Member Info for Okehurst1

Nice share by Net as well re Korea

Humbles Bot is learning as it goes :-)

With almost 70% of SBTX share’s trading hands since the SA RNS then for now the share price has settled, capitulation is over for now

Doesn’t mean this can’t drop once the investigation is complete and the market doesn’t like the news but IF the Croda deal is generating revenue ditto Superdrug then we could see a 50% + bounce but of course it could go the other way if SA has misrepresented the contracts and they don’t exist so there is risk here

Take your own view on these points, however Superdrug has SBTX products on their website, Croda has branded the SBTX product as their own called Zenakine

Croda has deployed Zenakine across 5 commercial foundation formulations and over 600 product formulations — which is an impressive initial adoption rate suggesting genuine industry interest.

∙ Zenakine won an award at In-Cosmetics Asia (November 2025), indicating strong traction in that market.

Meanwhile maybe some TR1’s confirm the new Bod and their confidence and hopefully the Dixons are still in the mix

Unless your trading a penny or so not too sure it matters either way at the moment

With close 70% of the share capital trading hands, assume the Dixons/ David held their 25% and the capitulation happened and we have a lot of new holders and maybe the 25% topped up ? Let’s see

The 25% above are now in control after a ruthless bit of business, SA’s £400,000 cost taken out, new CEO inbound and an MD to run SBTX operations and a CEO with skin in the game with the 3 MS’s reporting to the CEO

That’s my take

Each MD has to contribute EBITDA positive to the group, we know 2 do already, pressure on SBTX MD to deliver, the CEO cuts costs at PLC accordingly.

SBTX is a risky investment especially since the SA RNS, no argument with that.

However there is enough information to take a percentage risk analysis of what’s happened and take a view share holders with 25% equity, and potentially a debenture on the company for £600,000 loan,have taken control of the BoD.

It’s also fair to say David sourced and presented the deal structure to SA which included part funding the recent acquisition’s which included the vertical model below.

The Dixon’s have been long time holders and have maintained their 20% through thick and thin fund raising, I doubt they only have what’s best for the company and support the model

David will probably join the BoD maybe as CEO and SBTX employ an MD to manage their products / business with all 3 MD’s reporting to David

This has been a corporate style coup possibly planned out well in advance, will be interesting to see do we get any TR1’s the next 10 days with close to 70% of the companies shares trading hands?

PI’s spooked / panic sell on the news and their shares get mopped up

Just on Superdrug they list SBTX products as below

AxisBiotix-Ps (Psoriasis Support Sachets) — £23.99 (was £29.99, currently 20% off)

Listed under: Health > Medicated Skin > Psoriasis Treatment

AxisBiotix-Ac (Acne Support Sachets) — £29.99

Listed under Health > Medicated Skin > Acne & Spots Treatment

No idea on the sales however

Humbles is probably a bot

chatbot walks into a server room and starts talking to himself.

The IT guy asks, “Who are you talking to?”

The bot replies, “Just myself.”

“And what are you talking about?”

“No idea — by the time I finish a sentence, I’ve already forgotten the beginning of it.“​​​​​​​​​​​​​​​​

Trading activity is up 34X from the RNS

172M shares traded since the SA RNS

66% of share capital changed hands

Of course it’s a 100% buy

Some smart money now in control that has skin in the game, they just took 30% off the overheads

Apologies Mol

Yup originally £900k and he converted via warrants to reduce to £600,000

We don’t know the fine print of the terms but alongside the Dixons they have control of the BOD and the Company and SA who was costing maybe £400k a year all in with NI and expenses has been chopped at the same time

It’s all been ruthlessly executed

Did SA put the model below together as his plan or David said ‘ buy this and I will support and lend you nearly £1M and take an equity stake as well ?’

Looks to me they were happy with SA fronting the £ raise to put this all together and they waited to strike to take control, Dixons are on board 100%

Combined they now have over 25% of the company plus the near £1M of debt on the business, they are fully in control

We wait their next move, this has been gamed out

I doubt Stuart put this plan together he just fronted a vertical integration model that is genuinely compelling on paper:

∙ Zenakine IP licensed to Croda (global specialty chemicals giant) → royalty stream

∙ AxisBiotix own-brand supplements → direct margin

∙ Dermatonics → NHS/pharmacy distribution channel + established revenue

∙ BTS → in-house manufacturing capability → margin control

∙ Superdrug deal → mass market retail access

David is an interesting player in this

Brierwood could have been adding since the crisis broke (that 6.37p block trade, potentially others), he could be pushing toward 8-10% by now. Combined with his £950k loan to the company for the BTS acquisition, he has both equity leverage AND creditor leverage.

Hunt + Brierwood together effectively control the company: Hunt runs the board, Brierwood is the largest individual shareholder (after the Dixons at 17.8%) and the company’s banker. Neither needs a formal concert party — their interests are naturally aligned.

It looks to me SA was the useful ( idiot ) executive, fronting the £raise last year and executing their plan which was a vertically integrated structure:

∙ BTS makes the products

∙ Dermatonics has the NHS/pharmacy distribution channels

∙ AxisBiotix/Zenakine provides the proprietary IP and branded consumer products

The players above now have full control on the structure they put in place - and funded

As mentioned follow the money

I look it this way

A buyer had an order for £120,000 of shares, usually MM’s will protect a percentage at a fixed price and then best for rest, sometimes they will punt 50/50

What happened yesterday was just that, the average buy price to pick up 2M shares was over 6p with the final UT

As always new registered posters to BB’s pop up and bombard the PI’s with doom and gloom and scare them to sell, they quote suspension of shares, FCA etc

It’s a game, nowt to get angry about, someone trying to make $ like us all

SBTX is a risk but follow the money.

The RNS feed showed several “Holdings in Company” notifications recently, including David Campbell Brierwood increasing his position — he was involved in the BTS acquisition.

Ovs do your own research but it’s starting to look like a decapulation event by whale investors who are wiping out the existing executives.

SA only had 280,000 shares but had 5M

Plus options throw in £330k salary

You could argue he didn’t have a lot of skin in the game however to throw it all away for misrepresenting £700k of sales looks stupid

Mentioned earlier this week even ‘ disco dave ‘ didn’t try that one on his own

Picked up 92800 @ 5.38 but well aware this is a punt -

the risks are well discussed

Superdrug / Croda are interesting and could be transformative .

We have two other businesses that are trading FCF neutral they say - that has to be confirmed though

Maybe 2 years cash in bank that’s on a very good day at current trading

Let’s see

Is the market also considering any legal redress from the £5M raise and what was disclosed in terms of forward sales ?

SA needed the £5M to make the acquisitions / working cap, he felt confident the royalty income would come in and he

‘ faked it to make it’

It obviously didn’t materialise and Skin is were it is today.

So what’s the value of the 2 companies purchased less forward payments less settling a legal claim from the £5M less legal bills all round and a cash burn of £1M a year

The market is working that out in real time

Well done the BoD

Burnley and other assets sold and clear debt, maybe even generate a bit of extra cash

Capex / leases £15M 2027

The model is a cash machine at that point, yes some risk to get there but they now have headroom to complete the transition

Bfd, took average on sq/ft £20 to £30

KM could be more, they both could?

Realistically even at the values below and the BOD deliver then this a bagger at the minimum at £35M FCF

But it’s fair value today and one to watch