Member Info for shychap

Over-egging the pudding on revenue forecasts is systemic among AIM issuers but if Ashman has raised £4.2m on forecasts he knew to be wrong, he could be in big trouble.

Nope. Just copy and paste the previous long link.

this link to the agm map might work: ********************mrx7k6s3

The AGM on 29 December (at 9am) will be at the Holiday Inn Newcastle South which obviously has decent internet connectivity along with modern business meeting facilities. As foretold, it is located in the middle of nowhere and is inaccessible by public transport:

https://www.google.com/maps/place/Holiday+Inn+Newcastle+South+by+IHG/@54.9404697,-1.4855212,12z/data=!4m9!3m8!1s0x487e6511b471a961:0x3a7462d8c23f8910!5m2!4m1!1i2!8m2!3d54.943662!4d-1.466971!16s%2Fg%2F11xw86h17n?entry=ttu&g_ep=EgoyMDI1MTIwMi4wIKXMDSoASAFQAw%3D%3D

FWIW, I have replied to Emily Bertram at SBTX as follows:

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"Dear Ms Bertram,

Thank you for your email of 2 December.

I am rather perturbed that you seem to believe that an AGM between Christmas and New Year when most people are on holiday, held at a venue which I gather isn’t within walking distance of any train station, satisfies your corporate governance mandate (and the guidance of the FRC) to make the AGM accessible to members and encourage their participation.

Presumably, I don’t have to remind you that the AGM is a meeting of the members, for the members – and their convenience should be paramount.

Given the circumstances, your decision not to live stream the AGM is incomprehensible. And it is all the more incomprehensible since Marc Downes, the CEO of Investor Meets, has said that they could host a hybrid AGM for you at zero cost as it would be covered by the annual contract which Skinbiotherapeutics Plc already has with Investor Meets.

I urge you to reconsider lest it appear that you are deliberately discouraging participation in the AGM by your broad investor base."

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I suppose, if enough shareholders are unhappy with Ashman and his war on retail investors, it will have to be resolved at an EGM.

Thomascromwell, TW spoke thus:

"What would be wrong with MD going in as chairman, replacing the hapless Martin Hunt…?"

Thomascromwell, TW suggested MD for chairman. Can't see that working. MD has no City form.

Here's another crazy theory for you.

Just suppose that MD's son-in-law was Sir Samuel Thomas Hill-Wood (actually, that's fact, not theory).

The Hill-Woods are a famous dynasty. Sir Sam's father, Sir David, was a merchant banker, stockbroker and chairman of Arsenal FC, as well as a renowned supporter of innovative investment ideas - see https://www.telegraph.co.uk/news/obituaries/1392091/Sir-David-Hill-Wood-Bt.html

Very little is known about Sir Sam but just suppose he inherited great wealth as well as his father's passion for innovative investments. Could he be so protective of his privacy that he turned to his father-in-law to front his dealings?

Nah, that's crazy.

It's not impossible that the MM (aka broker) has constrained the SP for self-serving reasons.

In a hypothetical scenario, while not much else was going on, a trusted client calls the MM and tells him: I will take XX million SBTX shares in tranches over the next few months if you can deliver them to me sub-17p. Any higher and I'm done.

I have no knowledge of such a scenario but is it possible?

AquaeSulis01, you've lost me. Why would a hybrid meeting preclude the presentation of results, asking of questions, etc? The FRC gives guidance on how a meeting should be run at https://media.frc.org.uk/documents/FRC_Good_Guidance_Report.pdf

I acknowledge that virtual participants will miss out on some things such as the opportunity to chat to other shareholders, the chance to grab the CEO for a quick chat afterwards, party food and drinks, etc but they wouldn't be missing out on the substantive elements of the AGM.

OTOH, virtual attendees would be saving on travel/overnight expenses while remaining with their family over the festive holiday and participating in a key meeting which they could not otherwise attend.

The Chartered Governance Institute (formerly ICSA) says that that companies can legally hold hybrid meetings, even if their Articles do not expressly enable this, provided that their Articles do not require that being present at an AGM or other general meeting means physical presence at a single location; or prohibit electronic participation. This is the case even if a company’s Articles do not specifically address hybrid meetings.

AquaeSulis01, I suspect that most companies have no pressing need to arrange hybrid AGMs because they hold their meetings at accessible venues and away from festive holidays. I assume you would agree that any company which elects to hold its AGM at an inaccessible venue and/or adjacent to a festive holiday should automatically offer a hybrid meeting to enable shareholders to engage remotely?

Are you familiar with the FRC guidance on this topic?

AquaeSulis01, at an IM, Ashman picks and chooses which questions he wants to answer – and then too often gives misleading answers. Also, he makes no commitment at an IM other than a vague promise to look into something. But at an AGM, the company can be held properly to account and if a vote is called, they are bound to abide by the result.

In short, at an IM, Ashman holds the power; at an AGM, shareholders do. And haven't we been misled enough this year by Ashman's answers at IMs and other back channels?

Perhaps you ought to be asking yourself why the Board is running scared of shareholders? Any decent company would do the right thing by their governance code and the law of the land and open the meeting up to remote participants. While his attitude persists, he sponsors antagonism and creates activist shareholders.

AquaeSulis01, there's a huge difference between an AGM and an Investor Meets.

Only one of them requires the truth.

Indeed jansy. I don't know where they will hold the AGM (presumably not at last year's venue which declares that it is "permanently closed") but I am reliably informed by someone who has been told that it is nowhere near any station so requires a taxi, if you can find one at that time of the festivities. And, of course, that's only if your family commitments during the holiday season allow you the time to get away.

I have asked the FRC if there is anything they can do to stop this gang of bandidos hoking up in the hills but I suspect the only way to secure our rights would be to apply for an injunction, which would likely cost around £10k.

Meanwhile, will some intrepid PI who intends to make the journey please ask them wtf they think they are doing and table a motion and vote to force them to organise every member meeting in future as a hybrid, ie with live streaming?

Finally –a reply from SBTX!

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Subject: Re: AGM

Date: 2 December 2025 at 15:30:34 GMT

Yes, you will need a letter of corporate representation from your Nominee in order to attend. You will need to ensure you have a physical copy of this with you on the day, plus ID as well as ensure a copy is sent to our Share Registrars to include in the proxy pack for the Chairman.

The letter of representation must specifically say what you are/aren't allowed to do, such as if you want to attend, speak and vote, the letter must specify this. 

If you can’t attend in person, the best way for holders to vote is via proxy. As you hold shares via Nominee, you will need to instruct them to vote on your behalf.

In response to your other questions:

1. The meeting is held in the Northeast because the company is headquartered in Newcastle-upon-Tyne and the company does not wish to incur significant cost in moving staff and advisors to another location. This is a normal workday for us the moment the AGM is complete. We return to the office and conduct our business as usual.  

2. The timing of the AGM is, and always has been, dictated by the sign off of the audit. We therefore cannot hold the AGM any sooner than we do as we need to ensure we follow the AIM rules around the 21 clear days’ notice.

We will not be holding a live stream on this occasion.

Many thanks

Emily Bertram

Group Finance Director - SkinBioTherapeutics plc

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I find this shocking, even though I expected nothing better from them.

1. It's hardly a busy work day for them or their advisers.

2. They control when the accounts are ready for signoff by the auditor and they could easily be signed off in October or early November.

3. They can easily afford to hold it in London or Birmingham. Or Vegas.

4. There is zero excuse for refusing to live stream it. Their mission clearly appears to be to put up barriers.

Legal opinion:

"Companies in the United Kingdom are legally required under the Equality Act 2010 to make reasonable adjustments to accommodate the needs of disabled individuals in relation to shareholder meetings or general meetings. These adjustments may include physical accessibility measures, remote participation options, or other accommodations tailored to the individual's needs. The Companies Act 2006 further obliges companies to ensure that shareholders can exercise their rights at general meetings without facing substantial barriers. While hybrid meetings may serve as a practical solution for accommodating disabled shareholders, wholly virtual meetings may not be appropriate in all circumstances."

""In equity markets, Persimmon and Taylor Wimpey were both high risers after an upgrade to 'outperform' from 'sector perform' by RBC Capital Markets. In a broader note on the UK housebuilding sector, RBC said the vital statistics of the housing market are in good shape.

""Mortgage approvals for house purchase and housing transaction levels suggest a normal market and house prices are surprisingly stable," it said. "The UK housing market, like many of us, has been fitter in the past, but it is certainly a long way from being on life support.""

""In equity markets, Persimmon and Taylor Wimpey were both high risers after an upgrade to 'outperform' from 'sector perform' by RBC Capital Markets. In a broader note on the UK housebuilding sector, RBC said the vital statistics of the housing market are in good shape.

""Mortgage approvals for house purchase and housing transaction levels suggest a normal market and house prices are surprisingly stable," it said. "The UK housing market, like many of us, has been fitter in the past, but it is certainly a long way from being on life support.""

Any shareholder who doesn't hold physical certificated shares but wants to attend the AGM – or participate in its live streaming should it be offered – must call their broker as soon as the official AGM notice is published and ask for a 'Letter of Representation' for that meeting, which good brokers don't charge for.

That letter should come to you as a PDF via email (and via snail mail) which you can produce as proof of entitlement to gain entry/vote.