London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
In other words it's a very decent outcome from the study. I'm sure steroid creams are and have been used for acne. All in all what's not to like?
As presented the results of this study are interesting enough and I have to say promising and suggest this product may help acne.Its good enough to provide enough evidence to support the promotion of axisbiotix for skin conditions.
Some caveats
As previously mentioned this was not a double blind study and some results were leaked and hyped half way through the study which is a bit odd given that it was run by an independent study company.This was not mentioned in the report produced in the RNS.No mention of statistical significance in the study report.Steroid creams were mentioned but it would be unusual to use steroid creams in the treatment of acne.
In summary the study is useful and indicates that this product may be a useful treatment for acne but contrary to some comments on here does not provide proof of efficacy.
You may be madabouttech but know nothing about science and studies.
An unblinded study with some results released during the study does not prove anything.
I will have a look at the results and give an independent study appraisal on here soon.
From day 1 this company has always had sellers when good news has been released. Going all the way back to IPO so to blame current management is just plain silly. Who do you think ran this study, and the last one too? If they can clear the loan note then all assumed sins will be forgiven.
Takenorisk, these results were never going to move the share price. What will move the share price is the CB being removed and then forecasts which will give investors confidence that there will be no more dilution in any form and that we will shortly be generating cash.
Let's hope this is a good omen for the croda results
Sadly the price movement following an excellent rns reflects the confidence in the companies management
Started: FoxForks, 18 Jun 2024 09:29
Last post: Leapfroggy, 18 Jun 2024 12:46
It is actually. The ‘rule of 30’ states that a study of 30 or more is likely to be statistically significant. L’Oreals Retinol Night Serum had a study of 49.
91 participants that completed the exit survey ,,,, why such a low low number 91 .... what a poor sample ... not convincing at all
Started: PhatStyle4321, 18 Jun 2024 08:41
Last post: PhatStyle4321, 18 Jun 2024 08:41
Haha
Started: Disco_Dan, 14 Jun 2024 20:19
Last post: Cliostock, 17 Jun 2024 18:17
I wouldn’t suggest that is any kind of cause for concern Prospector, I’ve seen IMC presentations come about with only a couple of days notice. The 1st August is probably just the furthest in the future that IMC have a confirmed one booked in.
The InvestorMeetCompany list of upcoming meetings now extends to 1 August, but shows no listing for SBTX.
Very true Aquae, I’m sure SA is as frustrated as the rest of us, but at least he isn’t hiding and is willing to take questions. Fingers crossed we get some news before the IM.
Just a reminder that as recently as 20th May I shared a response from Stuart confirming the end of June Investor Meets commitment which unlike SOH's one way dialogue is very much a chance to obtain answers to all questions posed irrespective of the volume of news released so this month will definitely prove informative.
Crete should suit your sunny disposition Bazza ⁸
Started: AquaeSulis01, 17 Jun 2024 13:59
Last post: AquaeSulis01, 17 Jun 2024 14:17
And Dermatonics products on sale Amazon.usa
Axisbiotix now listed on Amazon in France
Started: Madaboutmedtech, 5 Jun 2024 14:54
Last post: oleric, 14 Jun 2024 08:33
Have we transformed yet?
No, the only meltdown is the S/P.
Another boring day and another Bazza meltdown. Not much changes in AIMless land.
The last twitter update from SBTX was 7th August 2023, says it all really. Shutting themselves away with no news, no communication and everybody holding out for their Investor Meet update before the end of June. 50/50 whether that happens IMHO and if it does the news will be minimal.
SP sliding down whilst SA twiddles his thumbs, transformational 2024 don't make me laugh. Nearly half way through the year, a shocking performance IMHO.
Started: Disco_Dan, 11 Jun 2024 19:32
Last post: Cliostock, 11 Jun 2024 20:45
Yes it has to be the CB’s. LTH’s have seen how quick SBTX moves at the kind of volumes shown recently, we have seen 20% rises in a day with these kind of share purchases. And if the recent late reported trades are the CB’s, it should be down to less than 500k by my calculations. It could even be clear by the end of the month if the trend continues.
IMHO, CBs being worked through.
A couple of large trades coming in late, again. Seems to be happening quite regularly recently.
Is someone quietly building up a nice position?
Started: Odysseus07, 6 Jun 2024 13:47
Last post: Odysseus07, 6 Jun 2024 13:47
This has been a disappointing perfoemance by the company board and results for the last 2 years. Any news on the update of these?
1. Acne study - results meant to be ready by end of March.. nearly 3 months later and nothing....
2. Croda deal (sigh)... after the positive video and update, this is meant to be commercialised by early summer... will this happen?
Sigh sigh sigh
IMHO Positive news really…No RNS today. Ashman + financial guru + highly skilled Chair/BOD have not destroyed more shareholder value by overpaying for a company with nothing to do with the skin microbiome (aka Dermatronics Urea/ honey foot balms). We can add skinbiotix to dermatornics products, which will never complete but will always be happening. Acne results, wound care, oral care clinical trials, crod revenues, more influencers and ballooning amazon AxisBiotix sales/ Modi sales etc…….deals are just around the corner. Pity our strategy is to drive down the roman road. I for one do not want more RNS’s or updates with “things are going well” statements. Material updates- deliverables what where and when and pls no more buy and value destroying activity. GLA
Disco, if all this awaited news on Acne, new finance, forecasts, Croda etc are outside the companies hands then what does SA do all day to justify his £400k salary? Seems to me yet more excuses for lack of updates.
No update today that's 3 gone now in June.
GLA we are going to need it.
Bazza, this news will come at some point. There is no point in thinking it will all materialise by the end of the month, you will only be disappointed if it doesn't.
Yes it's frustrating, but it's out of ours and the company's hands.
Two days gone, eighteen more to go. How long do we have to wait for any news? SP drifting again and will continue to do so without any positive RNS IMHO.
GLA we are going to need it.
Started: mol42, 4 Jun 2024 18:49
Last post: mol42, 4 Jun 2024 19:05
Totally disagree - he presumably advised but is not on the BOD
There are only two executive Directors - as this BB is well aware
mol
I'm not suggesting we absolve SA of all responsibility for the CLN, but surely the 'Capital Markets Advisor' must take most of the blame for this one. It's meant to be his area of expertise!
Together with presumably Manprit
and of course Chris - which i'll remind this BB you heard it here first from me (blow trumpet, music, angels et al)
https://uk.linkedin.com/in/chris-stebbings-82484043?original_referer=https%3A%2F%2Fwww.google.com%2F
25 January 2024
Stuart Ashman, CEO of SkinBioTherapeutics Plc, said:
"Announcement of this new financing facility and our first drawdown marks the first step in our acquisition strategy as laid out in our FY results last year. We are delighted by the confidence Macquarie Group and CLG Capital have shown in us and look forward to working with them closely going forward. The £5.0 million convertible bond facility complements our fundraise in November and enables us to drive forward with our planned acquisitions. Dermatonics is an established topical and dermatological company in the skincare/woundcare space, which is immediately accretive financially and operationally, and provides new channels for our own products and brings new skills and resource to the team."
28 Feb 2024
Alternative financing options
To date, the Company has drawn a total of £1,600,000 under the Facility. The Board of SkinBioTherapeutics has today provided formal notice to CLG Capital LLC (CLG) (and by proxy Macquarie) that it will not utilise the reminder of the £5m Facility. The Board is in negotiations with the noteholders to discuss timing and rate of conversion and subsequent selling of stock.
Stuart Ashman, CEO of SkinBioTherapeutics said: "We met the CLG team today and have come to an amicable agreement around the Facility and next steps. We believe this is the right decision for the Company. In the meantime, we are very busy integrating the recently acquired Dermatonics, the accelerated Modi/Dermatonics product launch in the Asia, Middle East and Africa regions, and completing the participant study for the acne programme which has generated very positive interim results. We anticipate further updates in the coming weeks in the lead up to the HY results in March."
22 March 2024
The CEO and CFO have volunteered to take a backdated 20% reduction in their respective remuneration with effect from 1 January 2024.
Volunteered ? lol
mind nowhere near enough
just a reminder of the continuing errors made by SA and MR throughout their tenure since appointment to our BOD - mind the convertible bond facility and its back tracking within c 4 weeks must rank as one of the most shambolic decisions made by any BOD on aim in recent years
mol
The CEO and CFO have volunteered to take a backdated 20% reduction in their respective remuneration with effect from 1 January 2024.
Started: Elonmusky99, 4 Jun 2024 08:28
Last post: oleric, 4 Jun 2024 13:20
Hello follow sharepunters I am back to refute an email suggestion that my last post was about an esteemed member of this BB My post was about a fictional character that allows me a certain artistic license My character is an overweight balding guy who posts from his back bedroom in a Manchester council house My character in my fictional story has had multiple threats on his life the latest being intercepted by his long suffering wife as it was delivered via Amazon attached to a horse’s detached head Any resemblance between my character and a real person is clearly ridiculous
Musky, it's not clear what the 'b' represents. Anyway, you realise there comes a point when the market starts to look ahead and attempt to second guess. If the cln is cleared the current price will be confined to history whatever value think is fair.
B doesn't stand for billions.. those are the actual figures we are dealing with - without all this emotion and rallying.. the current SP should be circa 5p.. so actually holding up even though financials/commercials and share dilution to raise capital and use it for payroll and those expensive coffee machines...
Musky, where did you get that data from? Don't use the source again if i were you.
Billions? really! Or does the B mean something else?
Revenue 132.06 K 9.43 B
Gross Profit 45.34 K 27.38 B
EBITDA (2.96 M) 3.9 B
Net Income (2.84 M) 570.98 M
Total Debt 100.65 K 5.32 B
Book Value Per Share 0.02 X 1.93 K
Cash Flow From Operations (2.65 M) 971.22 M
Earnings Per Share (0.02) X 3.12 X
Target Price 48.0
Number Of Employees 11 18.84 K
Beta 1.67 -0.15
Market Capitalization 18.71 M 19.03 B
Total Asset 2.59 M 29.47 B
Retained Earnings (11.12 M) 9.33 B
Working Capital 1.19 M 1.48 B
SkinBioTherapeutics had very high historical volatility over the last 90 days
SkinBioTherapeutics has high likelihood to experience some financial distress in the next 2 years
The company reported the revenue of 132.06 K. Net Loss for the year was (2.84 M) with profit before overhead, payroll, taxes, and interest of 45.34 K.
SkinBioTherapeutics generates negative cash flow from operations
About 20.0% of the company outstanding shares are owned by corporate insiders
Fundamentals SkinBioTherapeutics Peer Average
Return On Equity -1.19 -0.31
Return On Asset -0.61 -0.14
Operating Margin (13.01) % (5.51) %
Current Valuation 14.87 M 16.62 B
Shares Outstanding 202.26 M 571.82 M
Shares Owned By Insiders 19.57 % 10.09 %
Shares Owned By Institutions 18.59 % 39.21 %
Price To Book 5.35 X 9.51 X
Price To Sales 120.86 X 11.42 X
Revenue 132.06 K 9.43 B
Gross Profit 45.34 K 27.38 B
EBITDA (2.96 M) 3.9 B
Net Income (2.84 M) 570.98 M
Total Debt 100.65 K 5.32 B
Book Value Per Share 0.02 X 1.93 K
Cash Flow From Operations (2.65 M) 971.22 M
Earnings Per Share (0.02) X 3.12 X
Target Price 48.0
Number Of Employees 11 18.84 K
Beta 1.67 -0.15
Market Capitalization 18.71 M 19.03 B
Total Asset 2.59 M 29.47 B
Retained Earnings (11.12 M) 9.33 B
Working Capital 1.19 M 1.48 B
Net Asset 2.59 M
Started: oleric, 4 Jun 2024 11:18
Last post: oleric, 4 Jun 2024 11:18
Shortly after a regurgitated report from little known blogger and self acclaimed champion researcher e Eldicko there was a sharp drop inSBTX share price When Eldicko was asked for comment he said “ I research better than anyoneMost of my sycophantic followers do not understand shares asI do and I have HNWIs as friends who are on the sidelines with bundles of cash Ha ve I mentioned the threats yet? I have seen things that others cannot see because they are not so bright Back to the share price I know for a fact the fall is down to TW and not myself I have algorithms that show conclusively that when I talk the SP roofs it I ingratiate myself as much as I can with the CEOs in the hope of a job but so far no luck My lad is also following in my footsteps and one day he will be as arrogant and wonderful as myself You only need to ask toyin after he has finished licking my boots Anyway that’s enough of talking about myself for a minute or two
Last post: AquaeSulis01, 4 Jun 2024 09:20
PG there are lots of moving parts affecting the market, Dire is right regarding short may not have been fully closed and nothing to stop it being re-opened even if has been, but it was reduced considerably as tracking does appear to happen immediately below 0.5% as can be seen by Mac's short history here "Fund % short Date changed
Macquarie Bank Limited (London Branch) 0.00% 30 May 2024
Macquarie Bank Limited (London Branch) 0.57% 24 May 2024
Macquarie Bank Limited (London Branch) 0.46% 22 May 2024
Macquarie Bank Limited (London Branch) 0.57% 21 May 2024"
Looking at the recent conversion dates on 29th May told £150K converted - 1,875,316 shares issued on 30th May and lo and behold short disappears same day no doubt to pay back the loaner (looks to me shorting just a way of forward selling to reduce the sp and hence get more shares back on the VWAP formula).
Thanks direcons, it is mirky world. My point regarding trades still stands. I don't see anything that points to a short being closed on monday. I am not attempting to argue elrico was responsible for the rise even though we know he has in the past had a factor in the rise. I'm trying to educate myself on the market dynamic because i have been lucky not to be invested in a company that's been shorted by a bank providing finance.
'Notice: We no longer track disclosures after they drop below 0.5%. It is possible that the manager still holds a short position even if we are showing it as zero.'
So they could still be short approx 1m shares without disclosure on that particular tracker.
Last post: PGlancy, 4 Jun 2024 08:05
Thanks toyin,
The short was closed on or before 30th may not monday, or am i missing something?
Where is the evidence macquarrie had a short and they closed it on Monday? I am not as experienced as some are. The trades on Monday were more in line with retail taking a punt on the upside. I bought on Monday as did a couple of friends. I had not got around to reading elrico's updates until last night. I'd like to say they were persuasive in my our decision. I would have after reading the Friday update.
I'm not sure what to make of the ev valuation models. I think i understand the case miller is making and understand the caveats elrico and mike offer to counter the uber bullish valuation using the revenues estimates used.
I'll give you the credit for writing to the FCA then elric :)
Come Aquae, don’t burst my bubble. 🤭
AquaeS01, fair points. The product studied appears to the same skin lysate as ours (rhamnosus ??) with skin look claims . It can be purchased from the company who did the publication hence it was more this is on market or a competitor , Annoying but maybe its linked to us. I am sure we/croda are all over it. I did wonder if this is a source of revenues if it is our lysate. Wishful thinking maybe and others will know better than me if this is our product. GLA
...and do you expect studies to fail, Croda having invested over £5M scaling up on results already achieved certainly do not!
"SkinBiotix™
As outlined in the Company's May 2023 update, Croda Plc have extended the commercial agreement in order to undertake additional studies on SkinBiotix™ based on the discovery of significant additional bacterial activity which are expected to enhance the commercial opportunity when sales commence in 2024."
IBK……. Effects of a lotion containing probiotic ferment lysate as the main functional ingredient on enhancing skin barrier: a randomized, self-control study. https://www.nature.com/articles/s41598-023-43336-y
croda Studies positive- fantastic premium product revenue tap opens. Studies say nothing. We were told croda would still launch but why would anyone buy and add it to a product if you can buy products being sold by others which do good things. I cannot see how with failed studies any sales would ever be generated or why croda would put any effort into it given what’s is out already. I trust results and studies are super positive so this is not a concern.
Thats good to hear thomas, glad we are all good. I cant do that because if the Modi forecast does come through as strong as I think, the only person looking like a ffffff.......g clown will be me!
I understand the upset and frustrations and appreciate everyone deals with it in different ways, for me I need to stay calm and look at things logically, if I didn't I would go f*&^ing mental!
Considering how close we are to having news from Croda, I am a trifle upset with the share price, but even more with Ashman's continued tenure with the company. I would eat my word if the results from Mondi and Dermatonic exceed expectations, but I have a low expectation that they will not. How can I be upset with you Toyin, but I would like you to call Ashman a ffffff........g clown
Started: Disco_Dan, 1 Jun 2024 09:31
Last post: Disco_Dan, 1 Jun 2024 09:31
So as we enter June, and we all eagerly await some positive news, I thought I'd make a list of what could/should be coming our way, in the not too distant future.
Please add to this if you can, or maybe suggest better names....
1. Croda results/deal
2. Acne results/deal
3. UMG forecast
4. CLN clearance
5. 2nd acquisition
6. Oral update
7. Dermatonics hospital trial results
8. Axisbiotix new territory
Started: bazzao, 1 Jun 2024 07:00
Last post: Toyin, 1 Jun 2024 09:06
Agree bazzao, excellent update. It is very frustrating but we are generating revenues now and when we get the CB out the way, Modi revenues and when Croda start selling in a matter of weeks it will all start to add up.
Excellent update Elric 👏.
I understand the negativity surrounding SBTX at moment BUT great to see Elric’s positivity and highlighting in depth the seemingly endless opportunities.
I also agree with most that the fund raise was a disaster..that said that will be behind us very soon?
I am definitely backing Elric’s view and taking advantage to add at these levels and hopefully be rewarded handsomely in the not to distant future?
Keep up the good work Elric & team.
Started: Madaboutmedtech, 31 May 2024 12:48
Last post: DireCons, 31 May 2024 15:04
Just realised I'm on the SBTX BB, apologies.
Mad, I'm usually in agreement with what you say, but OPTI didn't launch their first products through the online store until 2018. The online shop was supposed to be a 'Shop Window' to show potential partners the possibilities of their products.
I know it's still 6 years, minus the 2 stolen years of our lives, but Rome and all that? I'm as frustrated as the rest of the long suffering, but when put in the right context.
Wow is the OPTI SP down to 18p now, it was around 30p last time I was aware. SOH did do a good job of that reach RNS though!
I've never understood why people try to compare OPTI to SBTX. OPTI has been trying to make sales since 2012, that's 14 years. SBTX just bought a company that delivers £2mill in sales and has a tie up with the Modi people in India that could raise that number significantly. In addition SBTX have a solid, well broadcast deal with Croda that is very promising and launched a product with minimal resources and is generating £20k a month in sales with shoestring marketing spend. The SBTX board of directors are constantly roasted by Tom Winnifrith amongst others whilst the OPTI board have been trading for 14 years once had a SP over £1.40 (now 0.18p) remain unscathed. I can't help but think that's a bit odd.
Started: Bazzaman, 28 May 2024 08:29
Last post: Madaboutmedtech, 30 May 2024 23:17
One would assume, given the remainder of the note to clear and the acne results which must be close now, there is no reason at all why they would hold back on any positive news. I don’t understand why people would assume that they would. It’s in their and our best interest.
Ashman ought to send the results to me so I could do a realistic interpretation of the study results without the over egging.
Lets assume the stuff works for acne..The Company have demonstrated an ineptitude for actually monetising a product so we are not much further down the line.
I only have 3K invested here now and my working hypothesis is that will finish up at about £500 unless something miraculous happens.
Just being a glass half full sort of man, end of the day wont make any real permanent difference to the sp unless accompanied by a multi-national partner deal
Aquae, I dont see that being the case. If that was the plan why would they state analysis and read-out of the final results anticipated before the end of Q1. Plus, I dont think we are in a position or have the luxury of delaying any positive news flow.
Just timing the news for acne awareness month I suspect
https://dermatologymohsinstitute.com/june-is-acne-awareness-month/
Started: Leapfroggy, 29 May 2024 16:30
Last post: elrico, 29 May 2024 23:05
I have raised a ticket with the FCA based on the following reg:
"The FCA has powers to prohibit, restrict or impose conditions on short selling in exceptional circumstances, such as a serious threat to financial stability or to prevent disorderly price declines."
I believe Macquarrie has created a disorderly market. What they have done is not illegal but morally bankrupt and wealth-destructive, making it difficult for a Company to raise funds, which is another area the FCA can investigate.
Shame we do not have someone with the finance skills of Macquarie, they have skills in deal negotiation/governance we clearly lack. Croda - Does anyone have the deal structure- royally etc….. All I have seen is back from 2019 when the deal terms were disclosed as “which will be subsequently agreed on successful development of the technology”. Have these been communicated? Maybe they have not been agreed given human studies are still to be done? Deals take months to negotiate so no way we will get forecasts anytime soon if the deal is not signed and sealed by now.
Surely this can't be legal?
They short, knowing the exact date when they are going to convert more shares, knowing the share price will fall.
If we did that it would be insider trading.
Agree, sums it up really.
Leapfroggy I’m certainly no expert on the matter but I imagine it makes for a double bubble for them. Convert their shares for profit which damages the SP and a shorter profits from a damaged SP. Some ‘partner’.
Started: Bufflehead1992, 29 May 2024 07:37
Last post: Bufflehead1992, 29 May 2024 07:37
Thanks for clarifying this.
Was hoping for another RNS before end of week, as I am sure all of us are.
Started: Bufflehead1992, 29 May 2024 07:19
Last post: Toyin, 29 May 2024 07:34
Bufflehead, SBTX drew £1.6m from the facility, every time there is a conversion you deduct it from the £1.6m, before this morning it was £890,000 outstanding after the £150,000 today it is £740,000 outstanding.
The company drew down a total of £1.6M from a total of £5M made available, SA has informed Mac that it does not intend to draw down any further amounts from the facility. So far £780K has been repaid through the issue of shares which have been forward sold into the market leaving £820K still to be repaid. The £1.6M referred to each time is a reminder of the total to be repaid not a balance figure.
Last time £500K and drew down £1.6 Million.
This time £150K and still on £1.6 Million.
Can someone help and explain this to me ?
Started: Elonmusky99, 28 May 2024 14:53
Last post: Cliostock, 28 May 2024 17:52
Wow that’s poor trolling Musky. Using a 5 year old link. You might as well post a snippet from Ashman’s school report!
When does Q1 end?
That quote was from 2019.
https://masterinvestor.co.uk/financial-news/skinbiotherapeutics-study-results-fail-to-excite-investors/
Critical to any company's success is the EBITDA - currently £2.4m loss at EBITDA
Keyword 'minor' that's why the sp won't fly.. trials done:
Life sciences research outfit SkinBioTherapeutics (LON:SBTX) has announced that its SkinBiotix treatment has shown efficacy in its first human study. The treatment was found to be safe and well tolerated in all 129 trial participants over 29 days. However, in most groups the difference in skin condition between the treatment and vehicle outcomes were minor at the end of the test period.
Started: Bazzaman, 1 May 2024 20:17
Last post: Cliostock, 25 May 2024 15:33
Superb, potentially another £80k cleared then.
Clio, it must be the CB, that amount of volume would normally send us 10% up or down at least, so I guess they must be matched trades.
Can anyone shed any light on the large trades reported today?
Thanks for that summary of your point of view Toyin, understandable and logical. Totally agree with your final statement. Fingers crossed.
PGlancy, your theory is valid and the market seems to agree with you, hence 10p share price. I would have thought that between them they would be willing to hoover it up as everybody knows it is the biggest drag on the share price and considering what they already hold and what the new boys Unicorn stumped up, it's not a big ask. The only thing I can think of is that it won’t be eligible for EIS/VCT relief, that might be a stumbling block. This is why I want the Modi forecast asap as it would give plenty of liquidity to get rid of the CB. I think that is the closest low hanging fruit regarding actual price changing news, subject to it being a strong forecast which I believe it should be based on the figures opti have published (I know that’s a bit lame but its all we have to go on). This is my biggest frustration at the moment, Morepen aren’t launching until July, yet SOH has a detailed five year forecast, Modi launched nearly three months ago and we have nothing.
The M&A and Axis, I agree its been disappointing but I would guess the CB was going to be used for acquisition two, after the backlash he will have needed to sort alternative funding, maybe that’s the delay. On Croda, I lay the blame with Croda, management had anticipated revenues in 22 & 23 which didn’t materialised, the nomad and board must have had information from Croda to allow this to be put in the rns'. Then in the presentation they pat themselves on the back for getting it done in less than five years when it normally takes seven, but initially signed a four year deal, this I cannot fathom.
It is very frustrating but lets hope that Modi/Croda pull us out the hole very soon.