Couple of points:
* It was COVID 19 that bought the SKN shareprice to life. Now management is blaming COVID 19 for the companies problems and for the ASX suspension.
* It is not in the ASX’s best interests for SKN to remain suspended.
* Auditors not comfortable to sign off on accounts. Have BDO been auditing SKN for a few years or are they newly appointed?
* Suppliers being spoken to about their dealing with SKN and inventory levels.
* In the rush to get on top of COVID, companies getting into the hand sanitiser market were given a lot of leeway by authorities. These conditions no longer exist. When was the last time you heard of a gin company starting to make sanitiser? The “cowboy” operators that existed 6 months ago are out of the hand sanitiser market.
* Price of hand sanitiser is depressed as market is oversupplied.
* Without the govt R&D rebate, how would SKNs accounts look? Would they look better or worse?
* With the damage to the corporate image / reputation that has taken place over the last 6 months, will this affect SKN’s ability to receive another R&D rebate?
Directors are paid to run a company and paid well. It was the Directors decision to rush into the hand sanitiser market. It was the Directors decision to enter into dubious financing arrangements. It was the Directors who failed to satisfy the auditors and the ASX that all is above board and (IMO), the Directors have failed to act in the best interests of shareholders.
On top of this, revenue / sales are declining and losses continue to mount.
Summer is coming, I wonder how sunscreen sales are going?...after all, isn’t this SKNs core business?
Such a terrible and tragic state of affairs, I hope those responsible are held to account and shareholders get their money back.
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Mkt cap ! $2.357M |
Open | High | Low | Value | Volume |
0.4¢ | 0.4¢ | 0.4¢ | $1.428K | 357.0K |
Buyers (Bids)
No. | Vol. | Price($) |
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5 | 1048414 | 0.4¢ |
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Price($) | Vol. | No. |
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0.5¢ | 661008 | 3 |
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No. | Vol. | Price($) |
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5 | 1048414 | 0.004 |
6 | 2775839 | 0.003 |
3 | 1835000 | 0.002 |
7 | 4801998 | 0.001 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
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0.005 | 661008 | 3 |
0.006 | 1941580 | 2 |
0.007 | 1457000 | 2 |
0.008 | 200000 | 1 |
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