Member Info for Toyin

Aquae, I have a memory of an elephant, but if that fails I have notes Thomas Edison would be proud of. SA was happy to tell us he was playing SD off against Boots because they both wanted this new microbiome technology, I’m sure he could have negotiated the rollout plan seeing as he is a master negotiator. Or is that just more bull shyte? Seriously, it’s time to pay the piper!

Aquae, I understand and I agree to a point. If they stop the acquisition spree I can let it slide, as you say it was an insurance policy, whilst not happy about it, I fully understand why it was done. My problem is the fact they seem hell bent on continuing is a concern, we dont need anymore insurance. When SA says things like “small miss” and “very happy with the acquisitions” it's a denial of reality to justify spending other peoples money on more expensive acquisitions. It suggests the BOD has an ego problem and we are paying for it.

Regarding Umesh, I dont have enough information to decide who I blame. Regarding SD, we didn’t need Derma to introduce us, its not like we have had any preferential treatment as far as I can see. We should have used Croda money and launched in 25 stores and rolled out slowly, that would have taken away the dilution and the stock write-off problems out the equation, Axis has been launched for over four years, there was no need for this massive launch all of a sudden.

I get the feeling they are into style over substance which worries me.

Aquae, I know it was Proforma, thats why I put Proforma in the first line of my post.

The fact remains, Proforma for FY25 was £6.3m, without Croda or SD. I understand how you are getting to your £6.2m (exc Croda). For me it begs two questions.

1, Do you think it is fair to say that Dermatonics has underperformed and SA is wrong to say he is very happy with the acquisitions?

2, If you are only factoring in a small uplift from SD, do you think the £4m dilution was worth it?

You see, if I get sold Derma at £2.9m and it doesnt happen, I at least expect that £2.9m the following year, is that unreasonable? How can anyone be happy with the BOD spending more money on acquisitions when the past record is what it is.

The fact is, if we dont get the following the BOD have failed.

Derma. £2.9m

BTS. £3.6m

Axis. £1.0m (inc SD)

Total. £7.5m (not inc Croda)

How can anyone be happy with £100k less in FY26 than in FY25 and FY25 had nothing from Croda & SD! It blows my mind the acceptance and defence of failure.

Beluga, my comments re Croda were to show your initial comment was utter garbage, you said, "This is intellectual property and Croda wanted to be the only company to launch this product."

It is a stupid statement, Croda own Zenakine, they own the worldwide rights for cosmetics with the Skinbiotix IP, ergo no one else can launch it, what dont you understand. I dont need to know whats in the contracts or whats in the NDA’s, its irrelevent. Its like Ferrari saying we have a new car thats just launched but we dont want to say anything in case Lamborghini launch it as well. You're just talking nonsense.

Bazza, the problem we have is as always, no transparency and when you get certain people justifying what SA says you end up with lunatics coming out thinking they are all experts. Regarding the Q&A, if that is the case he only has weeks left before it all falls in.

Bazza, you are correct it doesnt add up, at all. Let's keep this simple, Proforma outlook was £6.3m.

All data from IMC 10/12/24

SBTX. £0.4m

Derma. £2.9m

BTS. £3.0m

Now SA says we have had a “bumper start” to the year and he’s very happy with the acquisitions, quite honestly I have no idea why we haven’t had upgraded guidance already, it is a mystery. If FY25 outlook was for £6.3m (not inc Croda or SD) how is it possible that FY26 is £6.2m? Two scenarios:

1. SD and/or Croda have delivered zero.

2. The acquisitions have flopped and are being propped up by Croda and/or SD.

Firstly, we know Croda is going better than expected (SD we know nothing), so it cant be number 1, secondly, SA said he’s very pleased with the acquisitions and we have had a bumper start, so it cant be number 2.

Answers on a postcard!

Beluga, sounds like you are the one with knicker twisting, calm down fella, I know you aren't a fan of accountability but I am. Just clarifying throwaway statements and correcting with reality were needed.

"I never mentioned SBTX owning Zenakine, it’s a Trade Mark owned by Croda PLC under Sederma.”

Croda own Zenakine the ingredient and the name, ergo, no one else can launch, that was my point. No need to try and confuse a simple point.

I am not speculating on anything. Croda (Sederma) have a licence agreement to use our IP for cosmetics, using the bacteria Lactobacillus rhamnosus GG. If it wants to use the IP in any other area or on any different strain of bacteria a new agreement would have to be signed, these are facts. If you dont beleive me please feel free to contact the company direct for clarification.

Now on to the HY. (I dont know what end of Feb has to do with anything). £4m is light by at least £500k but I understand you lowballing.

I think anything less than £4.5m and the BOD should walk, anything over £5m I will buy them a crate of champagne. You see we have at least £700k of missed orders to add in to H1, SA comment, "If the YE was six weeks later we would have hit the £5.3m and a lot more and if you stick Croda on top we would have smashed the number out the water."

But this does raise the question of the "target" as we dont know what that H1 target is because the BOD refuse to give one. How can you hit a target you do not have? If the BOD does have one, as a PLC should they not share it with the owners?

Beluga, "The IP has been licensed to CRODA yes, however this could change depending on the details of the arrangement and NDA."

No it couldn't, Croda own Zenakine, no one else could launch it, Croda own it. Now sbtx could sign another deal in another area (wouldn't that be nice!) but that would not be Zenakine.

The £6.2m isnt shortly, that is YE June which we wont hear about until December. So what is your figure for HY which gets released shortly?

Beluga, “This is intellectual property and Croda wanted to be the only company to launch this product.”

No one else could launch the product, the ip is owned by Sbtx and licensed out to Croda and Croda have produced this product by using the ip. It’s impossible that anyone else could launch this product because Croda own it.

What targets are you expecting him to hit shortly?

ox, to be fair, it’s just a back of the *** packet exercise. picking the bones out of the smallest contributor to revenues isn’t really important, i just wanted to know other investors views of expectations. appreciate everyone’s feedback.

Thank you for the reply Josh. Have a good weekend too.

I under your point, but there are to many differing opinions and characters that it will never get resolved, and I don’t think it’s a healthy rabbit hole to go down. The only individuals that I would like to discuss is the BOD, they are the ones who have use of my money and on that note. What is everyone’s expectations of HY revenue’s?

Aquae, god loves a trier as they say!

I agree, I think TW let his distain for SA get the better of him on this one but each to their own. I think we have a long way to go, I just hope the wheels dont fall off when we get HY figures!

Josh, we have got to the point were we have two grown men calling each other Mr Angry & the furry rodent and then we have trolls throwing their pennies worth in, its just all very silly and doesnt add to the discussion that is sbtx.

If you write an article about him of course its going to prompt him, if you want to add fuel to the flames, no problem, that is your right. Both will get grief because they both write articles that some will disagree with, thats the name of the game, they both know it and neither need anyone defending them, they are both big boys.

It is a shame we have personal insults, they are not needed, lets keep it respectful and on topic.

FYI, TW's last interview was with Cathal Friel 18/12/25.

Josh, chill out fella. If you want to fight with TW, fill ya boots, if you want to defuse the situation take a different course, that’s all I’m saying. I’m defending no one, I speak for myself and no one else. I fly solo, each to there own.

Thanks Nick. And thanks for your comment 30/12, apologies for not replying, New Year etc.

Piece of advice Josh, if you want to make life easier for SA and Elric I suggest you all stop poking the bear, you won’t win because he doesn’t give a fook, it’s basic psychology. You complain about his business model and then you feed it.

Nice to see bullying in full flow today, freedom of speech alive and kicking.

Hat tip to Aquae for the diplomacy.

Agreed Bubs, the HY needs to be impressive, considering SA said he would have hit the £5.3m and a lot more and if you stick Croda on top we would have smashed the number out the water. So if we take Singers forecast and halve it, that would be £3.1m + £700k missed orders + £700k Croda, I get HY at £4.5m at a bare minimum. North of £5m would be impressive.

PG, I made the point that everyone is entitled to an opinion (yes, you are also entitled to make allegations). I never said I agreed with it, I never said I supported it. Who’s making allegations now?

Once again you get ahead of yourself in defence of Elric, he's a big boy he doesn't need you defending him.

Bubs, I appreciate what you are saying but thats cart before the horse for me. I want to see information to justify the share price increase, not just an increase based on hot air. Whilst the recent share price recovery is welcome I wont get ahead of myself on sentiment. We wont get any fresh investors to drive a sustainable rerate without substance.

Let's keep this in perspective, we are only 3p higher than when the Croda deal was signed in 2019.

Unfortunately we are in a perpetual doom loop, that will only change when the company deliver, investors have been let down too many times.

Like it or not shy is entitled to his opinion and Elric is entitled to pull his article, it is all just noise. The only thing that will change sentiment is when we get transparency and honesty from the BOD.