clearly have some personal information grievance against me - you have an open invitation to call me to discuss - my number is on this board already.

[dibs61] 23/9/2019 14:31

David - Despite your personal slur on me which I will ignore since it says more about you than it says about me, my point stands. You and the board have failed to deliver shareholder value. That is undisputed by the share price. What you have delivered is equity dilution in the past two years by the bucket load. You say I should be thankful that I haven't lost everything because the company raised yet more funds. Tell me David who got the company into the situation whereby it had to raise all those extra funds? Was it me or my fellow shareholders? NO it was you and the board of directors. So take some responsibility man and show some humility and less arrogance!

[gwr7] 23/9/2019 13:06

"Regarding integrity I would trust the Board with my house keys - whereas I would not trust you with them."

I think that's an unnecessary slur as you know the board personally. Do you know Dibs61 personally?

I wouldn't trust a guy who confuses himself with his various user names on advfn with my house keys. I'm referring of course to alf 'tough of the track' tupper's embarrassing lapse on the Scancell thread.

[longshanks] 23/9/2019 12:30

Thanks for that feedback bomber.Having not attended the presentation myself it is difficult to get a full picture and I guess, if anything, I am angry at myself for not attending.I know it is much cheaper to raise funds without extending the offer to retail investors, but I think they could had an open offer alongside as very often it is the support of those retail investors that is most important during these periods of development.

[nxc] 23/9/2019 12:14

Dibs61
1. I assume you would be a whole lot more unhappy if you had lost 100% of your share value. For that is what would have happened had they not secured their funding.
2. You would be more unhappy if they sold one of their prize assets at undervalue given that they were in a cash squeeze. How about would you have been had the FIT business been sold at 2 times sales when it should command nearer
3. Given the cash squeeze major shareholders could have taken advantage - they did not.
4. The Board are not going to put in neon lights their need for funds but it was obvious to a blind man that they did. I am no longer involved but as soon as they pulled their results it could have been for only one reason in my view - the auditor needed further comfort before signing off on going concern.
5. Regarding integrity I would trust the Board with my house keys - whereas I would not trust you with them.
6. I think the Board are only too well aware of who owns the Company - I have found Richard Sneller and Christopher Mills excellent communicators in that regard as well as other Shareholders and contributors to this Board.

[bomber13] 23/9/2019 12:12

At the August investor meeting , Kieron said that it was no secret that Omega had been looking at some funding , and Colin intervened to say that they had no current plans to raise equity at that time . Who knows , perhaps they were looking at a bond issue instead ?I suspect that the honest answer is they subsequently decided to take out some insurance against CD4 delays outside their control using risk capital , and there is no harm in that . Do I still trust Colin King ? Yes , I do , and he is nearly doubling his shareholding after all . Moreover , Sneller is going from 22% to 24.4% , Harwood is covering their corner to avoid dilution , and the largest director purchase of them all is Jeremy Millard , Sneller's brother-in-law , who is putting in £50/- for his first and only holding in Omega .I am surprised but certainly not shocked by the placing , and I am also thinking that it will be the last they need .

[gwr7] 23/9/2019 11:44

"One of my lingering concerns has been about the moral integrity of the board, to such an extent that we had a fuming David Evans posting here in defence. More bluster than substance though."

Dangling a maggot?

I fully agree, but you can't deny his brass neck ; )

[upomega] 23/9/2019 11:28

My guess is that the company were expecting a large order for visetect on the back of eprd approval which didn't materialise. so hopefully just a delay

[barrywhit] 23/9/2019 10:54

6. Related Party Transactions

Richard Sneller and Harwood Capital have agreed to subscribe for 7,500,000 and 930,358 Placing Shares respectively as part of the Placing. These Shareholders are related parties of the Company for the purposes of the AIM Rules by virtue of their status as substantial shareholders of the Company. William Rhodes, being the independent director for this purpose, considers, having consulted with the Company's nominated adviser, finnCap, that the terms of the Placing with such related parties are fair and reasonable insofar as the Company's shareholders are concerned.

Certain Directors have agreed to subscribe for a total of 935,000 New Ordinary Shares as part of the Fundraise, further detail is provided in the below table. Each of them are a related party of the Company for the purposes of the AIM Rules by virtue of their status as Directors of the Company. William Rhodes, being the independent director for this purpose, considers, having consulted with the Company's nominated adviser, finnCap, that the terms of the Placing and Subscription with such related parties is fair and reasonable insofar as the Company's Shareholders are concerned.

Director Role New Ordinary Ordinary % Holding
Shares Subscribed Shares held of the
for in the following Enlarged
Fundraise the Fundraising Issued
Share Capital
Chief Executive
Colin King Officer 300,000 768,253 0.51%
--------------------- ------------------- ----------------- ---------------
Chief Financial
Kieron Harbinson Officer 75,000 681,617 0.45%
--------------------- ------------------- ----------------- ---------------
Non-Executive
Jeremy Millard Director 500,000 500,000 0.33%
--------------------- ------------------- ----------------- ---------------
Group Sales &
Jag Grewal Marketing Director 60,000 213,246 0.14%
--------------------- ------------------- ----------------- ---------------
Total 935,000 2,163,116 1.43%
------------------- ----------------- ---------------

7. Effect of the Fundraise

Upon Admission, the Enlarged Issued Share Capital is expected to be 150,307,010 Ordinary Shares. On this basis, the New Ordinary Shares will represent approximately 11.3 per cent. of the Company's Enlarged Issued Share Capital.

[dibs61] 23/9/2019 10:54

NXC - I’m assuming from your post that you are David Evans. I was not aware before. So thank you for posting. However, Firstly I don’t see how over 10% dilution of shareholders equity can ever be ‘very good news’ for shareholders. Secondly it’s for working capital which means the company are spending more than they’re earning. And finally I think integrity is in question because we were not given any advance warning of a further funding requirement. Indeed we were explicitly told nothing should be read into the delay in announcing the final results. And now we have the final results released... with a placing attached. I think management sometimes forget who runs and who OWNS the company.

So no I’m not happy and why would I be? My shareholding has just lost over 10% of its previous value along with a near 13% drop in the SP! So thank you very much for delivering shareholder value Mr Evans et al. NOT.

[longshanks] 23/9/2019 10:27

Their hard work is not in question David, I just have an uncomfortable feeling that they hide too much from shareholders.They may not lie, but there does appear to have been dissembling and that limits the degree to which investors will trust what is published going forward.

[nxc] 23/9/2019 09:47

The moral integrity of the Board is not in question. They are a hard working group of people ably guided by my successor Bill Rhodes.

[barrywhit] 23/9/2019 09:43

It would be interesting to know what value the Company puts on the 3 individual sectors because at present we have a mkt cap. of 13.6million....

[longshanks] 23/9/2019 09:41

He is too dangerous to filter, but equally too ridiculous to engage in debate with. I simply try to steer him towards a better version of himself that I know is struggling to depart its teenage controller.

[longshanks] 23/9/2019 09:34

I had spotted that too GWR7.One of my lingering concerns has been about the moral integrity of the board, to such an extent that we had a fuming David Evans posting here in defence. More bluster than substance though.The delay clearly was required to get financing in place to pass audit so it does damage trust.

[buywell3] 23/9/2019 09:31

10p chartwise has been hit as per chart


buywell3 27 Oct '16 - 00:38 - 1362 of 1774 Edit

The chart of ODX is not good , so putting positive spin on this at the moment is not justified


free stock charts from uk.advfn.com


This post below caused a big push , when some folks should have listened

buywell3 6 Apr '16 - 15:19 - 1226 of 1775 Edit

Not much of an uptrend in my view

More like a wedge

[nxc] 23/9/2019 09:31

This is very good news for The Company and its Shareholders. The fundraising will enable the Company to advance its plans without having to indulge in a disposal of assets at below optimal value. The support of Richard Sneller at this level is a huge boost to the Company, its Shareholders and Management Team. For avoidance of doubt I did not participate in the placing but would have done had my cash been needed - other shareholders and non-shareholders have stepped up to the plate.

[longshanks] 23/9/2019 09:28

Still here talking about Buywell rather than ODX, I see.About time you got some therapy to tackle this narcissistic issue you have, wouldn't you think.

[gwr7] 23/9/2019 09:27

I refer to bomber13’s summary of the investor meeting held on 19th August (post 1724)

“The CEO's immediate message was that nothing untoward should be read into the deferral of the final results to September”

As suspected by some on here at the time, it now seems obvious that the reason for the delay was an auditor’s qualification:
“Accordingly, the audit report accompanying the results for the year to 31 March 2019 has an emphasis of matter with regard to the going concern of the business.”

If bomber13's summary was accurate,I respectfully suggest that the CEO was being economical with the truth. It seems that something untoward definitely should have been read into the deferral of the final results.

[buywell3] 23/9/2019 09:26

Read the , 'Strategic reviews' section in the results today

IMO this basically says that ODX have tried to find buyers for individual bits of the company to achieve better shareholder value as the BOD think the market has got the current price wrong.

That is the current worth or Market Cap of ODX is too cheap.

IMO nobody has made an offer for anything that improves upon the current price.

So Mr Market has got it spot on IMO.

ODX thus have no option but to soldier on with CD4
which IMO time will tell was a big mistake
for the ODX BOD to evr consider to undertake


Only one piece of this is decent IMO ... Food Intolerance as buywell said over 4 years ago when he first posted

dyor

[longshanks] 23/9/2019 09:19

Hi Eeyore.Yes, some interesting parallels here both in terms of Mr Snellers activity but also the products being commercialised.I sold out completely some time back due to the fact that there were so many uncertainties around progress and, indeed, viability of the products being developed. Those concerns have assuaged so I have started rebuilding my position.