Member Info for shychap

"Possible fraud" were my words based on a) Ashman's instant departure and b) the certain knowledge that the forensic accountants would be looking for all and any misdemeanours, including fraud, since that is their job.

It is also my assessment (shared by others) that one or more other directors may be required to leave if they have been complicit in the misstatement of accounts.

My apologies if my OP gave the false impression that these words had been included in an RNS.

I'm amazed by the SP performance since the 20 March RNS announcing that the shares would be suspended from 1 April pending the outcome of the investigation into accounting errors and possible fraud – plus a rewrite and downgrading of the interim results, a reliable trading update and a lower forecast for FY26. Plus, possibly, the dismissal of more Board members.

That's quite a basket of rotten fruit. And yet…

Since the SP fell to 6.25p on this news, it has risen daily since, reaching 10.25p on 30 March – a rise of 63% – and only dropping by a ha'penny today as a few understandably nervous shareholders finally hit the sell button before they were plunged into darkness for an indeterminate time.

I'm an old hand at this game but I've never seen anything like this before. Facing a possibly long wait for almost certainly bad news, the SP should have carried on falling after 20 March. But it appears that not only our major shareholders but also the majority of the PIs who aren't day traders, held firm. More than that, they added to their holdings. Every day.

Sure, PIs have taken heart from the loyalty of the IIs, and especially from those who have continued to buy in sizeable chunks – hoping perhaps that the big boys have inside knowledge (which I doubt). But more than that, it demonstrates the faith that PIs have in our IP and especially in Zenakine. And I think it also shows that PIs, and perhaps the IIs too, finally trust the directors – especially Alyson Levett and the new CEO – to run the company properly and in the interest of all stakeholders.

But I do still think that it's amazing and I wish all LTHs the rewards which their faith deserves.

And down again to 10.11 to sell, 10.80 to buy…

Tree shake. Climbing again now. 10.66 to sell, 10.99 to buy (100k). MMs seem to be trying not to break 11p.

And back to where I started at 10.32/10.90.

Now can't buy more than 10k (10.995). Can sell any number at 10.655.

Now 10.6 to sell any number and 10.95 to buy 100k max.

I'm getting 10.32 to sell any number and 10.90 to buy 100k max.

On dummy trades, the MMs seem happy to buy or sell 300k shares. I was quoted 9.66 to sell and 9.99 to buy. Certainly unusual market for a stock about to be suspended. I wasn't tempted, either way.

Rebarm, you can take some comfort from the fact that Zenakine is given star billing by Croda chairwoman, Danuta Gray in her Letter to Shareholders in their 2025 annual report which was signed off in February 2026 (almost a year after Zenakine's launch). She is telling her shareholders to watch this space and will undoubtedly have already finalised a clear runway for Zenakine's growth. For sure, she already has a good idea what she will be reporting to shareholders in a year's time – and if the company were not pleased with Zenakine's progress in its launch year, she would not be drawing everyone's attention to it.

Rebarm, Zenakine is not (yet) being marketed as a Matrixyl replacement and Croda need to appease their customers who depend on Matrixyl. The transition away from Matrixyl was always expected to be slow, not least because Matrixyl has been Croda's bread and butter for many years. Meanwhile, the customers who demand Matrixyl can also buy Zenakine. And there may be some who discover that Zenakine is a greener, safer alternative to Matrixyl.

The theory now is that Zenakine will be mixed with Matrixyl to help that transition and kick-start a new marketing platform for Zenakine..

AquaeSulis01, I assume it is already possible for a cosmetics house to add both Matrixyl and Zenakine to its potion, in which case a simple pre-mix offering doesn't sound like headline news. But removing Tripeptide-1 would be a different story – although I question whether "Matrixyl" could be in the name if it doesn't contain Tripeptide-1.

As an arts scholar, I was a great disappointment to my research biologist father so much of the chemistry of cosmetics goes over my head. From my simple viewpoint, Croda are hoping that they have already addressed Matrixyl's green credentials by launching Matrixyl 3000 GLYX which it claims to be 99.99% natural (mysteriously since it contains synthetic ingredients) so there can't be a significant green argument for adding Zenakine to it.

So I assume that the main issue here is that synthetic Tripeptide-1 is now an unwanted guest as it is linked to health concerns over the unnatural stimulation of collagen – albeit Tripeptide-1 was retained as an ingredient of the recently launched Matrixyl 3000 GLYX (possibly because they didn't have a viable substitute for it at the time).

So this new theory is that Zenakine will be added to Matrixyl, replacing Tripeptide-1, so that it can then claim to stimulate collagen naturally? That sounds worth having, assuming it is a simple enough process to replace one with the other.

Would Croda still be talking about a maximum 3% strength of Zenakine in any formulation? Would Matrixyl-Z require a higher concentration to match its collagen stimulation credentials? And would Matrixyl-Z thereby redeem itself in the eyes of the public, media and scientists…or is its name already too tarnished to recover?

And why should I be bovvered about it if Skins make a shedload more coin?

it's an interesting theory but let me get this right. the original hope/hype for zenakine was that it would replace the nasty, harmful, non-green matrixyl and make us all rich…and the new theory is that zenakine will instead be mixed with matrixyl, diluting its toxicity while adding some new bells and whistles to a best-selling ingredient?

isn't that a complete about-face? instead of zenakine saving the world, it will now make us rich by losing its green credentials in a new ****tail? instead of defeating the dark lord, it joins forces with it in a formulation which can never be green?

or is sleeping with the enemy just step two in the masterplan which in step three sees matrixyl finally dropped, leaving zenakine to go it alone?

Might also be a regular seasonal promotion. SD are offering even bigger discounts on some top brands: https://www.superdrug.com/top-offers

Netcurtains, that's nonsense. Accounts mis-statements, possible fraud, a forensic investigation and a looming suspension have tanked the share price. Changing the CEO without any of the above would probably have seen the SP rise.

On top of the two NEDs stepping down, there was a hefty vote against the re-appointment of Charles Sweeney (21.43%), Dawn Hillman (28.73%) and Clare Lacey (27.85%). I think the Board are duty bound by the code of governance to take steps to remedy such a high dissatisfaction vote.

The special resolution to authorise the directors to make market purchases of the Company’s ordinary shares was approved, albeit with 15.89% voting against.

Summary by AI

"Crest Nicholson Holdings plc reported an improved open market sales rate of 0.64 in the 10 weeks to March 20, up from 0.61 in the second half of 2025, with full-year guidance remaining unchanged. The company is strategically repositioning towards a mid-premium, customer-focused developer, making progress on land bank reshaping and operational efficiencies, while maintaining its HBF Five Star Housebuilder status. Crest Nicholson is monitoring potential macroeconomic risks but has not yet seen a material trading impact."

Quick, painless – but no real explanation of the reason board changes were demanded by the IIs.

A new resolution to authorise the board to buy back up to 10% of NEXS shares on the open market was voted on.

The CEO said:

"The level of shareholder feedback as communicated in the AGM voting signalled a clear desire for change at Board level and the Board is responding with both Richard and Ffion electing to stand down and Clare Lacey, Non-Executive Director assuming the role of Interim Chair."