Ann: Half Yearly Report and Accounts, page-2

From the last announcement,

“Your Company has seen immediate dividends in terms of sales in Europe over the current half year period and similarly looks to success in regard to the broader client programme over the course of 2019. “

Really?  What success, what dividends? Yes, thanks for the 33% degradation in revenue and $1.4m half year loss. These guys are absolute clowns!

“This investment by your Company has seen the opportunity for on-line distribution in the North American markets of the USA and Canada with recent meetings in Perth with a US on- line distribution group.”

So now it’s not “our” company and not “your” company. Wow, I think they are ready to hit the jettison button!!

And amazing, they had a phone conversation with an American online distribution company (note they have hyphenated the word online - demonstrates these guys are Luddites).

Getting back to this phone conversation, this must fill existing shareholders with absolute confidence! Brilliant update, thanks SKN!

“In the Asian segment the focus has been on the China market with again very advanced discussions in progress with a significant health and cosmetics group.”

Great to have discussions, I’m sure these groups don’t do any due diligence and are happy to take on suppliers that are about to have a solvency event in the coming weeks IMO.

“We expect to be able to bring updates to these opportunities over the coming weeks.”

I’m sure there will be an update soon but not about the “deals”!

What a joke, these guys couldn’t organise a piss up in a brewery!

“Skin Elements continues to maintain a prudential approach to its capital management, and as part of this process it regularly assesses its working capital requirements and capital raising options to ensure it has sufficient capital to support the operation and growth of the business.”

Yeah, these guys have done a superb job at selling more shares at virtually a tenth of the IPO price and delivering,

• significant dilution for IPO shareholders
• 33% reduction in Revenue
• Circa $3m losses year in year out
• Outstanding ability to destroy shareholder value
• A Cash Cow for the dysfunctional executive team.

I feel for the shareholders.