I ppint out why ashman far worse than the birdsI uncovered many of ashmans sins, should the company report a loss? Of course it will. and that makes a) there being a real risk of an equity fund raise and b) the valuation bonkersfolks who express concern for my health and reputation should i continue writing about a stock are clearly rattled. As you become ever further underwater your outpourings seem ever stranger

This is below par even if highly predictable. Hard to believe that you are still laying into Ashman, the former CEO whose misdemeanours have been uncovered by the new management team who have sacked him and handed his file over to the appropriate authorities to decide whether criminal proceedings should be brought.As suspicious as you and I may be about the propriety of the £4m fundraise last year (I wrote to Ashman and other directors to question it), there is clearly no proof of any malfeasance and nor have any claims been filed by the subscribers to that fund raise or Alyson would have been legally bound to declare them. So you can rant on and on forever about it if you like but it will be to no avail and your GP would probably advise you to forget about it.On the prospects of a material uncertainty being raised by the auditors in November, nobody can see into the future except perhaps chartered accountant Alyson and she doesn't appear to be concerned about it. Increasing revenues and reducing overheads may be sufficient to satisfy the auditor; and if not she only needs to secure a loan pledge from a willing investor or, if necessary, sell off a loss making asset. In short, it's a false alarm and you are clearly out of ammo.And even if the company were to report a loss in 2027-28, it's hardly the end of the world. Many AIM companies have healthy share prices without ever having made a profit and equity raises are commonplace. Should SBTX ever need one, it should be small enough to be easily digested and life will go on.You of course will carry on being a drama queen for as long as your health holds up, no matter how much it impairs your reputation. But this drama has already unfolded so there is nothing more to see.

The crucial fundamental question for skins is how large the Revenue from Croda will be and much more significantly the timing of those revenues.If we assume that substantial Revenue from Croda will be received in the year ending 30 June 2028 the valuation looks very stretched.Just think how many shares would have to be raised to cover plc costs to provide working capital for one two or three years.I have no axe to grind I am just doing the maths.Toyin has a very detailed grasp of the product and maybe feels substantial revenue being generated is much closer.

Good listen, thank you for the podcast. Tom, I was wondering whether you have an opinion on Medpal AI after yesterday's announcement of a conditional £5 million fundraise at 5p and the subsequent price action. This would be the 5th fundraise in 10 months (4 placings this year and an ATM death spiral in November 2025). Despite the conditional placing being at 5p, I noticed that the lowest the shares went yesterday was 5.3p, before being aggressively bid up to 6.3p today, so I am not sure whether you have an opinion on what is going on?

It was an out of time draw imv. Another 10mins and it could have been a knockout- subject to Chris being a great street fighter of course!

Shame Cathal could not make sharestock ( for very good reason). I would have enjoyed the banter with him on the future prospects..

No, they will have at least 12 months cash at sign off and FY27 ahead of management expectations, post presentation comments, which makes material uncert highly unlikely.

you are arguing with yourself. Going convern nobody questions, SBTX will still have net cash in Nov.material uncert is different

https://youtu.be/265gODag-i0?si=RbLdLMGRvf4blHmC&t=768

NOBODY is saying accounts will not be on a going concern basiswhat Sohail, myself and others we are saying is that auditors v likely to flag up material uncertainty