Member Info for elrico

Hello all – and yes, I do mean all.

I'll be unlocking the Q&A with Ashman after the market closes today. You can thank Ashman himself for that – he’s the one who requested it.

For those of you who’ve signed up as paying members specifically to access it, I’ll be doubling your subscription time as a gesture of goodwill and appreciation. I’ve no doubt our members are both intelligent and gracious enough to understand the reasoning behind making it freely available for a period.

This way, even my most vocal critics can offer their commentary knowing they’ve actually listened.

Fair’s fair, after all.

I was going to post a link to the Q&A, but then a cold sweat broke across my brow as I recalled the sheer existential dread poor Shychap once felt after clicking on one – only to discover he couldn’t open his wallet fast enough.

I’ve no desire to inflict such emotional distress upon his delicate soul ever again.

To that end, I offer a formal – and deeply heartfelt – public apology for my past transgressions. I was younger then. Reckless. Paywall-happy.

I'm sure you will discover it.

The perennial accusation: "the softest interviewer on the planet" A classic cry from the I-didn’t-listen-but-I-know-better BBM Contender!

Snippets of feedback from members, dear chap.

“Elric, what can I say, a huge thank you...the furry lemming is what you have lacked for all these months.”

“Great interview Elric, I’m happy with what he’s said...very happy with Croda figures.”

"So, clear answers, accountability on the Croda numbers, and yet somehow this still translates as a tepid exchange? Fascinating logic by ignorant morons."

“Well done Elric for getting our CEO to open up - Well done for persuading Stuart to break cover.”

“I have 100% faith in SA following this excellent interview.”

“Very helpful! Time indeed to hoover up shares after the mark down caused by the recent kerfuffles!”

“A very impressive interview.”

"If this was a gentle fireside chat, then I must be the next Oprah. But alas, the only thing burning was likely a few assumptions about silence and corporate evasion."

“You did really well in a very difficult situation!!”

“Just listened to the Q&A – Great questions and answered by SA as I would have hoped.”

“A standing ovation for Elric on delivering an interview of rare candour and intensity—raw, engaging, and refreshingly devoid of spin.”

In short, the next time you wish to critique an interview, may I suggest that you listen to it first? It helps. Perhaps, less egg on your mush. Until then, I’ll continue fielding actual questions and publishing real answers on behalf of investors, for investors.

You continue doing what you do best...adding nothing to the dialogue.

Back in another month or so, so don't bother with a response on my account.

Https://x.com/LEMMINGINVESTOR/status/1986059699788058845

I'll be interviewing the CEO & CFO tomorrow.

Today’s featured company, Checkit, has undergone a meaningful reset — not just financially, but strategically. Following the rejected merger proposal with Crimson Tide earlier this year, management pivoted decisively toward a more conservative capital allocation strategy, prioritising operational discipline over expansionary ambition. The result has been a measured but encouraging return to fundamentals. https://open.substack.com/pub/lemminginvestor/p/new-feature-checkit-plc?r=kcv2o&utm_medium=ios

As frustrations simmer among shareholders, SkinBioTherapeutics stands at a critical inflection point. With AxisBiotix products rolling into Superdrug and royalties already flowing from its Croda partnership, are we on the cusp of a breakthrough—or at risk of derailing momentum just as delivery nears? https://x.com/LEMMINGINVESTOR/status/1984484120567664755

Bazza, I'd appreciate it if you refrained from slipping into the same disingenuous rhetoric commonly used by trolls. Just last week, Shychap was putting loaded words like "sinister" into the conversation as though i was making an accusation, when I was not, and now you're misquoting me with: "I remember Elric's last podcast where he was waxing lyrical about how great Ashman was." Essentially, even with my own disconcerted mood specific to the ongoing ambiguity, which I have constantly discussed, I would still feel I could sit across the table with a few beers and watch the match (Manu vs Newcastle), that was the context, which you completely missed, even though the clues were there. I have never had the vibe with any other CEO.

What I actually said was that Ashman is one of my favourite CEOs — and I explained why. If you'd bothered to listen properly, you'd know my reasons had nothing to do with his actual performance as a CEO.

For what it's worth, and in IMHO — the jury is still very much out. Until we get some clarity on the Croda royalties, Superdrug sales, and how well the recent acquisitions have been embedded and are proving their strategic value, that jury remains out.

Who knows — come March, I might be just as angry as you. But even if the two late orders landing post-year-end end up proving the conspiracy theorists right, I won't be throwing a tantrum on a public forum. Call me a deluded fool, but it is the only area of concern I have, which is the accretive nature of the acquisitions because of the sheer size of their revenue miss.

BTW, I added 44115 shares to my SIPP today, thanks to Work and Pensions refunding me.

If it turns out they were spot on, I’ll be the first to applaud the "conspiracy" pessimism. But if they’re wrong, as I strongly suspect, will they be just as quick to apologise for their behaviour?

Shychap,

OMG, you're so delicate if all it takes is for someone to post a URL, which may or may not lead to a paid post. I bet you lose your mind if someone parks their car outside your home.

Grow up, you bitter man. You behave like a petulant child. If you were not so wrapped up in your agenda against me, you would have spotted many open source materials, and yes, even SBTX. Several posts were made open source for several days. Sadly, you have a trigger that prevents you from utilising the offer. That's on you.

Please don't bother to respond. I'm done with you. Filtered.

BTW. You once again refused to provide details of my crime of deception.

Skychap,

I find it rather odd that sharing a link to my own research offends your sense of fair play. It’s hardly some devious manoeuvre—just a URL, nothing more. No one’s being tricked, and it’s entirely up to the reader whether they engage with it or not. Frankly, I suspect a number of subscribers find your reaction just as puzzling. They seem to appreciate the time and effort that goes into thoughtful research and commentary—especially when it costs less than a cup of budget coffee per month. It clearly bothers you that some investors have chosen to support our work—that's entirely their decision, and one they’re free to make. What’s more puzzling is your apparent desire to discourage others from even discovering those resources for themselves.

I’d genuinely be interested to understand why that is. Perhaps you could explain it—not just to me, but to our investor friends here—because I suspect they’d also like to know why it troubles you so much. Especially given you’re well aware the link points to a paywall, and no one’s being misled or forced into anything. Who gave you the right to censor what investors click on?

You’ve chosen not to engage with it, once your trial ended, and that’s entirely your prerogative. But to dwell on it as you have feels rather unproductive. I’d suggest it might be healthier—for you and for the quality of discussion here—if you simply moved on.

Now, back to the actual topic, which you appear determined to defend. Since you’re intent on doing so, I’ll walk you through my thinking.

Without delving into precise timestamps, it’s clear Dixon has been accumulating since at least April—on that, we agree. That happens to align with my own interpretation, and it’s quite likely he also picked up OPTI stock around the same time. The fact he didn’t participate in the placing but continued buying thereafter is, to me, intriguing.

I posed my question about his timing as a rhetorical one—because the broader context matters. We’ve had several missed milestones: initial expectations for royalty news shortly after Zenakine launched in April; then a soft “three-month” guide; then hints we'd see figures by end of June. None of that materialised. Add to that a forecast miss and delays with Superdrug, and it's not exactly been a smooth ride.

Yet during all of this, Dixon continued buying, supporting the share price while OPTI sold into strength. That conviction is noteworthy.

So yes, I asked why. Not as an accusation, but as an investor trying to understand what’s driving such a strong position—particularly one that’s grown large enough to breach 9% without the usual TR1 disclosures along the way. It's the only issue I have with Dixon. I don’t know what gave him such confidence, but I think it’s perfectly reasonable to wonder—rhetorically or otherwise. It strikes me as a rather suspicious reaction to a very standard line of investor curiosity.

Sorry, Shychap, I seemed to have rubbed you the wrong way. Why are you being so protective of Dixon? Genuine question, or is it just the fact I have posted that has triggered you again!

I genuinely don’t know what your problem is with me. I’ve never asked anyone—yourself included—why they’ve invested in a Company. It’s not my style, and frankly, I’ve got better things to do. So let’s put that one to bed.

You seem quite vexed by the fact I’ve expressed an opinion. I stand by it—it’s just that, an opinion. I never accused Dixon of anything untoward, nor did I suggest any insider information was involved. If that’s how you’ve chosen to interpret it, that’s on you. You inserted "sinister", not me.

Are you seriously suggesting the timing didn’t strike you as at least… noteworthy? Your own posts hint at as much, even if you’d rather I hadn’t said it out loud. It’s not a crime to be curious. This is investing—we analyse, we speculate, and yes, we question timing. Always have, always will. Boo hoo!

I’ve noticed the edgy tone. I’ve tried to keep things polite, but you do seem to be carrying some sort of chip. You brought the word “sinister” into the discussion, not me. I never used it, nor implied anything of the sort. If anything, you’re arguing with shadows of your own making.

For all I know Dixon may have simply spoken to Brierswood and received some reassurance—that’s called speculation, not accusation. It’s the same kind of educated guesswork everyone does on these boards, unless you believe everyone here is just blindly buying shares and hoping for the best.

And as for bringing in Ashman, voting rights, or implying you’re in Dixon’s inner circle—where on earth did that come from? That wasn’t my game, that was yours.

So, how about we park the faux outrage and keep it to a civil exchange of views? You’re free to disagree with my take, as I am with yours. But let’s not turn every differing opinion into a courtroom drama.

Regards,

Sweetness

Hi Shychap,

You have been given direct confirmation from Dixon — fair enough.

My opinion still stands: Dixon has already shown a rather cavalier attitude towards regulatory obligations, having ignored multiple TR1 thresholds before finally disclosing only after breaching 9%, and again at 10%. It confirms a hypothesis I had that Dixon had been buying OPTI stock from 25p when they were selling to support the share price. Yeah, I know!

Why didn't SOH sell directly to Dixon then?

As for why he chose to conduct himself in that manner — well, you won’t be privy to my theory. I’ll leave that one with you.

You might take umbrage at my questioning of why someone would choose to become the largest shareholder at a time of record pessimism and uncertainty, when the juxtaposition should be record excitement. But it’s a valid question. It may carry uncomfortable implications, but frankly, it’s all we’ve got to work with.

As for the speculation about SOH's motives for screwing himself, OPTI shareholders, and, oh, us. When was the last time he made a sane, rational decision? He's off the reservation as far as I'm concerned. One thing is without doubt...OPTI needs money, and SBTX remains the ATM of choice. I pray Dixon or Brierswood takes the remaining 6% off OPTI, but I doubt it, because SOH isn't making rational decisions...IMHO.

I was very clear when I stated, " he isn't interested in a seat on the board or making a formal bid." And yes, I agree he could be a useful ally, quite how that manifests isn't clear to me. Perhaps you would be kind enough to ask? TIA

Without corresponding TR1s, it's pure guesswork, but the applied logic used before has been correct far more often than it has been wrong.

IMHO: Dixon may well have preferred to:

Let OPTI sell into the market, thus suppressing the SP.

Wait for the dip, then buy the shares off the market via a broker at a better price, thus not showing as a direct ownership swap. All while staying under the reporting threshold.

It’s a subtle move, but a smart one — assuming the intent was accumulation without noise. And in AIM markets, where liquidity is thin and sentiment fragile, even relatively small trades can have an outsized impact.

Again, IMHO, Dixon wants more, but he isn't interested in a seat on the board or making a formal bid.

Of course, it raises the glaringly obvious question...why now, given the sentiment?

I bet if I were to approach Dixon at the next race meeting, I'd be greeted with all the charm of a hoof in the nuts.

Dave, IMHO, Dixon is hoovering up SBTX OPTI sales. I think the 800k is an example, and if correct, takes OPTI within a whisker of the 6% TR1 trigger, which is contrary to what SOH said to TW and me, though in less detail about 40p and 35p being the areas he would sell. The big question for OPTI investors is why? I think we all know.

From Contrarian Punt to 250%+ Return: Eco Buildings landmark deal in Latin America

In January, Eco Buildings was an unloved micro-cap with a modular housing pitch. Today, it’s just signed a €420m deal with Chile and tripled. What comes next—and should you de-risk?

📈 Full investment note inside. https://lemminginvestor.substack.com/p/eco-buildings-group-plc-30b

Bazza, if your goal is to frighten off prospective investors with your endless nagging-wife routine, then congratulations—you're excelling. You’re also proving quite helpful to Dixon, who seems to be quietly hovering over 10% while you do the scream karen routine. And a personal thanks from me, now I have accepted an offer for the house. Much appreciated.

Ask if they can express and fix the logistics issues, assist with launching 400+ new products as well.

You wouldn't believe the reason if I told you. I've never heard of them, even though I have seen them. It has nothing to do with SBTX.

https://open.substack.com/pub/lemminginvestor/p/skinbiotherapeutics-plc-795?r=kcv2o&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Croda International, once the quiet champion of speciality chemicals, is now the stage for an activist showdown. With Standard Investments disclosing a 5.48% stake, insider buying across the board, and its Beauty division housing the Zenakine™ licence from SkinBioTherapeutics, the FTSE 100 stalwart is in play. Our deep dive unpacks how Standard’s activist playbook could force break-ups, asset sales, or even a takeover — and why a small AIM-listed biotech may be the unlikely winner or the biggest loser. https://x.com/LEMMINGINVESTOR/status/1968774826136571924

Al,

With respect, you're going round in circles with no measurable results. Check your email; you have everything there. If not, you know what to do.

Nick,

I did answer Oleric indirectly in my response to Belgrano. I did so against my better judgement, giving oxygen to attacks he is known for. You now seem keen to fan the flames for purposes I don't care for. He has an unhealthy obsession with me, which is why I have him filtered and do not respond to him directly on an open forum. Perhaps I should put the filter back on if this is an example of what is to be expected, a campaign to undermine me.

Sorry, Nick.

I had no intention of instructing you on how to suck the proverbial.

I hope you get this night sorted.