Member Info for elrico

Bazza,

Myself and Alex served up our view, FWIW yesterday afternoon.

Tom will be, Tom, especially when taking the proverbial out of fury rodents. I do wish he would pay attention, and make assumptions, and stick to he word and resist the urge to post B S about our objectivity.

https://open.substack.com/pub/lemminginvestor/p/skinbiotherapeutics-plc-cd5?r=kcv2o&utm_medium=ios

Croda has not said Zenakine will be made at its new Guangzhou facility. But its FY25 language around a China-based F&F and Actives site, combined with Zenakine’s apparent IECIC pathway and Croda’s broader “Made in China for China” push, makes the read-through hard to ignore.

The real significance is not simply local production. It is whether Zenakine can become a credible China-facing beauty active in one of the world’s largest skincare markets. With regulatory usability, a fashionable neurocosmetic positioning, and supporting scientific and clinical data behind its stress, sleep and skin-regeneration claims, Zenakine has more than the usual ingredient-industry pixie dust.

The caveat is equally important: there is no official confirmation of Chinese manufacture, no disclosed material sales traction, and no proof yet of major brand adoption. For now, Guangzhou looks less like a smoking gun than a commercial accelerant — potentially powerful, but still awaiting ignition.

https://substack.com/@lemminginvestor/note/c-256005728?r=kcv2o&utm_medium=ios&utm_source=notes-share-action

Belgrano,

You are confused. It has always been known the royalties are derived from raw ingredient sales, not the finished consumer products. I explicitly sought clarity on this matter years ago.

You have obviously forgotten our phone conversation on this topic. Senile s o d :)

Chris,

Have currently have a shipments of Motheus, Serums, night cream, body lotion and bath lotion, all mention Zenakine. However, I’m pretty sure you will be proven correct…I doubt any household VIP will explicitly mention Zenakine, and that will likely be simply down to them not wanting to give credit to something they have not developed themselves.

GCI’s regenerative skin care framing in the extensive article centres on exosomes, mitochondria, barrier ceramides and neuro-soothing, and Croda’s contributions are on the mitochondrial and barrier side, not the neurocosmetic/sleep side where Zenakine sits. That gap is critical and therefore worth flagging: Zenakine’s neurocosmetic positioning is an “uncontested” slot in this particular regenerative taxonomy.

In short, there is nothing kn the market that can compete with Zenakine broad appeal in specific areas of heightened demand.

I wrote to Farage (see below), warning that this fiasco was inevitable. I also raised the same concerns directly with both him and the branch chair in my capacity as a local Reform treasurer.

Farage did not reply. In fact—if one can call it a response—I was removed as treasurer and had my membership downgraded. No notice was given, and even the chair was left in the dark. He only discovered what had happened when he checked the portal while reviewing my status as a prospective candidate.

Dear Mr Farage,

I write as a Reform UK voter and long-standing supporter of the broader principles you have championed over many years — fiscal prudence, scepticism of financial excess, and the protection of ordinary citizens from the sorts of schemes and distortions that too often characterise modern markets.

So, I'm sorry, but I'm concerned about your recent involvement with the Company now known as Stack BTC (STAK), formerly Kasei Digital.

Based on the publicly available information, the structure and valuation of this vehicle appear deeply troubling. The original fundraising at 1p per share in January, followed by a placing at 5p in February, and now further investment at that same level — including your own reported £200,000 commitment — suggests a valuation trajectory that is difficult to reconcile with the underlying net asset value of the business.

By most reasonable calculations, the Company’s NAV per share appears materially below the market price - c7x, even before accounting for the ongoing costs of maintaining a listed vehicle. A structure whose sole function is to hold bitcoin, yet which carries the overhead of a public company — management salaries, advisory retainers, PR costs, and corporate expenses — inevitably creates a persistent drag on value. In effect, investors are paying a substantial premium to gain indirect exposure to an asset that can be purchased directly without such structural leakage. I understand there is a reduction in the professional requirements for direct access to BTC.

Even so, your actions raise legitimate questions. However, the situation is compounded by the optics of political figures — including yourself and former failed Chancellor Kwasi Kwarteng — becoming involved in what appears to be a heavily promoted micro-cap vehicle listed on the AQSE lobsterpot. The combination of celebrity endorsement, media amplification, and retail investor enthusiasm has driven the share price far beyond any plausible relationship with the underlying assets.

Many Reform supporters, who trust your judgement on economic matters, may reasonably interpret your participation as a signal of legitimacy. Some may therefore be purchasing shares at prices that appear significantly detached from the Company’s asset value. As sure as night follows day, that disconnect eventually corrects, as financial history repeatedly shows such situations tend to do — the losses will likely fall on ordinary supporters who simply followed th

Oleric, I was made aware of your post and wanted to say I appreciate you taking the time, and having the good grace, to share your thoughts and concerns.

I’m aware of the condition. I had actually hoped I might bump into Phatstyle at my local Specsavers, but alas he was at another franchise.

In the meantime, I opted for reactive tints in an effort to delay the inevitable.

Thank you.

PS. I’ve no issue with you at all, I just don’t always trust myself to behave. My humour’s a bit dry and I do enjoy a bit too much banter. I therefore spend minimal time in the usual forums.

Chris, we were told SBTX gets paid on weight delivered by Sederma to their clients quarterly in areas.

If this is incorrect, they had over a year to correct that statement, indeed, before “residual income” as described before Christmas 2025. The undeclared Croda royalty of 756k at YE was never made clear if this was one or two quarters to YE.

However, the fact the Company hid behind the NDA when it came to stating the actual figure, leaves serious question for the board, advisors and NOMAD.

More heads need to roll.

It can be a little wearisome having to constantly clarify one’s position, especially when faced with the ire of an agitated commentator—albeit one older in years, but seemingly less inclined to temper emotion than I am. Perhaps I’m reading too much into Toyin’s remarks. Still, I doubt I’ll be alone in interpreting them a certain way, particularly when it’s implied that some of us are intent on gloss over, forgetting the past or defending—or worse, excusing—missteps, broken promises, or previous transgressions. That is simply not the case.

Alex and I are, quite plainly, cut from a different cloth. We are not the angry, emotionally charged voices that often dominate the investor commentary and certainly not make a daily event of it. We try to approach things with logic, a solid grasp of the facts, and as little emotional baggage as possible. It’s called being responsible—and it’s a conscious effort not to add fuel to the fire of investor frustration with inflammatory rhetoric. It’s just not our style.

That’s not to say we haven’t expressed our own disappointments or made our frustrations known—we have. And we’ve done so in alignment with the broader sentiment. But we don’t believe in making it personal, nor in pouncing on every minor misstep and inflating it into some melodrama. If you listened to the Q&A, you’ll have heard me put forward the collective concerns and attempt to address the key issues. Judging by the feedback, I did a reasonably fair job of it.

That said, I don’t expect much understanding from those who’ve never interviewed anyone in their lives—let alone a CEO, under pressure, in front of investors who’d seemingly relish a car crash and me buried in the wreckage.

Toyin has made it clear he doesn’t support what I stand for. That’s his right. I’ve no problem with that, though I do think he’s misunderstood both my role and my sense of responsibility. He’s accountable to his circle—family and friends. I carry that too, but also a readership of around 700 investors who hang on every word related to SBTX. The responsibility, I assure you, is not something I take lightly and doubt few here hurling whatever gripe they can would cope.

AquaeSulis, I like the conservative optimism. However, when was the last time SBTX SP gained on the back of an RNS? It's been a gripe of mine, seemingly since I was a child.

Toyin,

To add, don't dance on said landmines, if you're inclined to lay any.

My feeling is Ashman has always been eager to please, and therefore eager to say what he thinks investors want to hear. However, noble as it is, if the timelines, such as acquisition sign-off, audit accounts sign-off, and worst of all, no royalty disclosure at YE25, don't offer a future date.

BTW, it may be you, like my wife (Viv from Manchester), are barking mad. We both know the secondary benefits to AxisBiotix, and after seeking clarity from Cath on the links between psoriasis and arthritis, Viv has been taking it since its launch because it helped alleviate arthritic symptoms in her hands and our Heinze 57 mut, which has sadly since passed. So, while Mr Angry continues to talk about something he knows nothing of and insults people who do, he is the one left out in the wilderness.

Sadly, it never improved my sunroof; it was just a trick of the light. Ah, well.

Great find, Mol

Quick scan:

Validating the scientific foundations of neurocosmetics

Demonstrating market momentum and investor interest

Highlighting Croda’s early innovation and positioning in a fast-emerging category

Reinforcing the need for clinical credibility, which Zenakine appears to meet

Contender,

"If they are being weaponised, maybe the executives should ask why, maybe a look in the mirror would help!" I wholeheartedly agree." Both Cathal and Jerry had endured abuse via IMC. So, it isn't isolated.

Yes, comms have been "shoddy", but, at the risk of risking the wrath of the usual suspects, they are largely responsible because of the tasks they have admitted themselves to have resulted in Tom and me being blackballed. I had to work hard for months to get access to do the Q&A, and my reward was lies and misinformation.

Conspiracy, observation, just ask, it's that simple.

Contender,

Just for context (and to head off any conspiratorial musings), I follow a fair number of IMCs, for reasons that should be obvious enough without needing explanation.

What I’ve noticed is that several AIM-listed POS Companies attract a fair few spicy questions. I’ve also spoken with a number of executives, and there's a growing sense that the Q&A sections are being misused — weaponised, even.

FWIW, my take is this: many private investors are simply fed up. Fed up with shoddy communications and being routinely ignored by the likes of Wallbroke. So they air their grievances on the forums. Sensible execs don’t waste time reading them, of course, but they can’t dodge the IMC Q&A, which, let’s be honest, often turns into quite the spectacle.

Spin that however you like. But by all means, do carry on highlighting the angst — I’m sure it’s doing wonders to tempt fresh investors to fill their boots. And do keep insisting that what's said here carries no influence, though if you genuinely believed that, you wouldn’t be here in the first place, would you?

As for Alex's comment, he, like me, has always been concerned that SA may serve up a timeline that is not in his gift. You may recall that his intention was to get the accounts signed off earlier, rather than the eleventh hour in March. I say the same thing I said to SA. "Is that another landmine?" We have never been shy about demonstrating our concerns, so why has it suddenly become a conspiracy? Only you can answer.

I'm trying to help, can you not see this?

Bazza, I think Obsisian put it far more eloquently than I.

As a sub, you know you can PM me via Substack. I'm always happy to chat.

Thanks, AsquaeSulis, Obsisian.

I take a sabbatical in the hope that my absence might bring a little peace, only to return and find a tag team summoning the ghost of Christmas past. That said, credit where it’s due, FriedmanSowell: appears to make a fair point, if I am reading your post correctly. With the benefit of hindsight, I accept that I ought to have challenged SOH more firmly.

In my defence, if SF is genuinely interested (though I suspect it’s the paywall more than anything else), the original intention was simply to serve as a conduit for investors. We all know how ineffective Wallbroker have been, and I was aware that many investor questions never made it through to the Company. The idea was to collect those questions and put them directly to management, and for a while, that actually worked rather well. I'm not passing the blame on here; that's just how it worked.

Things only started to sour once we did begin to push back, discreetly and respectfully at first, I might add, not with theatrical bravado. From that point, responses became increasingly sparse. A soft FO, if you will. There were other issues too, which have already been discussed at length, and I won’t rehash them here — I’ve no desire to sound like a bitter ex.

Also, for what it’s worth, conducting interviews has never come naturally to me. I sweat buckets before everyone — I’m hardly Rogan/Carlson. It’s easy to criticise from the sidelines if you've never been in the chair across from a CEO, be it virtually. I'm also acutely aware I have a fanbase that wants to see me to fall like a drunk elephant. And for those who haven't actually listened to the Ashman Q&A, that was a different beast entirely from the SOH interviews of old. There was, shall we say, a bit more spice, because every question was damn awkward for both of us.

I made a commitment to raise the tough questions investors wanted answered. And while The Contender may prefer to blow kisses in disdain, he overlooks the awkward position I was in. It’s a delicate balancing act: remaining respectful while also delivering a curveball straight between the eyes.

I believe I put PI's burning questions to SA. It may not have been a perfect performance, but it was an honest attempt to re-establish a channel of communication that had been absent for the better part of a year, no thanks to the groupies. And let’s not forget, it wasn’t a Proactive PR fluff piece. TBF to them, it isn't their role, and investors need to realise this.

So yes, at the very least, a little credit, perhaps, for calling it nearly three years ahead of Tom. 47p, if anyone needs reminding. Alex may have taken a bit longer, but the writing was on the walland he was honest.

Here's a little more mischief, because we know some like it. IMHO, the IMC has become a hotbed for activists. Generally speaking, so don't be surprised if some of your favourite Companies make changes to the format and limit their appear

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🔎 with multiple high-pressure helium zones now confirmed at topaz & crucial flow testing imminent, pulsar moves from promise to appraisal-stage.

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********************5yad8wzp

********************58ck73zs

Hi everyone,

I hope you all had a fab Christmas, and I look forward to 2026, even if the student activists in No. 10 attempt to do their worst for investors.

In the interest of fostering open dialogue and providing investors with greater insight, Ashman has kindly encouraged me to grant open access to our latest missives. These include the Q&A session and our exclusive editorial by a Croda staff member, who shares illuminating insights you may find valuable and that offer a clearer understanding of the situation we currently face.

All links contained within the following are open source. Any issues, please PM via Substack, and I'll do my best to accommodate.

Best regards

Elric

https://lemminginvestor.substack.com/p/skinbiotherapeutics-plc-880

It seems I must once again endure the minor indignity of responding to individuals I long ago consigned to the filter list — not out of malice, but in a bid to avoid wasting time on a relentless stream of misinformation, half-truths, and the kind of obsessive behaviour that borders on parody.

A screenshot from Skid35 has done the rounds, suggesting that OptiBiotix has cut communications with both TW and me. Let’s be absolutely clear, since clarity appears in short supply: I terminated dialogue with O’Hara after he misled both my son and me regarding the US fundraiser. My son, being principled and brought up to value integrity, publicly apologised after being told his concerns were factually incorrect. As it turned out, they were entirely accurate. That betrayal of trust severed any remaining confidence we had in the Company.

If I were Skid35, I’d be less concerned about who’s on speaking terms with whom, and more focused on the commercial substance — like why the Company appears to have quietly dropped the GoFigure shakes from its online store, and or why there is not evidence in H&B stores I have visited, where SlimExpert is on sale. Emails in our possession raise serious concerns on that front, with potential knock-on effects for SlimBiome partnerships, or at least the perception thereof, unless the Company chooses to clarify. Why no RNS? Isn't it deemed price sensitive? Perhaps not, if sales were poor and non-material. I guess not.

And what's this we're hearing from H&B store insiders, that SlimExpert stock is being discontinued? Is this a localised issue, or something broader?

So, Skid35, if you're reading this: direct your fire elsewhere and consider raising the tone of the debate. Respectfully.

Before you respond with the BS, we became bitter after losing our sponsorship. Our members are well aware that we were openly critical for several months during the sponsorship and did not allow it to affect our opinions, even though TW praised us for this and disliked the sponsorship. The sponsorship was pulled as a measure to censor us, a punishment, if you will.

No need to respond to me on a personal level, as I won't be back for a while, if ever.

Be blessed.

Why I think Motley Fool is, er, a fool.

Their P/E peer comparison is bonkers.

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Toyin,

I didn't renew your comp. Had I banned you, I’d offered you then courtesy of telling you.

To be clear, it did cross my mind because I’m confident you have been wind Mr Angry up with our material. And I’m tired of the abuse I get from him, which has resulted in the cancellation of my sub.

Rejoin, your call.