Incanthera (AQUIS:INC) — AGM 2024

0:00 And welcome to the INCANTHERA PLC twenty twenty four Annual General Meeting. I I would now like to hand you over to Chairman, Tim McCarthy. Good morning to you. Thank you, Alex. Good morning to everyone here in the room with me. It's really it'd be great to see some some shareholders face to face for for once. And a very warm welcome to everyone that's joining us on Investment Company. I've I've seen some of the registrations before we started today, and there there seems to be a very good attendance. So thank you all for taking the time out. So just to introduce myself, I'm Tim McCarthy, chair of the company, and I'm gonna introduce, before we get started formally, people who have sat either side of me. So if I go to my left or right.

0:57 So Laura Brockton, who's our CFO, Simon Ward, who's our CEO, Suzanne Brock, who's our company secretary and head of communications, John House, who's our senior independent nonexecutive director, and we have one of the nonexec director, Caroline Murray, who unfortunately cannot join us today because she has a a diary clash. So it's a little bit unfortunate because I know she wanted to be here. So looking at the people in the room, we definitely have a call room for the meeting so we can we can go ahead. And the way we're gonna run the meeting is nothing of any surprise to any of you, I'm sure, but we have the formal AGM to run through the resolutions. And the way we'll run that is I will read each resolution out, and I will ask for votes in the room by show of hands of anybody's registered shareholder.

1:46 And once we have that result, I will then declare whether resolution is passed or or not. And then I will read out the proxy votes which we proceed for each resolution as well just to put it all into context. So before sorry. To to follow that, we will go in then into general q and a. And I call it general q and a because right now, I'm gonna ask, is there any particular questions in the room on the resolutions themselves? Because if there's any confusion or you want an explanation on the resolutions before you vote here today, let me put that out to the room first to see if there's any questions on those. Yes. Barry? Yes. Tim, I was interested in some clarification Yeah.

2:33 And if I just something, what was sent around, explain that. Do do do you know as a chair of an AGM, I always dread that question. That's Because the that I would do it. No. No. No. Not at all. Not at all. It and just to share a little something with you, I I actually rang a corporate lawyer the other day, Nigel Brown from Gately, to say, Nigel, just run through these numbers again for me. I I know what all the numbers are. Don't don't get me wrong. But just, know, where they fit in the company's act and everything else. It's the one question which is, I think, the most asked question for explanations at AGMs that that I that I share and So let me see if I can run through them for you and for the benefit of everybody else. So this is broken into two resolutions in a sense which are connected.

3:21 So resolutions one to five are all ordinary resolutions, so they require 50% or more of the votes to to be approved. Resolution six is a special resolution that requires 75% or more of those voting to be approved. And the ones you're referring to are resolution five, which is broken to 5.1, 5.2, and resolution six, the special resolution. And they're actually quite wordy. So when I get to read them out, you'll have to have patience with me because it's gonna take me a while. You're gonna see the top of my head as I sort of look at my my script here. But just to try and put it into context, these these two resolutions in a general sense are firstly to give the the board of directors the permission to issue shares up to a certain percentages, which I'll come back to in a moment. And they would be issued under those general authorities that we're receiving here for issues of shares on a preemptive basis. And what I mean by that is that all current shareholders at the time of of those issue would be given the opportunity that, for example, if we were issuing shares to raise money cash, they would be given the opportunity to subscribe in their particular proportions so that if you own 1%, you have the opportunity to subscribe for 1%.

4:34 That's the resolutions in one and five five one and five two, and I'll come back to the numbers in a moment. The resolution six, the special, is what we call the dissapplication of preemption. Right? So on the basis that we've got the general authority given to us under resolutions five resolution five, under resolution six, there is then the ability, if that is approved also, for the board of directors to issue shares non preemptively, what we call a dissapplication So, again, in the example I gave, we were raising money. We wouldn't be obliged to go to current shareholders to give them their, you know, their proportion. Now in reality, if we as we have done actually this this past year, when we've raised money, we've clearly gone to our shareholders first to say, you know, would you like to participate?

5:22 But then we've also taken the opportunity to bring some new institutional shareholders on board more than more than anything else, which is strengthen the shareholder base. So it's a very useful instrument to have, if I can use that word, because we can be as you know, we can be fair to current shareholders so they have the opportunity to participate, but we can also, in my words, strengthen the shareholder base, you know, by bringing new institutional houses in, which is exactly what we've done this year. So that's the general explanation. The numbers themselves in 5.1 is equivalent to a third of the issued share capital. So we have a 160,000,000, roughly speaking, without going into the exact numbers, a 160,000,000 shares in issue at the moment. And the numbers that you see quoted here is the nominal value. So don't get confused with number of shares and the nominal value.

6:11 So we have we have two p shares. So if you take a third of a 116 and multiply that by two p, you get to your seven seven nine thousand. Yeah. The one in 5.2 is two thirds. So so generally speaking, in companies traditionally have gone for this general authority under 5.1 for a third. During the COVID pandemic, when everything was closed down and there was a, you know, there was a need for companies to be funded, the the the rules were were relaxed. And 5.2 reflects that that that under this, you have we have authority to go up to two thirds in total. Yeah. So we can't add the third and the two thirds. So it's it's two thirds in total less, obviously, what we may or may not have used under 5.1.

6:59 And that still remains in place. So that's why you'll see this is quite a common resolution for most companies. We're not out of step here with with anybody else. And then resolution six is, as I explained before, this application, and we have got the authority to issue shares under resolution five, but that's on a preemptive basis. On six point on resolution six, sorry, we are applying to prove for shareholders here in this AGM to get 20% of the issued share capital on a we can issue on a non preemptive basis. And again, you know, back to the numbers, the 467,000 is representing the nominal value of 20% of the shares in issue times your two p. Yeah.

7:49 That was a very long explanation. I'm really sorry. But it's not easy to explain that in one sentence. These are nominal values. And that that is actually what what sort of a lot of people don't understand because you talk about percentages and they say we've got a 116,000 sorry, 116,000,000 shares in issue. So that times a third or that times 20% doesn't include that number, but you've gotta then you've gotta express it as a nominal value, which in our case is two p. Yeah. Just before we continue, I had a message from investment platform to say that those starting online couldn't hear the questions. It's actually Oh, nice. Having they can hear the answer. So They can hear Suzanne, it's just in the back row. It was hard to hear. Thank you. Right. Okay. Would you like us just to repeat what that question was for clarity?

8:37 That'd be great. Thank you. Well, I'm glad I don't have to repeat the answer. That's a better of the two. Right? So it's really The the question that the gentleman in the audience asked was, can I explain the meaning of resolutions five and six, which are, as I obviously just explained, and more personally to explain where we got the numbers from, and this is where a lot of people get confused between a percentage of the number of shares in issue versus a percentage of the shares in issue at their nominal value, which which I've just explained? So I hope that squares off the circle, if that's the right expression for everybody. But I will remember what you just said there because we get more questions after the a the formal AGM, then I'll remember to repeat the question. So just to sorry. So are there any other questions on the resolution?

9:27 Good. Good. I just it's a sort of follow-up to what you just said to Simon Shue, by the way. Yes. I'm not quite sure why you would want to do the they call it in resolution six. Right. The dissapplication. Yeah. Yeah. Okay. I mean, there's no money as good as anybody else's. Yeah. No. Absolutely. No. Absolutely. And just to repeat the question don't subscribe. Well, yes. That's it. We've made the choice. Yeah. So let me just repeat the question in case anybody couldn't hear it on the platform. So the question was a follow-up to resolution six and the fact that we are applying for 20% dissaplication, which means, in theory, we don't have to go to current shareholders for, you know, to to if we're raising money for a time to give them the opportunity. I think as I intimated in the in the the more general answer to to Simon's point, That in in reality, we do try the the best we can to as we've demonstrated in in a couple of fundraisers we've done already this year or over the past twelve months, that we do actually try to go to current shareholders because one, you know, their current shareholders have been supporting us all the way through and they you know, it's only fair they should have the opportunity to to participate.

10:39 But it also gives the flexibility to the board that say, for example, there isn't enough demand from current shareholders for whatever reason, but we are still in a position where we need to raise money. And we have investors that are, you know, ready and able to invest that we're able to do that in an efficient way without having to call for general meetings. Because if we don't have that resolution six, we would and we we're not issuing it in a in a preemptive way to all all existing channels and nobody else, then we have to go for another approval. That's that means a general meeting and a notice period and and everything that involves. And in in in in the in the the sense that one is raising money to, you know, put into the company and invest in in whatever we're investing in at the time, you want that to be as efficient as possible. So that that's the reason. And and 20% for a small company like ourselves just seem to be, you know, the the sort of reasonable normal level. That that's how it works.

11:40 Okay. In any way change? Was this just really just so you have the flexibility for unforeseen future scenarios? Yeah. So so the the follow-up question from from Barry was, we have said quite clearly that, you know, we have enough cash. We don't intend to raise even more cash because we're anticipating revenues and everything we said before. And that is absolutely still the case, Barry. But you will find that in every certainly for small companies, in every AGM, we always will renew that authority to to to have a dissapplication. And as I said before, it's generally set at about the 20% level.

12:37 It's not any signal to anybody, and let me make that absolutely clear. It's not any signal to anybody that we're about to raise money or in fact, we, you know, we have an intention to raise money because we don't. But to you the last part of your question, are you putting in place just in case some untoward happens? That is that is the reason all companies put it in place. Absolutely. Yeah. Thank you. No problem. Any more questions specifically on the resolutions? No. So just to be absolutely clear, so we've answered questions on the resolutions. I'm I'm going in a moment, I'm gonna go through the formal business of the AGM and read the resolutions, ask for votes in the room, and then, as I said before, read out the proxy votes. And then when we come to the formal end of the AGM, we'll formally close the AGM meeting, but we'll stay here and we'll stay online because then there's the opportunity to ask what I call general questions, which are not related specifically to to the the resolutions.

13:35 And we have all of you in the room that can ask questions that you used to have on the resolutions and have a laptop in front of us that Simon is hope you're gonna help me drive. And we already have from the INCANTHERA PLC platform some questions that have been put in already over the last few days, and you will all have the opportunity through your LinkedIn, if you're listening on INC, to ask questions through the link. And they'll just pop up on our screen here. So when we are dealing with the general questions, we'll be able to answer those that come from the room, and we'll be able to look on the screen here. And as long as Simon knows his his first gear from his second gear and driving it, we'll be there to answer them for you. And we'll try and answer them, you know, in this sort of way as we can. Okay.

14:21 Quite a pre intro pre intro. Take a breath and take some water. Okay. Let's get started. So we have formally opened the meeting. We've got the quorum, and I'm gonna run through the resolutions. The first few resolutions are fairly short, so that's not too much of a bother. But as I said before, please bear with me when I read resolutions five and six out there. They're fairly wordy, but at least, hopefully, we all understand what they mean now. So I'm gonna go to resolution one first. It's an ordinary resolution for the company to receive the company's annual report and accounts, which is this little thing here, which I'm sure you've all seen or downloaded at some point.

15:12 The company's annual report and accounts financial year ended 03/31/2024 together with the reports of the directors and auditors of the company. So for those of us in the room who are shareholders, I'd just like to ask if you could raise your hand for all of those who are voting for that resolution. And anybody against and any abstentions? That's pretty unanimous. So that resolution is passed. Let me just read out the proxy votes. So we've received proxy votes in respect to this resolution in for or in favor, 57,703,172 and none against.

15:59 And so just to put that in context, that's important. Just to remind, we have a 160,000,000 shares in issue, which I think I mentioned in the in the preamble. So 57,000,000 is is approximately half, which is a really good result, you know, to get that level of shareholder voting and and and obviously supporting these resolutions is you know, I I thank everybody that has put, you know, put their proxy votes in and and made the effort to vote. It's it's it's really pleasing to see for a small company like ours. Resolution two is an ordinary resolution to elect John Howes, who I referenced earlier on my right, your left, who was who was appointed during the year. And as you may be aware, when a director was appointed by the board between AGMs, then that director has to be re reelected in essentially by shareholders the next AGM.

16:51 And that's where we are with John today. So you were appointed during the year under article twenty three point four point two. I bet you didn't know that, John, did you? Of the company's articles association, and you are still eligible, and you're offering yourself a reelection. So can I just ask again the votes in the room for for the in favor of John's reelection? I don't need to do this because I've done it before, but let me ask. Is anybody against because there's nobody left? So then there's no abstention. So that is passed unanimously, and welcome back to the board, John. Well, you're welcome back. You didn't leave, but it's nice to to have the the confirmation. And the proxy votes in with that are exactly the same actually as resolution one. So we have 57,703,000 a 172 votes in favor and none against.

17:45 Resolution three is an ordinary resolution to reelect Simon Ward. And just to explain this, Simon obviously wasn't appointed during the year, but in any public company like ourselves, all the directors on the board have to be reelected in in order in in roughly speaking, every three years depending on the number of of directors on the board. And it's Simon's sort of rotation this year to be reelected. And and that just means that shareholders do have an input at least at this level to you know, if if they're not happy with a a director or or they want to they want to make make a point that we have to go back every now and again to to get that approved. So I'm sorry to say something. I'll I'll go now, John.

18:31 So we are this is resolution three two. And you're similarly under article twenty three point four point two of of the article association, and you're offering yourself up for election. So, again, can I have a show of hands for in favor of silent reelection? That's unanimous again. So, obviously, nothing against and no abstentions because no more hands to raise. So that is being passed, and you're back on the board, Simon. And, again, the numbers are exactly the same in the proxy votes. 57,703,172 shares sorry, votes in favor and none against. So resolution four is an all in resolution to appoint Crow LLP as auditors of the company until the next AGM of the company and to authorize the directors to determine their remuneration.

19:22 So, again, if I can just ask for those in the room can raise their hands in favor of that resolution. Okay. Unanimous again. So none against and no abstentions. And exactly the same again. A bit getting a bit of an artist, I'm afraid. So the proxy votes, 57,703,000 a 172 votes in favor of the resolution and none against. So resolution five, and this is where I'm gonna have to read all through just so make sure I get it right. So this is the the resolution five followed by resolution six, the special, which is what we we we we touched on earlier. So forgive me if I just read it through. So resolution five is an ordinary resolution that in substitution for all existing and unexercised authorities and powers, the directors of the company generally and unconditionally authorized for the purpose of section five five one of Companies Act 2006 to exercise in 5.1 to exercise all or any of the powers of the company to allot shares with the company or to grant rights to subscribe for or to convert any security into shares of the company. Those shares and rights being together referred to as relevant securities up to a total nominal value of 779,307.

20:37 And just to remind you, that's the number we talked about earlier, which is the nominal value which represents one third of the shares in issue. To those persons at the times and generally on the terms and conditions that the directors may determine, subject always to the article association of the company. And further 5.2 to a lot equity securities as defined in section five six o of the act up to a total nominal value of 1,558,614, and that represents two thirds as we went through earlier. That amount to be reduced by the nominal value of any relevant securities allotted under the authority in paragraph one five point one above. So this is where I was saying that you can't do any more than two thirds if you've already done it on on the first 5.1. I lost my base here. Sorry.

21:25 That amount to be reduced by the nominal value of any relevant securities to the Latin authority in 5.1 above in connection with the rights to issue a similar offer in favor of ordinary shareholders where the equity securities respectively attributable to the interests of all ordinary shareholders are proportionate as nearly as may be to the respective numbers of ordinary shares held by them subject only to those exclusions or other arrangements as the directors of the company may consider appropriate. I'll take a breath in a moment. To deal with fractional entitlements or legal or practical difficulties under the laws of all the requirements of any recognized regulated body in any territory. Must be run by a lawyer, I think. So I'm gonna go to the room as we have before.

22:10 So if you could raise your hands all in favor of resolution. Sorry. The provision. Sorry. Fine. Yes. You're absolutely right. I I shortened it for my script thinking I'll probably get away with it, Barry, but you caught me out. Provided. Now this authority shall, unless previously renewed, reburied, or revoked by the company in general meeting, expire at the conclusion of the next AGM or on the date which is six months after the next accounting reference date of the company, if earlier. Save that the director of the company may, before the expiry of that period, make an offer or agreement which would or might require relevant securities or equity securities as the case may be to be allotted after the expiry of that period, and the directors of the company may allot relevant securities or equity securities as the case may be under that offer or agreement as if the authority conferred by that resolution had not expired. So let me just take the time out to explain that. What that means is that you go from one AGM to the next with these authorities.

23:21 And if you don't use them, you lose them, so to speak. So we are now renewing these authorities from this day to this AGM to the day to the next AGM, and and they will we can use them obviously in the manner that we've we've discussed and explained. And if there is a situation where, let's say, for example, we're coming up to the next AGM and we have agreed, signed off to issue shares, let's say, under a fundraising or some other reason, but that isn't concluded until after the date of the next g a AGM. We can use the authority that we've given here today to conclude that and that won't expire, so to speak, for the next AGM, if that's if that's clear. Obviously. And just to say that that particular paragraph, Barry, is exactly the same that comes on the end of resolution six. So if you give me, I won't repeat it again because it's exactly the same. Thank you.

24:17 So, yes, I think we were asking for votes in the room. So if you can put your hands up, in favor of resolution five. Again, that's unanimous, so none against, no extensions. So that resolution is passed. And the proxy votes received on that in favor, fifty seven million zero seventy seven thousand four four hundred and sixty five in favor, 625,707 against the resolution. So that resolution has been passed. So now we come to the special resolution, resolution six, again, which we talked about earlier. And just to remind you, this requires 75% of those voting to to get approval. So let me take a moment to read this, which is not quite as long as the last one, I don't think.

25:05 Resolution six is a special resolution that if resolution five above is passed, which it just has been, the directors of the company be authorized to allot equity securities as defined in section five six o of the act for cash under the authority given by that resolution five and or sell ordinary shares held by the company's treasury shares for cash as if section five six one of the act did not apply to that allotment or sell the authority to be limited to 6.1, the allotment of x securities or sale of treasury shares in connection with the rights issue or similar offer in favor of ordinary shareholders where the equity securities respectively attributable to the interest of all ordinary shareholders as are proportionate as nearly as maybe to the respective number of ordinary shares held by them subject only to those exclusions or other arrangements as the directors of the company may consider appropriate to deal with fractional entitlements or legal and practical difficulties under the laws of other requirements of any recognized regulatory body in any territory.

26:05 And yes. That's it. And then 6.2, sorry, is the allotment of x securities or sale of treasury shares otherwise under paragraph 6.1 above, as I just read, up to a total amount of nominal amount of 467,584. And just to remind you, that represents 20% of the shares and issue that we currently have. Yeah. So that's that. And then that last paragraph, Barry, that you reminded me, that is exactly the same in terms of the authority going from AGM to AGM. So I'm gonna ask for the room again to raise your hands in first in favor of that resolution six. Yeah. Yeah. Does that expire at the end of this end of this of this year?

26:50 Okay. By the next AGM. Yeah. So so the question just for the the people on INC platform is, does that does that authority expire at the next AGM? The short answer to that is yes. The the the one proviso is it's the earlier of the next AGM or six months from our year end. Yeah. So our year end, Laura, is March 31. Anyway, March 31. I knew that. Let's just make sure she was awake. So that means that if we don't have the next AGM before September 30, yeah, the resolutions or sorry. The these authorities will expire in September 3. So but if we have the AGM next year, let's say, September 15, then it will it will go to the next AGM.

27:36 That's how it works. Yeah? So okay. Right. Did we do the votes? We done we haven't done the votes. Right. Okay. As here We need we need somebody to keep me in track. We need to go there. Alright. So let's let's if I can ask you all to put your hands up in favor of that resolution six. Again, that's unanimous, so none none against no extensions. So that has been passed. And the proxy votes in favor are 56,991,200 and against 711,972. So that's been passed, and we've passed the, obviously, the 75% of those voting. That does conclude the formal business of the AGM.

28:26 I'm quite glad because I think I've probably been drinking water after all that. So what we're gonna do now is we're gonna open up to general q and a. We have we have we have shelves in the room here. Who I'm sure probably have some questions. We forgive me if Simon and I sort of keep looking at the screen here. We just we we we have seen the questions that came in prior, so we've got those to answer. And and then we need to address any questions which come in during during the the meeting. So what what I'd like to do actually is what what I found previously with these situations is that some some questions are repeated almost, you know, more than once, maybe in a slightly different way.

29:15 So to make it efficient and to make it make sure we we we cover everything, we might look at some of the questions here and say, well, there's two or three that are very, very similar. So we just we'll phrase it in such a way that we we we we get the answer that everyone is looking for. But it might be easier first just to ask anybody in the room if you have any general questions, and let's address those. And then we can go to the INC questions. We may already have answered some of those from the room. If not, then we'll address them as as we see them. So firstly, let let me go to the room. Have we got any questions from the room? Yeah. Go ahead, sir. Shall I go first? Yeah. Go ahead. Okay. This isn't an appropriate question. Don't answer it. Nicely framed. You seem to have been dominated over the last year with skip plus sell.

30:03 Mhmm. When I invested Mhmm. You seem to be well on the way to finding a serious cure for cancer. Mhmm. Are you still working on that? Okay. And if so, how are we getting on? Okay. Give your voice give your voice a break. No. No. I I just need to repeat the question. Of course. So so the the the question from from the audience here, from Simon, was when when he invested in the company, it was very much about we're looking for treatments for cancer. And, you know, is that still there? Because what we've been talking about over the last twelve months is obviously skin to cell. So Simon has very kindly offered to answer. I was gonna I was gonna ask him to answer anyway, but and I can have a I can have a little drink of water. Simon, over to you. And just just to also say, we have had, you know, more than one question in a very similar vein on the INC question. So I'll I'll try and pick your Pick pick more up if you don't. I'll do my best anyway. So okay.

31:00 No. Thanks for the question. It is actually a very pertinent question. We are an oncology company still, and we will remain so. We do have very active communication with Bradford still at the Institute of Cancer Therapeutics. And we have the pipeline deal still in place as well, and we're monitoring going on there. So so all of that is very much alive. Clearly, they're all very early stage products, but but it is very much alive. Our focus has shifted a little bit for commercial reasons quite clearly. As a small company, we have to do those things. We have to look after your interest as shareholders. And possibly more pertinent to all of this, of course, is our our our skin cancer sort of opportunities that were coming out of the SOLVE program. So if you remember, we had a product that was there for the treatment of actinic keratosis, which we definitely got a trademark for now.

31:49 So we call it Actinopro. So it is moving forward. It is getting closer. That particular product, obviously, was for treating actinic keratosis, and I'm not gonna go into the science in too much detail. But if you remember, that's the first sign of the skin actually starting to go wrong when you're exposed to UV radiation, particularly for a long time. So if you're out in the sun for a lot, we tend to get these these actinic keratosis, these little inflammations on the skin. And so I've got them. You've got them? Yeah. I'm preaching preaching to the converters. I would say your age. No. I do know? It's very interesting. We we talk about that. We always used to think that, skin cancer was really about age. It's all about exposure, but a lot of recent data has come up to show that there's a bit of a hike in the sort of the mid years to '25 to '55.

32:37 And it seems to be related to the ability now for us to travel more freely and to go on holidays and get into the sun. And there's also a little bit of miseducation. I don't wanna get too political here, but there's also a little bit of miseducation about current sun creams, about slapping those on, and you feel you're invincible to the sun's effects. Absolutely not. You'll stop burning, but are we really protecting yourself from cancer? You know? So there's there's a lot of things going on in modern life that is actually pulling that demography back, which is very scary actually, to be honest. Yeah. And there is a chance for those actinic keratoses, hopefully not yours clearly, but actually progressing on into certain types of cancers of the skin. So in treating them, we can sort of then follow on and prevent these cancers. And we're still actively working on that. That is very much pharmaceutical. It's a different formulation technology. It's a pharmaceutical.

33:24 And as a pharmaceutical, of course, as your your friend next year, Alan will will definitely tell you, it's a much longer developmental timeline. And Alan John, who I Sorry. I just realized I called you the wrong name. It's a much longer development timeline. But during that timeline, there are opportunities to talk to potential partners and push that forward, which we have been doing, and we've spoken about that previously. We've had a very exciting, for me anyway, sit down with an advisory board of dermatologists to look at how we can place this, you know, properly and make the best out of it and and what their thoughts about that particular product are, where they see it in their sort of goody bag of treatments. And that was very productive. And it's actually quite pertinent because we are at the moment planning for another sit down with a big company to discuss potentially partnering this particular project. So, yes, it's all good. That was a very long winded answer, wasn't it? I'm sorry. But it is still all going on in the background. Yes.

34:18 Yes. I I it's all very interest I'm I'm very interested. Good. Thank you. I'll ask you to say it, Laura. No. No. Is that what we used to be called SOL? Yeah. So the SOL Sorry. So you you need to repeat the question. Sorry. I'm sorry. So So the question was, is that what we used to call SOL or do call SOL? Yeah. So John formerly known as Alan. Yes. Solar, actually, it I think people associate that particular project product with the name Sol. That's true. We actually internally use Sol as a program for looking at technologies to move things in in between the skin. But at that at the time we launched that program, that was our only only thing only only piece of technology. So it did get sort of confused with salt. Yes. That is that is salt as you know it. Yes. Yes. Any more questions from Yeah.

35:04 So, obviously, the skin and cell is is the main thing we think there's driving at moment. But there's also the antimaskar agents from Bradford. There's the s five from Sulford and others. Are they going to have a turn in the in the limelight someday? We very much hope they'll have a turn in the. Okay. So so John has said we have a number of other assets within the pipeline that we've taken from various universities, including Salford, which is close to your heart. Are they going to have their turn in the limelight? And and, yes, as a company, we definitely hope they will. It's all a matter of getting the right power behind them, getting getting the programs in place as you know. These things take time and and a lot of finance. But we hope very soon we'll be in a position to do that. So watch this space. Yeah. Bye. Are you able to say anymore? You may not think about the reasons why So so the question was, can we say any more about the reasons why it changed from a launch in specific countries in in Europe to a wider European launch, was the subject of our last RNS we put out two or three weeks ago.

36:30 Not really, if I'm honest. You know, it's it's it's nothing to do with with us, obviously. It's it's just a way that the the company has decided that they want to, you know, move forward in terms of how they launch new products. So we said as we said as much as as as we as we could, you know, as we knew, frankly. Yeah. And so sorry. Sorry. I was just sort of linking me to another question on the INC, which was which was linked. But no. We we we don't have any any any sort of other explanation than that. It's there's there's nothing sort of more than we can say. That's just a decision that that they've decided. It's nothing to do with gonna sell per se. It's just a general decision. So it's nothing to do with the manufacturing staff?

37:22 No. Actually sorry. Your your follow-up was nothing to do with the manufacturing or anything. Well, I can answer that. There you go. And I don't know if if anybody on the INC platform can see that clearly because it might be a little bit of distant. But there there are some samples which have been manufactured via our contract manufacturer, Freca, that I think we've talked about quite a lot in the in in the past. And these are different the different products in the range. Beautiful. You know, the these this is top I mean, I I was saying saying to Simon last night, I said it has a really lovely clicker. You know, you sort of push the top on the bottle, and it's got a really nice click, and and it's a beautiful bottom.

38:07 And this is the the highest quality Key customer, clearly. That's right. You know, this is the highest quality of this type of bottom and presentation that you can that you can get. And, you know, that's what we've said to everybody we're producing and that's what the attraction is, you know, this product range. And I do hope that that everyone on our INC can get, you know, at least a feel because, obviously, the people in the room can can you can actually have a have a touch and and and play with them later. But, yeah, to answer your question, that's the manufacturing which has gone absolutely according to plan, all on time. We're absolutely delighted. I mean, that's down to the efforts of Simon and his team and liaising with the guys at. But, I mean, we are absolutely delighted with that, Barry, to be honest. I mean, we couldn't wish for anything better. Very high quality.

38:56 Right. Very high quality. Yeah. No. Sorry. Your your point was it looks a very high quality product for people on the platform. It is. I mean, it looks a high quality product. And more importantly, you know, the formulation and the creams in there are of the highest quality and, you know, everything we've talked about, you know, being delivered to the to the to the user and the consumer. And and there's a sort of connected well, actually, there's a few questions on INC, which are connected in terms of, you know, how do we envisage getting this this out? And is there a conflict, or is there a flow through between getting, you know, this on the retail shelves in a in a in a store or shop versus online? I think, Simon, you you we were talking about this last night, weren't we, with some of the pre questions? You had a particular sort of thought on online versus shelves.

39:50 Yeah. The market for particularly for high end, you know, people need to see a physical product. The the way that markets are going these days clearly all online, and everybody just googles what they want and buys it and has it delivered. But I think for things that have a real tangible effect, you know, topical creams are the definition of a tangible effect. People do like to come into a shop and try and see and sniff and play and get a good feel for it and go away with the samples before they move online. So I think it's really important that you have it in the right shops and the right places with the right sales teams behind it, giving the correct messaging. And then you follow that up with with online availability, of course, because that's where the volumes will come. So so, yeah, absolutely. I think I think that's a really good point. You know? And and they are top quality. They're top quality in their manufacturer, in the processes that have gone behind it, in ticking all the boxes for regulatory requirements, albeit for cosmetics, those are much less than pharmaceuticals, but they still exist. And and for the markets we we move into, we have that.

40:51 So, you know, it's it's it's a great product. Yeah. And just to add for anybody that can't see on the investment platform, I will take some images of these and I will post them. So if anybody can't actually see the quality of those buttons, we'll do that. We'll get those posted so that everybody can see that latest production line. Okay. Thank you. It's Simon again. It's probably nothing to do with you. Will it be in duty free outlets? Because that would seem to be to be Eventually Sorry. Let me just sorry. Sorry. Let me just do. So so Simon just asked preempt sort of followed in with a it's probably nothing to do with us. However, will will these be in duty free shops in due course? Sorry. You were about to ask. Sorry. I was. It's a really good question, and duty free. It's almost another market in itself. You know? There are only certain other active Yeah.

41:43 Absolutely. So it's very difficult to say. We are looking at all markets, we are exploring all territories for for placing this product, and that will be with different partners, obviously. And one of those is to find partners who do have an ability to place the g three stores too. Yeah. So there there's there's question. Sorry. Sort of similar ish questions here on the INC about concentration of of customers, I. E, our customer, business customer. And, you know, it's a question for for all companies, really, because if you if you have just one single customer for your products, then you're exposed in so many different ways. And we've seen that, you know, if we take an example, The UK and supermarkets, for example, tend to dominate, you know, farmers and their supplies and get into all sorts of problems without naming any particular supermarket here.

42:44 And but it it leads on from Simon's answer just then that, you know, we are very aware that we've we've got the world to go here, and the world physically in terms of, you know, getting the product on shelves in different markets. And I think we've we've said this before in in presentations and things that, you know, we do have a number of other leads throughout the world. And then, of course, the online sales and and as you quite rightly say, you've then got duty free, which is another sort of way out to the market. So moving forward, you know, we are very aware that we want to, in a in a sense, spread the risk and but also spread the opportunity. It's it's both sides of the coin. And, you know, we it won't surprise you to know that we've been doing a little bit of work on that in the background.

43:33 And so, you know, we do have some some other opportunities which we can pursue at the right time, you know, in the in the future. Because, yeah, just to emphasize, this is this is our brand. This is a brand that we can sell worldwide. So, you know, that that gives it gives us the flexibility to go into these other markets. And and as as sort of again, I'm trying to link some of these questions because one of the questions or a few questions that come through on the INCANTHERA platform is about extension of the range. And specifically, there's a question about SPF factors being put into the range. I'm definitely gonna pass that over to the technical one next to me. Go ahead. Go ahead. Okay. That's you, Simon.

44:19 It's Sorry, Laurence. No. Absolutely. So so we are very much going to be bringing out a a sun care range. It's in the pipeline. We want a range to include a pre an inter, so a during sun, and a post post sun product. Probably the biggest challenge there at the moment is the INCANTHERA PLAYGETTING A SUNSUM CREAM THAT HAS this sort of magic in it that that we are applying to all these these concepts. And that's a formulation challenge. And we particularly want to go down the aerosol route because that seems to be an easy way and a very acceptable way of applying better sun creams. So you get even spreads and you get barrier formations and things like this. And we are working at the moment with a partner to develop exactly that.

45:05 All I can say at the moment, unfortunately, it's going really well. So, again, it's a bit of a watch this space, but very excited by that, actually. Very excited. There's a specific question here about payment terms. And can we confirm that when we supply skin and sell that we're paid when we deliver it? And I can confirm that that is the case. So that deals with that one, I think. And then I saw something down here, forgive me for scrolling through, which I thought I'd ask Simon to answer. Ah, yes. There's a question here. Are there any reggie regulatory requirements for SkinnyCell to be tested in in in the markets that it's being launched in?

45:51 I mean, I think that's a very, very straight answer to that. Yeah. Well, yes. I think I actually answered that previously. Yes. Of course, there are. And, we have. Yeah. Which, I mean, just to be clear, is different rate so nobody gets confused. There's a different regulatory environment if you're developing and trying and and selling a pharmaceutical product as opposed to this, which is a cosmetic. But, you know, there are still regulations Yeah. You know, which we need to adhere to, which we do. And to register in different territories, they are there are different regulatory hurdles. We will need the the whole of this. So there's there's a question here about pricing, you know, recognizing the product is a top end product. And, you know, pricing, frankly, is still to be determined.

46:37 But, you know, we are expecting that this will be priced, obviously, to reflect its quality without being able at this point to put a specific number on it. So, yes, we we would expect that the the pricing would reflect the quality of of the product and but still be competitive because that that's a fine balance. You know, these these sort of what economists talk about price elasticity. You want to pitch your product at a point where a price point where it's attractive for somebody to to buy, but it also sends the the almost subliminal message that if it's priced at that, it must be a quality product, and that must be then supported by the product itself. I'm just so I'm I'm running through the questions on the from the platform, which are coming in as we speak, and and we we have answered a lot of them already.

47:40 If there's any more questions from the room, please please do say. I think we've covered them, but I'm just just gonna run through once more. There's a there's a lot of questions that have come through here, which are phrased slightly differently, but they're they're covering the same points which, you know, we've already covered. Yeah. Any more questions from the room? Sorry. I don't want them to bother. No. No. No. Not at try. This is this is your meeting. What I think is a slightly different question. Yes.

48:31 Are you expecting another big award now that the launch is wider? I I'm not in a position to answer that, to be honest. I mean, this is something which, you know, we we are you know, we we we will develop as we go through the next period. But as you can see, you know, we've already geared ourselves up. So, you know, this is a case of depending on the demand, you know, we would gear the the manufacturing to that demand. And that's something which is, you know, we we've got a fantastic partner in free for manufacturing. They're one of well, if not the world's leading, but one of the world's leading specialist manufacturers in this area of cosmetics. And without naming any names, they they manufacture for all of the high end cosmetic companies, all the the the sort of names that that you would you would recognize.

49:27 And they have fantastic capacity. They have more than enough capacity. They're they're they're running literally millions of bottles through their plant. And so capacity is not a problem, which is a question we're we're sometimes asked because, you know, the the the rate of of the expansion of sales in skin to cell, you know, could be quite rapid. And, you know, we need that was one of the criteria in choosing Freak, not only that we were absolutely certain of their quality and their experience, but also the capacity. And they they they told us quite specifically, do not worry about capacity. We have more than enough, and they have more than one plant and, you know, so so that that that's not an issue.

50:12 Just on that point, I mean, packaging itself is presumably provided by somebody else. Okay. The question was the packaging is provided by somebody else. No. It's it's all done as part of our manufacturing process. So so so that there's there's a box to go around that. Yeah? I don't recall that, though, mister. No. No. Sorry. I miss I miss misunderstood the question. Sorry. Go ahead, sir. Yeah. No. No. So different components come from different places. They all come into Phreco where they are finally put into them, the final form and final issues with capacity aren't filled Yeah. Containers. Yeah. Yeah. Things like that. So Okay. Yeah. No. Absolutely. Absolutely. Yep. Yeah. So so again Sorry. Recognizing what you're saying there, Barry, that it's not just the capacity as I was saying about Phreka. It's the capacity or the availability of the different ingredients or components that are coming in to this.

51:07 And that's a very good point. Yeah. No. Absolutely. And and these these particular bottles are clearly very special, and and the manufacture of those is a process itself. And also, interestingly, the delivery system is patented, so this comes from one specific place. And that's important to us because we wanted to ensure there was no oxygen, so no oxygenation, no oxygenation issues with with the creams. And these are all manufactured and produced by lump sum, who are one of the in Italy, one of the largest producers of these things. Yeah, we're we're very, very lucky to to be with them, to be honest. They're they're exceptional. They don't have constraint side. No. I As much as anybody has constraints, there there's always yeah. Yeah. Yeah. Okay.

51:55 I'm just running through the questions again. They continue to come in. There are there there are a few questions on here which, you know, we we simply can't we we don't have the answers for because it's it's it's understandably, people are asking questions. Can we give any more details and update on what we put out two or three weeks ago? And and we can't, and we wouldn't do it in this forum anyway because, you know, as and when there is an update on any of the details of the launch, then, you know, we we along with our advisers, we will put an RNS together, and we will publish it so that it's available to everybody at the same time in the normal way. So I I'm I'm reaching out to to everybody on INC. Forgive forgive us if we're not ignoring your questions on here, but there are some questions on here which we we simply don't have the answer to, and we we wouldn't be in a position to even speculate, especially when I was I've got my regulatory adviser sitting in the audience staring at me in a nice way. But but no. I mean, as you would appreciate, we we need to do this in in the in the way that that we have to do it. And as and when we have an update on any of the details, which a number of the questions referring to, then we will obviously put a an r r and s out together in conjunction with our advice and we will put it out.

53:11 So I'm I'm making that pretty clear because I'm sure a number of would say, well, you haven't answered my question and I'm just making it clear why. I'm not I'm not ignoring them, but we have to do this in in the proper way and and obviously put out those sort of new updates to everybody at the same time in the form of. Alright. I'm hoping I haven't missed anything. I I I believe well, I'm pretty sure I mean, we've done INC before that these questions and the relevant answers will be put up onto the the platform afterwards. So we'll we'll we'll go through the through that with the guys at INC and make sure that we've we've we've answered those as in the best way we can.

53:58 But I think for the moment, there aren't any more. I'm scrolling through. If I have inadvertently missed one or two and and it's not relevant to an update in RNS, then we'll certainly answer it, you know, on the platform. But before we bring it to a close, is there any more from the any more questions from the room? No? K. Right. Yeah. There don't seem to be any more coming in on the platform. So I I just like to say thank you very much. A big thank you for you you guys turning up today, making the effort. It's it's always nice to see people face to face. I thank all the all my my board around me for all your efforts during during the year and and the team behind us that that is not with us.

54:52 You've all done an absolutely fabulous job. So thank you. Thank you all very much, and and to to everyone behind us. We have two great guys from our regulatory team here from CAN. So thank you guys for all your help, and and we have other advisers that couldn't make it today. So I'm reaching out to you. I know you probably listen on INC, so you know who you are. Bob, Patrick, thank you very much. And to our legal team, we're here in Gateley's offices in in Patternosa Square in London. And the the team is is led by the guys out of Manchester, actually, and I mentioned Nigel Brown earlier and Rebecca and all the guys there. So thank you for all your support during the year as well and even before, I'm sure, going into the future.

55:39 So there's nothing else. There's no more questions coming in. I think we're done. So I need to technically somehow hand back to INCANTHERA and I'm sure you're listening. So would you like to pick it up from here, guys? Perfect, Tim. Simon, that's great. And thank you and the rest of the board for updating attendees online this morning. On behalf of the board of INCANTHERA PLC, we would like to thank you for attending today's annual general meeting, and good afternoon to you all.