Member Info for bigpunt

They clearly couldn't publish accounts without the raise, as going concern assumption would be qualified in the audit report. That does mean, however, that there will be enough cash from 12 months of signing date of the accounts post-raise

Croda would not be allowed to buy a single SBTX share as they are insiders

Net, forget the £750k, it was a total fudge to make it look like the group was breaking even. But you are right, depending on the current value(s) and tradjectory of our cut of zenakine sales, and consequentially whether we need another raise - that will entirely influence the mkt cap

Net, you have a PhD in semantics which is hampering your judgement

Regards intangibles, there was a small addition to patents and trademarks, which is not worth considering; however more importantly, it was amortised through PYA

Furthermore....

The commercial arrangement with Croda has continued to operate in accordance with the terms of the signed agreement throughout the period. We are pleased to note Zenakine's awarded a 'Novelty Merit' at the prestigious 2026 C&T Allē beauty awards in the Base Ingredient: Wellness category and its mention in Croda's full year results. Royalty revenues are being recognised by the Group as confirmed sales data is received.

Initial licensing income is being received and we were pleased to see that Zenakine was recently awarded a 'Novelty Merit' at the prestigious 2026 C&T Allē beauty awards in the Base Ingredient: Wellness category.

Very clearly written. Now we have the facts (as presented through the PY adjustment and HY numbers) and update that royalties are indeed being received, I only care whether the investor update later in June will say a raise is or isn't required. God help shareholders if it is required. Great time to buy if it isn't

hi alarvian, i don't pay any attention to non-statutory performance measures. the balance sheet looks grim when one looks at net assets less goodwill and intangibles. it's still a long road to recovery. a lot of good work has been done but i think capita are still in a perilous position. however, in their favour, they have a big order book with a high quality customer list so the risk of going **** is diminished

£100m statutory operating profit*

900p would give this a mkt cap of >£1bn. They have not generated cash excl. disposals for a very very long time - this is a contracting business not an embryonic Silicon Valley AI high-growth story

A brilliant year for Capita would be £2bn revenue and £100m EBITDA at which point the mkt cap would be about £750m. They are nowhere near that

Remarkable RNS today - closing their entire land acquisition and planning function, presumably the redundancy consultation starts today. Effectively signposting that they are now a BTR business. Astonishing shift and huge condemnation of this government

Gross margin will need to increase given they have said sparkling is a greater proportion of the sales mix

They have chewed through £3m of cash this year

Slightly over one-third of sales come in Q4 so they can only have one more year like 2025 until they will need to use the accordion. It would be an absurdity to have a daily debt figure anywhere near the sales figure

"Nearly £1m" of exceptionals last year related to new winery (called strategic review) - needs to be a low figure this year or even better they should just do away with it - only struggling PLCs use it

Can anybody confirm whether Dr Chahal is still advising the Board?

Oh dear, very poor results. Increase in provision again, customer deposits down, retail deposits down, Moody's credit rating down, NIM down and going nowhere. It will be a very long road to recovery

MrHumbles, each of your posts are littered with errors. e.g.

"Future uncertainty" is some kind of oxymoron

Prior period adjustments are made to correct material errors and there is a long list of these in IAS 8

MrHumbles, you can't accrue revenue if there is uncertainty over timing or amount of revenue. That makes it contingent revenue which cannot be recognised

I would trust an auditor's opinion (even if they did a crap job) than a rushed RNS from a questionable Board

Net, for accrued income to pass through audit, there cannot be uncertainty over the amount. It may be that certain performance obligations were not met, hence Board have de-recognised. Accounting policy says....

Royalty income is recognised on an accrual basis in accordance with the terms of the underlying royalty agreement.

Revenue is measured based on the consideration to which the company expects to be entitled, calculated as a

percentage of sales. Royalty income is recognised when it is probable that economic benefits will flow to the company

and the amount can be reliably measured

'when it is probable' simply means more likely than not. Whilst I disagree that revenue can be recognised when a cash receipt is probable, it is clearly stated. However, I am taking comfort from 'reliably measured'. i.e. this is a timing issue

Aquae, I agree with you. However if there was a quality audit report, it would have identified the accrued income as a key audit risk, and it would state the specific procedures carried out. I am not this way inclined, but I hope the auditors get investigated by the FRC

...because the entire company valuation is based on Croda, and it appears there is no bunce coming from Croda in this for the foreseeable