Application OnTime not working

Hi Guys, I am experimenting with Application.Ontime for the first time, but its not working. I want it to work everyday. Anyone see anything wrong with it?

Sub Workbook_Open()

Application.OnTime TimeSerial(8, 0, 0), "Macro5"    'Run the Import macro at 8 AM

End Sub

Sub Macro5()

Dim target As Range, target1 As Range, target2 As Range, target3 As Range, target4 As Range, target5 As Range, target6 As Range, target7 As Range, target8 As Range, target9 As Range, target10 As Range, target11 As Range
Dim PrevDay, Prevday2 As String

PrevDay = Worksheets("Rec").Range("AM1").Value
PrevDay = Format(PrevDay, "DDMMYY")

Prevday2 = Worksheets("Rec").Range("AM1").Value

Prevday2 = Format(Prevday2, "YYYYMMDD")



    Workbooks.OpenText Filename:= _
        "V:\Treasury Finance Controls\Ledger v SS Recs\EOD Recs\BS\StructNotesBSRec_Daily_" & "*.txt" _
        , Origin:=xlMSDOS, StartRow:=1, DataType:=xlDelimited, TextQualifier:= _
        xlDoubleQuote, ConsecutiveDelimiter:=False, Tab:=True, Semicolon:=False, _
        Comma:=False, Space:=False, Other:=False, FieldInfo:=Array(Array(1, 1), _
        Array(2, 1), Array(3, 1), Array(4, 1), Array(5, 1), Array(6, 1), Array(7, 1), Array(8, 1), _
        Array(9, 1), Array(10, 1), Array(11, 1), Array(12, 1), Array(13, 1), Array(14, 1), Array(15 _
        , 1), Array(16, 1), Array(17, 1), Array(18, 1)), TrailingMinusNumbers:=True