Member Info for Toyin

Shy, It would suggest at least one big hitter isn't happy with proceedings. Seeing as an EGM only takes 5%, the dictators, sorry, the directors could have a problem.

Elric, we both know why has gone on, you tell yourself what you wish.

Like I have said many times too you, if you don’t want abuse off Mr Angry, how about you stop calling him Mr Angry.

You’ve picked your lane, you don’t have to be offensive or abusive to ask difficult questions.

Regards rejoining, I’m good thank you.

Aquae, I would chill, if I thought lessons had been learnt, but they haven’t. Ashman showed zero remorse or gave any inkling that he accepted any responsibility for the failings of his acquisitions. The very fact that Elric has band me, shows SA has had a word in his shell like. I will be fecked if I am looking forward anytime soon!

Well it should have been feckin rns'd as a material problem, should it not?

Aquae, no I am not, see page 27 of presentation, pro forma trading outlook FY25, synergies £0.6m.

Shy, I agree with what you say, but if you watch the video below from the April IMC, it's still being peddled. NHS, Modi, Amazon, yadda, yadda, yadda, still very much on track, synergies implemented Q1 25. Later on in the presentation he goes on to say the business's are now integrated, in April! Yet on Friday, not so much. Anybody believing what’s being peddled needs their head feeling, as always transparency needed.

https://youtu.be/zTsjx6xFAMQ?si=WrUgO2NiHMez3C9P&t=3058

Shy, guidance at £6.2m has to be wrong.

FY25 was guided at £6.3m back in 2024, take a look at page 20 in the Oct IMC, it says the following.

Derma £2.9m

BTS£3.0m

Axis £0.4m

Group turnover potentially £6.3mill (without Croda, AxisBiotix Ac or any further JDA’s ) (page 19)

So FY26 I will calculate as follows, I will leave Derma, BTS, and Axis-Ps at FY25 numbers.

Derma £2.9m

BTS £3.0m

Axis £0.4m

Missed FY25 orders £700k

Superdrug £200k (inc Axis-Ac)

Croda £1m (I think it will be a lot more than that)

Total £8.2m

It is absolutely impossible that FY26 forecast is correct or even close to correct. Now, I admit we now have this “they need time to bed in” nonsense, but even so I have attributed zero growth to both companies and Axis in house.

Shy, the broker gets guidance from the co, so you cant trust either. He says he cant give forward looking statements, fine, but the company can give guidance.

Some verbatim comments from SA.

“Had the YE come three weeks later we would have hit that number”

“If it had come four, five or six weeks later, we would have smashed it too pieces”

“Had a huge bumper start to the year”

“Im very pleased with both acquisitions”

“Ultimately we would have hit the £5.3m and a lot more and if you stick Croda on top of that, we would have smashed the number out the water”

Those comments above are all past tense, they are in no way forward looking statements, he should have upgraded guidance worst case by mid August. In the results it states “the board anticipates reporting 2026 full year numbers in line with market expectations”

(Market expectations for the year ending 30 June 2026; revenue of £6.2 million and adjusted EBITDA of £0.7 million)

So either those statements he made last week are lies, or the forecast is wrong.

It's just a case of wait and see, I am extremely confident Zenakine is/will be a huge hit and hopefully we will get a better picture come H1 results in March.

shy, I dont pay any attention to the broker forecast, they are clearly a country mile out.

I have to say, I must give a hat tip to SA, he has investors fighting between themselves, rather than focusing on after five years why we are at 13.25p. Genius.

😂

Aquae, if you believe for one minute they have spent £75k and it costs 50% of his time, I have a bridge to sell you.

He hasn’t done his job, dont blame investors who just request transparency.

Clio, he gets paid handsomely and comms have been extremely poor.

Good luck to you too.

Clio, there is no point, he does not accept any responsibility, nothing has changed, it’s always someone else’s fault. I am invested for Zenakine, I just hope the BOD don’t screw it up to much.

I will focus on my divi stocks going forward and stick Sbtx in the bottom draw.

Good luck all.

Net, Billy liar allegedly threw the towel in weeks ago so the last 24 hours are irrelevant. I very much doubt he even had a position, he was a Walter Mitty.

Aquae, cant disagree with any of that and lets hope major shareholders do indeed hold him to account.

Re my 50% e.g., when you have someone with an insatiable appetite for empire building, it could get very expensive for shareholders as Croda rolls in!

Aquae, I agree that the shares are a screaming buy. The problem is how do you attract new investment when, for eg 50% of that 19p could be wasted on acquisitions?

Also I would like to see a share buyback since we have been decimated!

Letitrun, I shall give you a recent example, SA in his proactive interview said Derma & BTS had “slight” misses. When he bought them we were told they were accretive and lengthened the cash runway, that was incorrect. When he did the IMC presentation in Dec last year Pro forma FY25 outlook was for £6.3m, not including Croda. The results came out and if we extract Croda (as that wasn’t part of the actual £5.2m forecast) the acquisitions have missed by about £1m and he had the audacity to say “slight” miss!

Then we move to FY26 guidance at £6.2m, which is £100k less than FY25, plus FY26 also includes £700k of missed FY25 orders split between Derma/BTS that landed in July, Croda & Superdrug. If thats not misleading, I dont know what is.

Lets assume Derma & BTS only hit FY25 forecasts and we get zero growth in Axis (inc Superdrug) or Croda. Figures below:

Derma £2.9m

BTS £3.0m

Axis £0.28m (inc SD)

Croda £0.75m

Total £6.93m

Plus, let's not forget the missed orders which dropped in to H1 26, £700k, which takes us to £7.63m. Remember, thats with zero growth from Axis, Croda and nothing from Superdrug!

Bazza, obviously the results were poor apart from Croda. Unfortunately the FY26 guidance numbers, I believe did a great deal of damage and I also believe them to be false, along with the comments about more acquisitions just saw investors running for the fire exit. And then, the cherry on the top was the proactive interview were he said both Derma and BTS revenue was “slightly lower” just nailed it for me. They were in no way slight, and by saying that he has confirmed he is either a liar, a narcissist, naive, or a combination of all three. It was an insult to all investors that have two brain cells to rub together.

I would also wager the change to the corporate governance would suggest he does not have the backing of the institutions and or MD/DB.

Aquae, but he stated on Friday that if the FY end was a little bit later they would have been, "bang on target" ergo we have had another £700k to add to the £6.2m, so when the results were published the forecast should have been upgraded to at least £6.9m, if not before, irrespective of Modi.

https://youtu.be/kMTDKeojP0U?si=yUSGdaP7U7U45eJi&t=308