Member Info for shychap

The most I can buy is 10k but I can sell 75k. The MMs are definitely playing games. Meanwhile, I asked IR at HERC a follow-up and got a reassuring reply:

"Yes, that is the case. There has been no suggestion of wrongdoing, misstatement of accounts, or any regulatory misconduct. The delay is purely a result of the audit process taking longer than anticipated this year, following a particularly active period for the business…"

According to this reply from investor relations, the accounts delay is simply down to the increased workload:

"After a very busy year last year, which included the disposal of our Suction Excavator business and the acquisition of three businesses (Quality Transport Training, Advantage NRG Ltd, Lyons Power Services Ltd), we have found that the Audit process has taken much longer this year."

New regulations covering new-build homes from 2028 expected to increase building cost by £10k.

https://www.bbc.co.uk/news/articles/czjw7klkjm2o

Https://www.constructionnews.co.uk/financial/construction-retentions-to-be-banned-24-03-2026/

"The government has announced it will finally ban the use of retention payments in construction contracts. The move, announced this morning (23 March) by the Department for Business and Trade (DBT), is intended to prevent smaller firms from losing money held back against defects, particularly in cases where upstream contractors become insolvent or fail to release funds."

Something afoot…

"Nexus Infrastructure plc (AIM: NEXS), a leading provider of essential infrastructure solutions, announces that Richard Kilner, Non-Executive Chair, and Ffion Griffith, Non-Executive Director, will stand down from the Board at the end of tomorrow's AGM. Following engagement with shareholders since the publication of the Notice of AGM, Resolutions 3, 6 and 10 to 14 have now been withdrawn from the 2026 AGM, to be held at 9.00am on 25 March 2026. The Board is continuing to engage with shareholders and further details will be announced in due course."

Kilner has already been in post too long according to UK governance codes which assume that NEDs tend to go native after nine years. Griffith is also approaching that threshold.

ShareCast: "Housebuilder Bellway posted a "robust first half performance" on Tuesday, with both total housing completions average selling prices increasing. Bellway said completions were up 2.7% at 4,702 homes, while average selling prices rose to £322,180. Underlying operating profits grew 1.5% to £159.0m, though Bellway also noted that operating margins had slightly decreased to 10.5%."

Ox123, the only issue causing a suspension is the non-publication of the HY results. If they can get those out, regardless of the other issues, then the suspension would be lifted.

Audited FY25 final results now expected in May so trading suspended for over a month which seems excessive…

Fair comment, Whackery, and suspension is likely for sure. But imho this IR response was approved by (if not written by) Alyson Levett so I take it seriously. That said, there are other possible interpretations of the final sentence.

Thanks Toyin. I assume the final para means that they haven't yet ruled out the possibility that they can get the HY results out by 31 March, thereby avoiding suspension…

More fun and games from the MMs this morning so I have grabbed a few more. I wonder what MD will do, just back from holiday…?

And the irony is that we would probably be complaining if all stores had a good stock level.

The only reliable numbers are the two cash balances published since Ashman left: £2.44m on 19 March 2026 and £2.92m on 13 February 2026. That's a cash burn of £480k in five weeks or £96k per week. Of course, we don't know how much expenditure during these weeks was exceptional, ie the cost of the investigation; nor do we know what the outstanding trade payable were on each date; and nor do we know for sure the dates and quantum of payments due in from Croda and Superdrug. Come 31 March, with quarterly cheques due in, the picture could be significantly different.

Agreed about today's volume, belgrano. It was all small beer apart from one trade of 833k shares – unless there are some late trades to come. There has certainly not been enough selling yet to warrant a 35% fall in the SP, so the MMs have had a field day.

The company has obviously had a steer from the CFO and the forensic accountant that it won't be possible to get the accounts out on time – and/or that one or more directors will have to be dismissed – and so it has acted properly in notifying the market immediately.

We can only speculate about what's happening but I'm confident that the new CEO and Alyson Levett who must be running the investigation are doing things properly, by the book and in the best interest of all stakeholders.

One possibility is that they want to see the quarterly payment from Croda which should be due on 31 March actually landing before revamping the 2026 forecast. The same might be true of payments from Superdrug.

If we do see some big buys and assume them to be from our major shareholders, I wouldn't be suspicious of that. In my lower league, I have added a few decent chunks today without any more insight than other PIs.

Bazzaman, buy price for 200,000 dipped briefly to 6.2 but now up to 6.6.

Bazzaman, they are taking orders again now so I was able to place another order. I haven't spoken to MD so don't know what he's doing.

Bearing in mind that the suspension is forced on them by their inability to post the results on time, this looks like an opportunity to me.

There are risks of course. The previous accounts mis-statements could be more serious than we suppose. Other directors may have to be dismissed. They seem to have burnt through £500k since they last disclosed the cash position five weeks ago…although some or all of this may be down to exceptional payments to lawyers and forensic accountants.

But the business is operating normally and appears not to be at risk of trading while insolvent. So I picked up another 200,000 shares at approx 6.3 and will try to grab more but the MMs won't allow even a 10,000 buy at the moment while they will accept any number to sell.

In theory, there should never be a year without Croda revenues, if Ashman's email to me is to be believed:

"On 11 Dec 2024, at 11:21, Stuart Ashman | SkinBioTherapeutics <stuart.ashman@skinbiotix.com> wrote:

Good Morning Mr __________,

Thank you for your kind words.

Macquarie Bank hold no shares in SBTX whatsoever. Were they to do so they would appear on the shareholder register and they do not. Macquarie bank only convert when they are ready to sell and they dispensed of the last tranche right after there final conversion in July of this year. They do have some warrants but cannot exercise those until we reach 22p. I am informed that they tend to hold their warrants for long-term value, although that remains to be seen.

With regards to our agreement with Croda it is in perpetuity with multiple jump clauses that

favour ourselves (failure to ramp up, *minimum order quantities*, use outside of the agreed

commercial sector etc).

I trust this answers your questions.

My best regards,

Stuart J. Ashman"

Out today and worth a read. Extracts:

Danuta Gray, Chairwoman: “Innovation remains central to Croda’s differentiation. We continue to focus on innovating at the top of our portfolio, while actively managing and, where appropriate, rationalising less differentiated products. The Board has reviewed the innovation pipeline and remains confident in its strength, supported by unrivalled claims data and solutions often tailored to individual customers. New product launches in 2025, such as Zenakine, a naturally derived neuroactive ingredient developed in partnership with a start-up, to address the effects of stress on skin, demonstrate our continued ability to deliver solutions that matter.”

-----

"We have ramped up the development of new ingredients with sales increasing by 10% at constant currency. Launches included:

• Zenakine, an active which enhances skin’s resistance to physical and emotional stress, thereby reducing skin fatigue and premature ageing, with customer launches in Europe and Asia."

-----

"Natrineo™ CR8*, KeraBio™K31 and Zenakine™* are all examples of our latest award winning

innovation, with strong sustainability credentials such as 100% natural content, lower GHG

emissions, biodegradability, more sustainable sourcing or produced via biotechnology.

They have been well received by our customers and the wider market."

------

"What we have done in 2025: Launched a number of innovative products including Kerabio, Natrineo CR8, Zenakine, Squalene and Poloxamer, resulting in strong interest from our customers."

https://www.croda.com/en-gb/investors/annual-report

Netcurtains, there are no rules governing individual shareholdings of 20% or 25%. You made that up.

Resolutions can be defeated and takeover bids thwarted by any shareholders who between them own more than 25% of the voting rights.

And if you discount the occasions when I take Eldric or Obsisian to task for ad hominem attacks on him, I post rarely about TW, and occasionally critically. My comments on his website are sometimes critical of him too.

It's OK to ask if I know the man but not to make assumptions and disseminate them.