The engines have fired up at last for MDX. ( BPRG ) At long last they are being recognised for the force they will become over the next two years. On the cusp of disclosing huge revenue-earning deals with Global pharmacists. These have been hinted at as being unrolled before the years end, but may be in the next days.You still have time to get in at a bargain-basement price before the SP takes off for real shortly.

Treble - Happy birthday.

tabasco,

No the NOMAD resigning is nomrally a sign that they have been deceived by the company (IMHO), as they themselves are fed information by the company.

In fairness, there is little true DD they can do, as their information is provided by the company.

Finns are not to blame here (IMO), it would appear once they knew the extend of MDX' problems, they walked.

Whether they can appoint another NOMAD in time will be interesting, NML couldn't in similar circumstanc3es. and were delisted.

Treb's birthday ?

Gee doesn't time fly , only seems like yesterday he last had a bath.

Happy birthday Treb.

Lexuss2 - 9 Jan'09 - 20:09 - 36088 of 36097





The following quotation is from a post made by CQP earlier today:



Inghu/Lex I await your comments later with interest .... whatever you do may I suggest any bad news is not hyped in such a way as to prejudice any attempt by Barry to sort this out



Neil and I have received a number of similar requests not to let off steam as to do so could impair any rescue attempt being considered by BJM; and the shareholders would be further disadvantaged as a result.

My business brain and experience tells me anything I might say could not possibly prejudice matters any further. However, we will both accede to the many requests we have received and mark our time for the moment. Therefore this post is now inevitably watered down from its original and will only cover events leading up to last Tuesday.

The author is Lexuss2 (Deryn Coller) but it is also sent on behalf of Inghu (Neil Narine).






Neil and I had been discussing the ills of Meldex for some months, prior to December. We concluded (incorrectly as it turns out) that the business was sound, but lacked leadership, direction and proper management. We concluded that if we were to ever change things for the better, we would firstly have to find that leadership.

At the same time, I was discussing Meldex with a long standing associate (a retired corporate lawyer of some repute) and telling him of my fears and thoughts. In the conversation it materialised that he knew Jim Murray, due to serving on a number of University Councils with him and he offered to have a word with Jim and let me know if any of my fears were warranted. This he did and Jims response was tell your friend we are dealing with some nasty characters we would welcome his input as he appears the very type of shareholder we are trying to protect.

Neil and I had by now concluded the 121 group comprised a disparate membership and to try to get a consensus with over 180 shareholders, whose share holdings varied substantially in quantity, was an impossibility. We therefore identified 30 members, who between them comprised 50% of all the shares allied to 121, and invited them to join a core group. The thinking behind this move was that it would be easier to reach a consensus with 30 members than with 180 plus. Of the 30 people identified, 16 expressed an interesting in exploring the idea of a more focused, functional core group.

In parallel with the setting up of the core group we continued our search for a suitable leader. This eventually resulted in the identification of Thomas Engelen and after completing as much research on him as we could, we were satisfied he ticked all the right boxes.

At this stage we would like to say a few words about Thomas as he has been much maligned by a select group. He is a highly skilled businessman (not the dork that BJM made him out to be) who knows his way around all the pharmas and all the people connected with them (if you ever get the opportunity then ask SM to confirm if this is true he is still changing underpants). Thomas was NO more unemployed than any other self employed person he has completed some very lucrative consultancy work in the last few months whilst exploring possibilities for his LAST company role. He initially saw that Last Role heading up Meldex and had we got him we would have been fortunate in the extreme. We have watched him in action in the last week or so and he would eat everyone (and we mean EVERYONE) on this board. What is more, he is honest and 100% trustworthy if he told the shareholders something it would be the truth and he would have delivered on his promises. He had three other offers but liked the look of Meldex. He will be employed in a SENIOR position within the next 6 weeks, but sadly it wont be with us.

To move on; a decision was made to call a meeting of the 16 in London on 10 December, at which time Thomas would be discussed. After the preliminary meeting we would all meet Thomas and see what we thought of him. A notice of the meeting was sent to the core group but other than Neil and I, only one other member attended (Carl). There was interest from several members who could not attend a meeting for various reasons but wished to participate remotely.

The three of us met Thomas later that afternoon and we were impressed by him and his wealth of knowledge. He was well connected in financial circles, he had done research on Meldex and he did say that if the technologies and pipeline were as he had been led to believe (from research, his own industry knowledge and from company RNS) he could easily resolve the question of soft long term funding.

Prior to the 10 December meeting I had advised JM, through my legal friend, of the name of the person we were seeing and briefly outlined a business plan, which was subject to a proper amount of due diligence and the willingness of Thomas to take on the senior role. Our proposal was received cynically, but we were invited to contact JM once we had met Thomas.

It was about this time we learned of the 24hr ultimatum which had been given to the BOD by two other shareholders. This involved a management change which we genuinely did not think was in the shareholders best interest, particularly as we had a quality Leader lined up. Neil, Carl and I decided to paddle our own canoe time was getting too short to waste waiting for 121 members or the core group to come together, if that was ever going to be a possibility anyway. At this stage, we had no reason to believe the company was in the extreme financial difficulties we subsequently discovered, though we did accept there was going to be a need for funding.

On the afternoon of 10 December we contacted JM and asked to meet with him within the hour. He advised he was in Devon but would meet with us the following morning. I was unable to attend that meeting but it proceeded with Thomas, Neil and Carl. The meeting went exceedingly well.

The following day Thomas met other members of the BOD and it was at this meeting we were told that for any deal to succeed we would have to be able to satisfy immediate funding of 500,000 (by the end of December), plus a further 1.5 million by the end of January. This was the estimate given by the directors of the total required working capital and as the number was well within the published number of the Loan Term Sheet - we never considered it would prove to be so inaccurate.

It was then we began sourcing the extra funding (the 500,000 had already been pledged). Within three days the goalposts were moved and the 1.5 million became 2 million but this figure was still within the amount on the Loan Term Sheet. It was due to this change in the funding requirement that we were unable to complete the deal quicker. However, within a relatively short period we had secured pledges for the 2 million and we were ready to proceed.

Concurrent with these happenings we learned of a third party who were in the running to provide alleged funding and new management. We took the decision to stop all BB posting and email updates as this was declaring our hand to this other team and providing them with an unfair advantage in the negotiations.

We eventually agreed a Heads of Terms for the appointment of Thomas. We issued a Letter of Intent which amongst other things dealt with the transfer of power. That LOI stated our involvement and funding was based on:

1. Information supplied by the BOD
2. The immediate resignation of JM as Interim Executive Chairman, his appointment as a NED for two weeks (for Thomas to glean anything useful from him) and his full resignation from the BOD on 19 January.
3. The immediate resignation of Helmut from the BOD.
4. The resignation of Alan Clark from the BOD- to become effective 19/1/09
5. The resignation of Klaus from the BOD to become effective no later than 28 February.
6. The concurrent appointment of Thomas as Executive Chairman.
7. The appointment of myself, on a non remunerative basis, as a NED

In the meantime Thomas went to Cambridge to start the process of due diligence for himself. He was unhappy with the quality and accuracy of information being given to him but was relatively satisfied there was a business worth saving; and that it was salvageable.

By now 14 days had lapsed, it was Christmas, and we started to experience a lot of argument over the Heads of Terms and the Letter of Intent. We were unable to settle matters and started to come to the opinion we were being deliberately stalled. Communication continued sporadically during the holiday period, but on 30 December a conference call took place between eight persons to finally thrash matters to a conclusion. At the end of the conference call I was satisfied all matters had been settled and a deal was done.

We continued to experience delay and obfuscation and at 11:30pm on 1 January I sent the following email to Jim Murray and all members of the BOD.



On Tuesday 30 January, during a conference call between Carl, Neil, Thomas, Helmut, Stuart, Jim, (possibly Klaus) and I, everyone unanimously agreed it was their wish to appoint Thomas Engelen as Executive Chairman with effect from 2 January. It was also promised that Thomas would be sent a signed Heads of Terms to that effect as soon as the conference call concluded.

Despite repeated requests, no Heads of Terms has been received. I regard this as a direct breach of the trust which I presumed existed between all respective parties. Furthermore, a Letter of Intent has been subsequently returned with unacceptable amendments. A final revised LOI is now being forwarded to every director; that LOI is non negotiable.

If I do not receive confirmation by 4pm 2 January 2009 that a satisfactory signed Heads of Terms has been exchanged between Thomas Engelen and the company; and confirmation the LOI has been accepted in unaltered format by the BOD; my colleagues and the directors of Meldex International Plc should consider my involvement in matters previously discussed, and any offer associated with that involvement, concluded/withdrawn.

Failure to receive such confirmations by 4pm tomorrow will result in my petitioning for sufficient support to requisition a General Meeting of the Members with the specific purpose to vote on resolutions to remove the current directors en bloc.

I have no doubt such support would be forthcoming.


This ultimatum was met, the following day, with a flurry of activity which culminated in the exchange of our LOI (unaltered) and the exchange of the Heads of Terms which appointed Thomas Executive Chairman from 5/1/09. All the original conditions had been conceded, but everything became conditional upon the deposit of the first 500,000 of funding.

Arrangements were made for Thomas to take up his role in Cambridge on Monday. At the same time a well respected financier (ex Goldman Sachs and Credit Suisse), accompanied by Neil and Carl, moved into HQ to finalise the business plan. We had previously asked for a clean bank account number to enable us to pay the first part of the funding but despite this not being given we were being pressed to pay the money. We eventually received the bank details at 7pm on Monday night and fortunately did not deal with the matter immediately.

I joined the group at 3pm on Tuesday a meeting had already started between Thomas, Neil, Carl, Steve Martin, Steve Lee and within minutes of me joining it I could sense it was not going well. The meeting concluded at 6pm and I was then briefed into various matters by the group. That briefing and following discussion, which lasted several hours, resulted in a collective decision to walk.

When I left Cambridge at 11pm I was in shock it took me four hours to drive home and that shock changed to outrage. By the time I had made notes and written to FinnCap it was 6am and that outrage had turned to fury. I was determined to reveal everything we had discovered.

I made a number of telephone calls, including a lengthy call to BJM and I then went to bed at 1pm. At 5pm I received a call from Barry asking me to hold off spilling the beans for 48 hours and this was followed up by an email from him to that effect.

I responded as follows:



Thank you for your e-mail earlier today.

Whilst I hope the proposal you are going to make by tomorrow night will be beneficial to shareholders I need to make the following observations in advance of your announcement. Whilst these may be interpreted as hostile, they are not meant to be; they are made simply to ease my mind and to be sure I have accurately understood our previous conversation and the comments now contained in your email.

(1) I am relying on your specific comments: We have no intention of letting it (Meldex) go into administration and no intention to rip-off assets in any way whatsoever. Needless to say, if as time passes that intention is not reflected by fact I could not be content to let matters rest. Accordingly I am relying on your statement as one which is based on integrity and all that word implies.

(2) Should you and your colleagues find defalcations by any individual or body corporate, you will take all appropriate action to pursue the culprits.

(3) Should, despite your and your colleagues best efforts, the company go into administration or liquidation I would not expect to discover or learn that a particular creditor has been is/being preferred or that any assets, including the intellectual property, have been/are being sold for any undervalue.

(4) If the company does suffer administration/liquidation, this will not result in a pre-packed deal with yourself, or any connected party, to obtain any remaining assets or intellectual property; and that in the event of administration or liquidation all such assets will be disposed of at arms length for the benefit of all the shareholders.


This email originates from me but carries the authority of a number of known shareholders and, I believe, reflects the opinion of the majority of private investors; the group we both profess to be trying to protect.

I am pledged to post on the BB at 20:10 tomorrow and will need four hours to prepare the correct wording. If I am not to post I will require your advice, both private and public, before 4pm.

My best wishes for any endeavors to protect shareholder value.




I have now received a further email from Barry which confirms the rumours of Board changes in the last 24 hours. That email is confidential but I have to post the following extract;



There is much to be done over the weekend and the early part of next week. I will keep you fully informed of progress and ask that you and your group refrain from blowing the whistle while we get our act together. I am more than happy to discuss combining your findings with those of our own into one statement to shareholders to be made at the appropriate time. By appropriate, I mean when we have a precise handle on what actions need to be taken to ensure the survival of the Company, which I estimate to take a couple of weeks. During this time you are very welcome to visit with us to see for yourself what work is being done.



There is a great deal we could say about the things we discovered on Monday/Tuesday there is a great deal we could say which would point to cause there is a great deal we could say that might incriminate more people than you could immediately imagine.

We do not believe, short of a miracle, Meldex will come out of trading suspension; we do not believe, short of a miracle, Meldex can remain an AIM listed company. Nevertheless, in the remote and highly improbable possibility that miracles do exist (in the financial world) we will wait for that miracle to occur.

Both Neil and I have concluded whatever we could have started today can still be started next week/month/3 months therefore we will respect Barrys wish and continue our silence for the moment. In due course the truth will be told and those responsible will be held to account.

This debacle has cost me (DC) 1,057,948 (without personal expenses) and that is a lot of reason to get even.

The last thing said to Barry (today) was that we require some return for all the shareholders OR NINE HEADS ON A PLATTER.

If he delivers neither of the above I (we) promise to deliver the latter.


Deryn Coller aka Lexus2
Neil Narine aka Inghu


PS: This wek's court case was adjourned at the request of the defendant.

PPS: Finns did not resign at the time the shares were suspended - they resigned yesterday.

Lexuss2 - 9 Jan'09 - 20:32 - 36125 of 36125


Do you think Jim Murray was he referring to Barry and if so do you now believe Barry is working in best interests of shareholders?


Yes I am certain he was referring to BJM.

As for the later part of your question my belief is now irrelevant - it is history that will answer your question

Tabby once again I ask you , are you one of BM's muppets ?

Off to get pi**ed then read the 20,000 comments from BM's muppets trying to defend him in the zoo from the wrath of the genuine guys who have been truly shafted by him and his ilk !

At least we know what Inghu/Lexuss think of BJM

This he did and Jims response was tell your friend we are dealing with some nasty characters we would welcome his input as he appears the very type of shareholder we are trying to protect.


Lexuss2 - 9 Jan'09 - 20:32 - 36125 of 36283

Do you think Jim Murray was he referring to Barry and if so do you now believe Barry is working in best interests of shareholders?


Yes I am certain he was referring to BJM.

As for the later part of your question my belief is now irrelevant - it is history that will answer your question

nite nite...

Pretty sure Tabasco is

J Bravo Esq - 9 Jan'09 - 22:26 - 36343 of 36403


poorold> 36333
agreed again



m5> thanks
as well as can be expected under the present circumstances.....iow effing crap!!

am sure barry will post...if not tonight, then tomorrow at some point.

he might now be as shell shocked as the rest of us!!

Have thought this for some time, spelling and grammar generally give the game away. J Bravo's posts however paint a very different picture to that which Tabasco likes to present. (Timing of the two posts coincidental?)

So, yes Dil, he is one of Barry's muppets.

Yeah I'm back tabby , as I've admitted in the zoo a two bit investor so not in his league but .... I say it as I see it.


Off to read the posts in the zoo now ... and if you are that ramping muppet J Bravo then any respect I've got for you (which I do have given the sh*te we have thrown at you on here) has gone.

Give us your user name tabby , I for one am sure you don't use multiple names on here unlike Barry's muppets in the zoo.

I'm Dil by the way , have been for years here and in the zoo , Gausie is Gausie , Big Al is Big Al , Jeff is Jeff , etc etc .... what you hiding behind tabby and why ??????

blackfox - 9 Jan'09 - 21:24 - 36247 of 36473

I wonder if BJM can walk on water.


bargainbob - 9 Jan'09 - 21:26 - 36248 of 36473

Aye shite floats

alex2504 - 9 Jan'09 - 22:52 - 36372 of 36489


BUT AS THERE HAS BEEN NO SIGNIFICANT DEVELOPMENT SINCE 2003 HOW IS ANYONE TO KNOW FOR SURE? I HAVE A GOOD IDEA TO PUT A FRIED EGG ONTO A THIN STRIP OF SOLUBLE PLASTIC BUT CAN IT BE DEVELOPED AND WHO WOULD WANT IT?

people need to be accountable for this!!

Lexuss2 - 9 Jan'09 - 23:10 - 36399 of 36490


Bartbuild - 9 Jan'09 - 22:42 - 36359 of 36378


So lexus if the tech hasnt been developed wtf has everyone been doing for last 5 years and why hasnt anyone blown whistle or noticed such?

And thank u for ur candid answers and assistance


STRANGLEY ENOUGH - I ASKED THAT VERY SAME QUESTION AT ABOUT 5PM ON TUESDAY


Chay01 - 9 Jan'09 - 22:46 - 36362 of 36378


Lexuss2,

One simple question: do you still believe the MDX IP and associated technologies (and know-how) is of great value?

TECHS PROBABLY HAVE SOME VALUE BUT AS THERE HAS BEEN NO SIGNIFICANT DEVELOPMENT SINCE 2003 HOW IS ANYONE TO KNOW FOR SURE? I HAVE A GOOD IDEA TO PUT A FRIED EGG ONTO A THIN STRIP OF SOLUBLE PLASTIC BUT CAN IT BE DEVELOPED AND WHO WOULD WANT IT?

So are you saying there is no NRT product currently with local government authorities awaiting approval?


NO AM NOT SAYING THAT STEVE MARTIN EVENTUALLY SAID IT AFTER A NUMBER OF HOURS QUESTIONING


sicilian_kan - 9 Jan'09 - 22:47 - 36365 of 36378


Lexus, as well as my names re the 9, I'd appreciate a response to this question.

If there has been no development for the last 5 years and if BJM has been a consultant to the company during at least the start of that period then...

THANK YOU FOR THE QUESTION IT IS NOT MY SPECIALIST SUBJECT SO PASS


RP3406 - 9 Jan'09 - 22:50 - 36368 of 36378


Hello Lexuss2

10m required! - is there no longer a deal or was there ever a deal to sell Dexo France for EUR8.5m ?

With thanks (for everything)

RP3406

DEXO A DONE DEAL MONEY PAID AND IN ESCROW, AWAITING FORMAL CLEARANCES. ESCROW WILL BE USED TO CLEAR FORTIS (JUST OR NEARLY DEPENDS ON BANK CHARGES) PURCHASER HAS BEEN OPERATING DEXO SINCE MONEY DEPOSITED AND HAS BEEN RECEIVING RECEIPTS AND ALL PROFITS HENCE H2 DEXO T/O ONLY BEING 6M

fozdad - 9 Jan'09 - 22:54 - 36374 of 36378


Lexuss2,

Was there any evidence at all of Tabwrap products existing?

Did you see any sign of the Uluru project being progresed?

THEY EXIST BUT NOT IN ANY COMMERCIALLY MATERIAL FORMAT

OK my thoughts after reading tonights revelations :

Barry has been up to his neck in it since he "resigned" from the board about 5 years ago.

LEXUSS has given him an ultimatum to either come up with a deal for the benefit of all shareholders or 9 crooked feckers will be persued via the legal system including Barry.


Thats my take , what you reckon tabby or you already booking a flight to Brazil with the other eight ?

:-)

Re read everything and now believe BM may have had the wool pulled over his eyes and been shafted just like everyone else.

Ok.first off lets get this out of the waythe farm hand is a prick
Back to you dilI dont fly so Brazil would be off the radar?France is my second home
I have as you probably know a twitchy interest in mdxself preservation was the reason to nail my colours to the Barry/Garry mastthey were to my knowledge aware of all the problems facing mdxwith possibly the exception of the kks which has surprised most of usThey both have a large interest in the companies survival and they can both go ten rounds with any heavyweight
I believe your viewLEXUSS has given him an ultimatum to either come up with a deal for the benefit of all shareholders or 9 crooked feckers will be persued via the legal system including Barry. to be totally incorrectthis is the nineimho in order of destruction>

Richard Trevillion
Jim Murray
Steve Martin
Helmut Kerschbaumer/Klaus Kne
Stewart Adkins
Alan Clarke
Peter Ibbetson
Hiral Patel

Lexuss was giving Barry time only because he wants to start action against the bodimho
Barry is no angelhe ducks and divesbut is a premier league playerhe has been hurt like the rest of usI think he will be hitting either side of the beltand maybe Murrays nose he is not the grim reaper!
The FSA have been investigating so we have been told for quite some timethis will prevent whats left of the present bod committing any further crimeone hopes..
It always amazed me how the short sellers new what was happening at the most riskiest of times and the FSA NOMADSand uncle tom cobbly couldn't see it?
Lexuss has been a real hero on advfnbut I cant help believing he has been used by Murray and Co.I would love to see him work in some way with Barrywhich has been offeredbut they do business in a different mannerand I cannot see this happeningmany thanks for their time and help
DilI know how to conduct my life I have morals far greater than most that post on hereand so you respecting me means nothing Vienna! my user names will remain my businessand because of the cartoon boy I am having am monitoredI will not have friends and family upset
FwiwI think that Barry will turn this roundhe is in no mood to be pi**ed any longerif any are still invested on here I apologise if any remarks I have made over the months contributed to that judgement.
Must finish compiling some racing statisticsso wont be on thread.cheerio goodbye tat tar..

Tabby , fwiw I have already said earlier this morning after reading back through all the posts that I no longer consider Barry to be one of the nine.

What I still don't get though is if Barry and GC are so bloody good and so knowledgable about the company and things how the feck did they get hoodwinked as easily as every other Tom , Dick and Harry ?

And you carry on compiling your statistics ... just ask if you need a winner.

"I have morals far greater than most that post on here"

Mother fucking Theresa, what an arragant shit you are Tabby