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Dusty, I haven’t got a problem with what the BOD did re the acquisitions, I wasn’t a fan and i'm still not, but they had all the facts and I understand why they did it. The funding was a mistake and the way they were sold to investors wasn’t 100% transparent, it was an insurance policy and as you rightly say it pretty much covers overheads.

We didn’t need another 10% dilution for SD, they should have waited, this nonsense of not getting shelf space next year if we didn’t launch week 37 is just pathetic. There are multiple problems and inconsistencies with this fund raise and Im fed up of being misled and lied to.

Just waiting for Croda, nothing else Dusty.

Bless.

Dusty, dont make me laugh! Axis was launched in September 2021, since that date we have managed to accumulate approximately 750 subscribers. We are not equipped for world wide expansion, it's another pipe dream.

The SD launch was a disaster continues to be a disaster and will remain a disaster until information is provided on what the money has been spent on and information on sales. But looking at the marketing and shelving situation thus far, it doesnt look good!

Another one for you Elric, if you would be so kind?

What is baffling me is why we needed £4m. I have done some research recently, and to buy all the manufacturing machines gum/tablet/capsule, would cost no more than £1.5m(and thats being extremely generous), also bearing in mind we can manufacture capsules through BTS already. Plus you would never buy them outright, you would finance/lease them.

So maximum we would have needed even if he did purchase outright is £1.5m for machinery and £1m for stock.

I think investors are due an explanation on where all this money is going.

Elric, on the note of the acquisitions would you be kind enough to ask SA why guidance and forecasts haven’t been updated, seeing as the miss was material from £5.3m down to £4.5-£4.8m. If those orders actually do exist, along with the fact that, "July was a strong month with significant orders and good trading across the board” that would be another reason for an upgrade, of course July could have been strong due to the FY25 orders slipping into FY26, robbing Peter to pay Paul if you like. Clarification would be appreciated.

Pay for end caps at eye level and 2 for 1 introductory offer for the first couple of months. BWTFDIK!

Net, so why did DB take part in the raise and throw good money after bad and why did MD stealthily buy 9%?

Jansy, I am not blaming AIM, I am saying AIM is a cesspit because of the actions of the BOD’s. They make all the right noises but then dont follow through.

Jansy, it's only ever been about Croda for me and still is. The fact we have two HNW's is a bonus, but as I keep saying, it's not a good look MD acquiring 9% without informing the market and at a time when all news is bad news and investor sentiment is in the toilet. It's episodes like this that add weight to AIM being a cesspit.

As Chairman of SkinBioTherapeutics I have overall responsibility for corporate governance and in promoting high standards throughout the Group. As well as leading and chairing the Board my responsibilities are to ensure;

• Committees are properly structured and operate with appropriate terms of reference

• The performance of individual directors, the Board and its committees are reviewed on a regular basis

• The Company has a coherent strategy and sets objectives against this

• There is effective communication between the Company and its shareholders

All the directors of SkinBioTherapeutics believe strongly in the importance of good corporate governance for the creation of shareholder value over the medium to long-term and to engender trust and support amongst the Company’s wider stakeholders. The Board adopted the QCA code in September 2018 and considers that it does not depart from any of the principles of the QCA code.

The QCA code is constructed around ten broad principles and a set of disclosures. The QCA has stated what it considers to be appropriate arrangements for growing companies and asks companies to provide an explanation about how they are meeting the principles through the prescribed disclosures. The Directors have considered how they apply

each principle to the extent the Board judges these to be appropriate in the circumstances and below we provide an

explanation of the approach taken in relation to each. There were no key governance related matters that occurred

during the year.

MARTIN HUNT

Chairman

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Ah yes, who remembers Umesh Modi.

22/3/24. "The team is currently working with the sales and marketing teams within Umesh Modi group to ascertain the expectations of sales over the coming months and years, and guidance will be provided in due course."

Aquae, I like to be charitable! But yes, I believe the £4.5m-£4.8m includes Croda and that further masks the failings of the acquisitions, hence why we have no Croda numbers.

I understand why the acquisitions were bought and I understand why the BOD did it. They had all the information and made a call, I’m ok with that. The way it was sold to investors was wrong and I believe this has had a knock on effect re comms with investors. They have backed themselves into a corner, the best thing they can do is come clean and straighten everything out, I would be ok with that too, we all make mistakes.

Fair enough shy, lets hope we get Croda news asap.

Completely agree shy but the thread was commenting on TW’s Bearcast. I honestly couldn’t care less about the acquisitions or SD, I want to know what’s happening with Croda as promised, alas……………

https://youtu.be/htobTBlCvUU?si=Tp-gJZhW4AFlPnik&t=33

Shy, the fact is, the acquisitions should have done £5.3m they did £4.5m-£4.8m. Now whichever way you want to cut it, that is a material miss. The very fact that Singers have FY26 at £6.2m speaks volumes. Are we still allowing slack in FY26 seeing as its £100k lighter than FY25, let's not forget FY26 also includes Croda and the sales that slipped into FY26? You cant keep robbing Peter to pay Paul but sooner or later Peter will get upset!

I hope the acquisitions come good, I hope SD comes good, I hope SA comes good, because then we all win, but at the moment there are more questions than answers and when no-one answers my questions I start to get a little pi55ed off!

Shy, not so, pro forma revs was £6.3m, the £5.3m total takes into account the fact we didn't own BTS from the beginning of FY25. The company had to do £3.72m in H2 to hit the £5.3m.

Its irrelevant that they were trading in line with expectations, that actually makes it worse, as they must have fallen off a cliff in H2!

And the very fact that Singers have us at £6.2m for FY26 (including Croda), doesn't paint a great picture now does it.

“The subsidiaries were reported as doing fine at the half year.”

shy, we had revenues of just £1.58m at half year which left £3.72m to be done in H2. How is that possibly doing fine, that’s some serious H2 weighing and we know how that ended!

Very true shy, but one thing I have learned in life is that what one says, doesn’t always align with what one does. As we have discussed, lots of grey areas. Croda revenues received since December 2024, have we been sold a pup, or are we changing accounting procedures to hide revenues, it’s one or the other.

Shy, I think you will find those policies pay for any legal costs to defend the claim, if the BOD is found guilty the policy does not pay the fine.

Agree shy, I find it all very murky and plenty of grey areas, but is that really the way to run a plc. All shall become clear sooner or later, as you say, too hold on to data for so long and continue to do so is leaving themselves open to the possibility of market abuse claims.

Having said that, the shareholders pay the fine, so we get kicked in the nuts at both ends!