Member Info for Obsisian

Toyin, It is the controlling instinct to which I cannot subscribe. From the outset, I found myself confronted by three individuals — only one of whom I hold in genuine regard — namely yourself, Nick, and the ever-enthusiastic contender for court jester. The attempt to exert control over me was immediate and, frankly, never sits well. This is particularly true when two of the three appear to lack both basic courtesy and, I suspect, any meaningful respect within their own rather modest circles.

Mr Cathal, as I understand it, is a personal friend of Mr Winnifrith. My point is that such ventures have been remarkably few and, contrary to what appears to have been the intention, have not gained traction. One wonders whether the executive market has begun to recognise the toxic character of the man in question — that, I believe, is the crux of the matter. For someone claiming the mantle of professional journalism, he is strikingly reactive — and, dare I say, emotional. Not the most helpful combination, if I may offer that observation with due respect.

So, to be clear, I intend to respect both your underlying message and a separate request that I refrain from publishing my thoughts on Mr Winnifrith — specifically regarding why I believe he is toxic and detrimental to the interests of retail investors. I recognise that this is a distinct issue from his bear calls, which I readily acknowledge can be noteworthy, even if they often originate not with him, but are sourced from third parties.

Have a good weekend.

Nick, I’ll ask you once more — who exactly do you think you are? Editor-in-chief? Head of the Stalinist Censorship Bureau?

Try using the filter — you’ll find it helpful, especially given your glaring inability to offer a reasoned response to anything I’ve actually said.

Toyin — I’m perfectly chilled, thanks. Like you, I’m flying solo and simply offering my perspective on the current state of affairs. When I write, I don’t weigh Mr Winnifrith’s views — or Elrico’s, for that matter. Frankly, I suspect Elrico occasionally blushes at some of it. He’s one of the good ones, and frankly deserves a bit of defence against the tireless swarm of trolls — most of whom appear so lacking in self-awareness, I genuinely wonder how they fare as investors.

They seem oblivious to the basic concept of net benefit — namely, that endlessly hammering away at him is more likely to harm their own position than help it. The smarter move would be to take their twitchy fingers off the keyboard and leave the man alone.

As for Mr Winnifrith — he'll do what he always does. He doesn’t need prompting from me, and you know that as well as I do. So let’s not pretend otherwise.

And let’s be clear — this isn’t just my view. It’s echoed by most in our office. He thrives on confrontation with company executives — it's his bread and butter. But if you take a look at the archives, there’s been a noticeable drop in member engagement. Now, why do you think that is?

It’s rather telling, isn’t it?

When was the last executive interview? His failed attempt to invite and charge for them bombed. Also, quite telling.

Let’s skip the smouldering question of “why I’m here,” shall we? Let’s move on, then, because frankly, it was a daft remark — transparently intended to slam the door shut behind me. Much like Toyin’s clumsy dabbling in amateur psychology, before smugly declaring it “Psychology 101,” as if that lends it gravitas.

Apparently, I mustn’t poke the bear — Why, because he's emotionally stunted and can't handle critique.

And yes — I’ll defend Elrico. If only because I know the very mention of him is like a splinter in your eye. The fact it riles you so visibly suggests what you really need isn’t another argument — it’s a sofa, a therapist, and a bit of gentle, ambient jazz.

Apparently, the pesky rodent lives in your head, Shychap and Mr Winnifrith. Irony was never Mr Winnifrith strong point.

I think I better put down the bottle of Southern Comfort before I start enjoying myself.

Toyin, with respect, keep your advice. The hypocrisy is frankly breathtaking. So — free speech, is it? Just so long as it neatly mirrors your own sanctimonious views. I couldn’t care less what Mr Winnifrith has to say about me — defend him all you like, it’s hardly surprising. Birds of a feather, and all that.

I have an opinion, and I’ll express it whether it fits your narrative or not. You’re under no obligation to read it. I have more to say on the matter, especially his behaviour. That's for another day.

As for your little sign-off — Nick1978/25/26 — what is that, your password, birth certificate, or just a cry for attention? Ah, my bad, you keep reinventing yourself. Who do you think you are? I’m an investor with a spine and an independent thought or two.

My views diverge from yours — tragically for you, that doesn’t render them invalid. Perhaps try censoring yourself for once, and save the theatrical outrage for someone who actually gives a toss what you think.

What's the U-turn, contender for toyins puppet?

This editorial dissects the increasingly incoherent commentary of Mr Winnifrith, who, having exited SkinBioTherapeutics near its lows, now appears to be retroactively justifying his misstep by casting vague doubt over those still invested — notably high-net-worth investor Mark Dixon. With no new information, no access to sales figures (due to NDAs), and no credible analysis, Mr Winnifrith leans on equivocation and innuendo, offering nothing but a transparent attempt to slow a rally that’s left him behind. In stark contrast, the piece calls for backing Elric and Alex at Lemming Investor, whose forensic research and shareholder engagement offer the only meaningful insight in a space otherwise clouded by cynicism, wounded egos, and low-effort speculation masquerading as journalism.

https://open.substack.com/pub/psychological4investors/p/skinbiotherapeutics-plc-b6b?r=5eb7sb&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Shychap, if you're referring to so-called "mischief-making" by Elrico’s son, Alex, then it seems you’ve rather missed the point. It was quite clearly a tongue-in-cheek jab aimed at Mr Winnifrith — hardly the stuff of betrayal. But let’s assume, for argument’s sake, that it wasn’t mere mischief. Perhaps the suggestion that the board should not stand for re-election was, in fact, a serious and considered opinion. Are we now classifying differing views as unworthy of being voiced?

You also persist in alleging the spread of misinformation, yet curiously, never provide a shred of evidence to support the claim. What, exactly, is this supposed disinformation? Or is it simply a case of someone daring to hold an opinion that doesn’t align with your own? If you're allegation held water, I'm confident you would have a lot of support, because nobody want's to investor of misinformation, right.

Even Mr Winnifrith acknowledged that Mr Ashman was not dishonest regarding the pay cut — he did, in fact, take one. The point of contention lies in the timing and manner in which the market was informed about the subsequent recovery of his salary. Do keep looking backwards, because it's helpful, isn't it!

The delicious irony of it all. Here we have Shychap – valiant crusader for investor engagement, banging the table that SkinBio must take their QVC commitments seriously and actually communicate with shareholders. Bravo! Noble stuff. Except, wait… he’s simultaneously laying into Elrico – the only bloke who’s been doing exactly that. You know, engaging, probing, asking hard-hitting questions, and – God forbid – getting answers.

Elrico, who managed to wrestle access to the December Q&A, where he grilled Mr Ashman, which was almost universally gratefully received by investors because the all the burning questions were put to Mr Ashman, which delivers real insight to investors… and what happens? The share price rebounds from the ashes like a small-cap phoenix – almost 60% from a 52-week low. But no, apparently that’s not good enough for our Shychap. No, no. He’s here to tell Elrico how to do his job. Because, obviously, the man who actually opened the doors to meaningful dialogue should now be chastised for… not holding management accountable enough. Truly, a masterclass in backward logic.

Meanwhile, let’s not pretend Elrico’s commentary, research, and analysis aren’t head and shoulders above the noise – arguably surpassing even Mr Winnifrith in his golden bull days (and that’s saying something). But sure, let’s slam the door on the one guy making progress, while demanding progress. Genius.

One can only assume Shychap’s true KPI is attention – content, it seems, to throw rhetorical grenades even when standing in a glass house, barefoot, holding a box of matches. Because, irony of ironies, both he and Elrico want the same thing: proper investor communication and accountability. But instead of teaming up, Shychap chooses defamation over dialogue. It’s like watching someone set fire to a lifeboat while shouting about water safety.

At this point, I challenge anyone to tell me I’m wrong. But do bring snacks – I expect we’ll be here a while.

Belgrano, thank Shychap. He spoilt it for every non-member. However, if you pop over to the Substack, you'll note the offer, AquaeSulis suggested. You can test Elrico's forgiving nature.

Could 2026 be the year Skin finally tunes in to its investors? It appears they’re making strides, with governance issues at last being addressed — as Elric outlined in his recent editorial. And today, Mr Ashman has managed to coax Elric and his team into offering open access to recent commentary. Credit where it’s due — I applaud them both.

As a premium member, I support a model of limited open access — but only after subscribers have had a fair window to digest the material. Let’s not confuse this with insider information (a claim often made, ironically, by those with little grasp of market mechanics). What’s actually happening is rather more straightforward: poorly worded RNSs are being unpacked, explained in plain English, and suddenly, everything makes sense. Unsurprisingly, the share price tends to respond accordingly — as we've seen post-Q&A, which appears to have undone the damage stirred up by Mr Winnifrith’s commentary, in my opinion, and continues to trend upwards.

We all stand to benefit from better communication and transparency — so let’s be thankful for progress, however incremental it may be.

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

Toyin, the very idea that you’ve not yet resolved to make the journey to Newcastle for the SkinBio AGM is, frankly, baffling—especially given how much time and energy you’ve invested in voicing your concerns, loudly and at length, over an extended period. You’ve clearly been dissatisfied, if not outright furious, with the company's lacklustre responses. Were I in your shoes—angry, disappointed, exasperated—I’d feel an obligation, almost a moral imperative, to look the board squarely in the eye, demand answers, and return with a proper account.

Respectfully.

Mol,

Merely making a statement before a company misses a short-term forecast does not constitute foresight — it simply highlights a lucky guess, often borne of negligence rather than insight. I respectfully disagree with those declaring judgement at the 9- or 12-month mark; it's far too premature to draw meaningful conclusions.

The noise from unqualified commentators — many of whom lack relevant experience yet carry a sharp axe to grind — adds little value. Mr Winnifrith, for instance, is fond of wielding his "30 years in the City" as though it’s a trump card, when in reality, it offers scant relevance here.

It is true — the ventures have not yet proven accretive. That is a fact, not one to be swept under the carpet. However, it's worth noting that Mr Ashman has reaffirmed confidence in both BTS and Dermatonics, signalling a continued commitment to their strategic potential.

Smithy,

Let’s clear something up: this isn’t about short selling — it never has been. What we’re dealing with here is corporate ambiguity, and that’s been the case since April.

We’ve been given insight into why that ambiguity persists and how it’s likely to be resolved — not in some distant timeframe, but relatively soon. If there's something material to be revealed in the New Year, the scheduling of an IMC would seem to support that.

To those convinced they’re more in-the-know than the corporate advisers working with SkinBio — you’re likely to be proven wrong. There’s this odd belief that Ashman storms around the boardroom doing as he pleases. Let’s be very clear: it’s the NOMAD that sets the rules around disclosure and market communications, not Mr Ashman.

He doesn’t get to decide what’s published and when — that’s strictly governed by regulatory obligations. So before accusing the company of silence or evasion, consider who’s actually calling the shots behind the scenes.

“Entertaining” wouldn’t have been my first choice of descriptor. Given what we now know, I’m rather surprised we weren’t treated to the soothing soundtrack of Elric snoring mid-session. No wonder there was no video.

Still, credit where it’s due — he got through it. Just about.

Shychap, from what I’ve gathered, Elric believes you and ‘Seesame’ on the Winnifrith site are one and the same. Unless there’s some filtering mechanism in place (and I’ve seen no evidence of it), it’s clear you haven’t been filtered there — which is likely why you're being referenced as one of the “activists”.

What’s truly remarkable is the double standard on display. You accuse him of living rent-free in your head, yet the reverse seems just as, if not more, accurate. As I’ve pointed out in previous exchanges, your lack of self-awareness is striking — all the more so because I suspect you’re blissfully unaware that others can see what you apparently cannot.

Even after he extended a humorous, good-natured gesture — effectively an olive branch — you’ve persisted in agitating against him. It’s difficult not to conclude that your motive lies not in debate, but in provocation.

Might I conclude you have a spreadbet on the downside, and his work troubles you?

Mr Ashman also made himself available via Proactive.

Did you read Elric's post? You do look very silly, and cheap.

Shychap, keep up. Elric declared he added you to the filter list some time ago.

Belgrano, are you once again the perennial onlooker, fogging up the glass from the outside? Do try to be grateful — Elric has at least managed to halt the decline. There is interest once more; now that the market is open, could you not muster even a flicker of satisfaction?

And tell me, did you object to those sly little jabs aimed at Elric? Naturally not. You never do. Hypocrisy does suit you, though.

How's INSG behaving?

Skid, one does begin to question the calibre of Walbrook when the PR team appear oblivious to what the rest of us have known for years. How many interviews did Lemming Investor conduct, exactly? And how many times was their sponsorship emblazoned across the content?

As for you and Shychap — perhaps the two of you should climb into bed together and have a long, comforting cuddle. You clearly share a void. Spite and jealousy are ugly enough in private, but to parade them so publicly? That takes a special kind of bitterness. Frankly, I blame your parents.

shychap, your lack of self-awareness is almost awe-inspiring — were it not so tediously predictable.

you appear genuinely oblivious to how transparent your disdain is for any forum that doesn't revolve entirely around you. you carp about being left in the dark, yet when others gain access to the very answers you seek, your instinct is not gratitude, but a pout.

consider, for a moment — just a moment, if that's all your attention span allows — that perhaps elric has actually been doing the work: poking, prodding, pestering behind the scenes on behalf of investors. not bleating about it in every thread, mind you, but just quietly getting it done. the q&a session gave us a rare glimpse of that. you may not like it, but you certainly benefit from it — whether or not you're willing to part with the princely sum of £8 for access.

and yes, elric pressed ashman hard — with our interests in mind. he even told me afterwards that ashman enjoyed it and suggested they do it more often. i confess, i didn’t know whether to be pleased or deeply concerned. is mr ashman a masochist? or simply a ceo who actually welcomes scrutiny — unlike some in this conversation? probably isn't the latter, because he sounded a little uncomfortable at times.

either way, while most of the substack community (toyin excluded, obviously) recognises the value here, you seem determined to sulk in the corner, muttering about conspiracies, paywalls, and personal slights.

grow up, man. or at the very least, grow a clue.

ps. i’m reliably informed — via an impressively screenshot-ed piece of evidence, no less — that the q&a has smashed all previous records for any publication on lemming investor. and that’s just within the first 24 hours.

now, what does this mean?

well, apart from confirming that investors do, in fact, care deeply about proper engagement (and not just shouting into the void), it rather suggests that transparency, when actually offered, is snapped up like half-price gin at waitrose. it also hints — rather uncomfortably, for some — that elric’s efforts may not have been in vain, nor his approach quite as counterproductive as the chronic moaners would have us believe.

it shows appetite. it shows curiosity. and — let’s be honest — it shows that when the gate is opened, people flood through... even the ones who’d rather die than admit someone else opened it for them.

but perhaps most of all, it suggests a truth that some can’t stomach: when done right, communication works. even if it’s delivered with a slightly barbed elbow and a grin.

so yes, it's meaningful. not least because numbers don’t sulk.

elric has now parted ways with ************* as well. he clearly couldn’t stomach mr winnifrith’s duplicity any longer and, by all accounts, is livid over how one of his own subscribers was treated — simply for having the audacity to challenge the handling of the skinbiotherapeutics sale, particularly