Member Info for shandypants2

Price has just jumped about 50p in last few minutes so it appears the deal is ready to be agreed and the headline of this subject is, and always was, designed to be misleading

Forensic it is not an agreed price - it is an indicative offer based on due diligence, which has a few more days to complete.

Sit on your hands. Incidentally WG has a 30p confirmed offer and is still trading about 10% below this, whereas Beaz is c 7% below the offer price and this deal is awaiting confirmation.

Gun - we've known that since Oct/Nov, so approaching almost 6 months now. I don't think an update on progress is an unreasonable request.

Ice - nobody is asking for a bullish update, and pretty sure they wouldn't be allowed to do that anyway.

What would be useful is a factual update on progress to date and hopefully an update on timeframes.

The Oct/Nov update stated completed in H1 2026, so pretty vague. Many have interpreted this as 30/6, but it could be many weeks before this date. As per the schedule we know that newspaper ads were placed by 19/1 and responses were allowed up to 9/2. To state that this is now completed is hardly bullish.

We know a court sanction hearing is required. Has this been requested or are other steps required before this can be requested?

Updating shareholders is an important part of being a listed company, although i accept that silence does mean that things are progressing, else they would need to let us know

Regarding the lack of formal updates for the last 3 months, i notice that the SP has slipped a little since hitting 27p last week. Still well over 12% discount to take over price, which seems very generous IMHO.

AUGM has accepted a 111p takeover today and it's SP has risen to 109p, less than a 2% discount.

An update would probably settle a few nerves

I think most people are just sitting back, waiting for their money.

It would be good if WG could provide a formal update on progress as i think the last announcement was in early Dec, so almost 3 months ago.

Start not last!!

Bobb, the expansion from 47 schools to 82 was mentioned for the need for the 1st loan, so was known at the time. This increase seems to be because the last was delayed by c3 months. Delaying contract start times are quite common in this industry so should have been factored in. The 1st loan was a draw down so you only start paying when you take out the money, and you can take it out in stages as and when required. In hindsight they should have requested more money upfront via this initial deal.

They needed a short term loan as the GB Energy contract, whilst lucrative has longer payment terms. Now we are being told they need more as the contract start was delayed by a few months. The comment of management weakness seems apt and this is not the first time we've seen such things. Only in November we were YE figures should be hit, only for them to be adjusted down 5 or so weeks later, and the shortfall was for £5m. These things can be avoided.

In terms of the loan the overall cost will be c£80k overall and is only for c 3 months so not a disaster, but clearly this will hit the bottom line and some contingency should have been built in to the original loan amount to avoid such expense.

BTW that's in reply to someone called wakokid - may have been removed now.

Most people seem to be sensible and polite on this board

Are we still at school and name calling? A tad sad.

All new contracts are a positive sign and expanding into new industries and geographic area is also encouraging, however, a lack of detail and ££ would indicate that they are not massive.

SNX is a great little company, however, it appears to have benefitted from a number of hospitality/casino one off contracts and these may be becoming fewer and far between. This makes revenues a little 'lumpy'.

The company is sensibly trying to become more long term contract focused so there is recurring revenues, however, this may take time.

Despite record and market exceeding profits in 2025 the SP dropped about 1/3 from c£3 to £2 so it is clearly not just me who is concerned.

Someone is touchy - maybe sitting on a big loss.

According to AI Zen did indeed Improve Sleep & Mood: Proven to increase sleep quality by 11.3% in two weeks and enhance feelings of happiness by 13.5% after one month.

However, i would say neither measure is an exact science and must be quite difficult to measure, especially happiness - if it's a yes or no response or a %. Am i 20% happier??

If my sleep improved by 25% but another person had no effect, then it is still above the average recorded.

My point is this is not a life changing product and i stand by that.

Yes - hello 27p.

Well Zenakine was always the potential big earner as it was supported by a FTSE 100 company. However, payment is via a royalty payment model so payments will depend on how important the product is to Croda. I note the product info shows an improvement in 13% of users, which seems low to me, so not sure if this will fly off the shelves. A lot will depend on how Croda market this - if they are prepared to spend money on promoting the product (influencers etc) it may do well . The fact that it appears we've had no royalties in 2025 and 2026 numbers are being revised down appears to show the product roll out is going slowly.

As for Axisbiotix-Ps getting it into Superdrug is a great achievement. However, selling to retail is a drag as the product must be produced upfront and then not paid for for say 3 months. Then future sales are unknown but inventory needs to be ready as and when requested. I note it is a 2 year agreement so Superdrug could pull the plug after 24 months. Additionally, there will probably be an exclusivity so this won't be in Boots anytime soon.

The product is not cheap (£30) and although the marketing states "72% of participants reported that their skin felt better after taking the supplement for 28 days." i note that the advise is to take it for a minimum of 56 days so i suspect some of these improvements will be quite minor.

I remember Opti getting products into H&B and hoping this would be a game changer. It wasn't.

Ultimately SBTX is a loss making company and i fear will remain so without decent Zenakine royalties

Yep, lack of new contracts is now a slight concern.

There are a number of smaller multi year contracts announced over the last few years, but the bread and butter seems to be big one off hospitality contracts.

One or two before the results in a few weeks would be good.

Hopefully BOD will be a bit more positive in the YE update, after all they will be announcing market exceeding profits - there is a big cash pile at their disposal too.

Https://www.energyvoice.com/oilandgas/americas/592378/wood-guyana-joint-venture/

Aberdeen-based Wood Group has launched a new joint venture in Guyana with Massy and Tagman.

The new joint-venture operating company, WMT Guyana, will be 51% owned by Tagman.

Sorry - boast not boost!!! Edits not allowed

Clearly he mislead to an extent, however, there must be documentation from Croda and a contract etc. An independent auditor 'allowed' £770k to go into the 2025 accounts so they must have seen some evidence to allow this.

Clearly the auditor is massively at fault for not doing proper due diligence etc however there must be documentation to enable Ashman to come up with this figure.

Royalties are usually paid in arrears, usually large companies stipulate a 3 to 6 month time lag.

Could Ashman have persuaded the company and the auditors that the royalties due up to 30/6/25 were the £770k when in fact they were zero??

Well the RNS did come as expected, but an extension not a full offer. However, the extension period is just over 2 weeks, and not the standard 1 month, so it appears things are close to an agreement.

Sit on your hands for a couple more weeks.

What concerns me is that the RNS also states that 2026 revenues will be materially below expectations, so this is clearly not just a 2025 on off error.

Looking at the 2025 accounts in current assets there is a £769k accrued income figure. This can be for goods supplied but not yet invoiced etc.

Nothing wrong here. However, in the RNS it states this is 'accrued royalty income'.

For Croda i would expect they pay skin an upfront lump sum for the product and maybe a % of royalties based on sales.

However, reading between the lines it appears all the payments are based on royalties so are only paid when the product is sold and is not guaranteed etc.

This is a massive mis-step if this is the case as this income might take years to come in and we are at the 'mercy' of Croda re rollout timelines etc.

I would want to see the impact on 2026 numbers before deciding on my next move.