Placing and REX Retail Offer

RNS Number : 8937J

SkinBioTherapeutics PLC

15 December 2022

THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) (TOGETHER "THIS ANNOUNCEMENT") AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT INFORMATION SECTION AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN SKINBIOTHERAPEUTICS PLC OR ANY OTHER ENTITY IN ANY JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF SKINBIOTHERAPEUTICS PLC.

THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY. IN PARTICULAR, YOU SHOULD READ AND UNDERSTAND THE INFORMATION PROVIDED IN THE APPENDIX WHICH CONTAINS THE TERMS AND CONDITIONS OF THE PLACING.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY UK MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

15 December 2022

SkinBioTherapeutics plc

("SkinBioTherapeutics" or the "Company")

Launch of Placing to raise a minimum of £2.5 million and REX Retail Offer

Launch of proposed Placing by way of accelerated bookbuild

SkinBioTherapeutics plc (AIM: SBTX or the "Company") a life sciences company focused on skin health, announces its intention to undertake an equity fundraise consisting of a conditional placing ("Placing") and a separate conditional retail offer (the "REX Retail Offer" or "Retail Offer") of new ordinary shares of £0.01 each (the "New Ordinary Shares") at a price of 16 pence per New Ordinary Share targeting gross proceeds of a minimum of £2.5 million from the Placing and up to an additional £1 million from the Retail Offer (the Placing and Retail Offer together defined as the "Fundraising") .

Key features of the Fundraising

· Placing to raise a minimum of £2.5 million through the conditional issue of New Ordinary Shares ("Placing Shares") at 16 pence per share with new and existing institutional investors including participation by the Company's directors.

· Retail Offer to raise up to an additional £1.0 million is being made through the REX Retail Offer at the Issue Price to existing shareholders of the Company ("Shareholders") through certain intermediaries. A separate announcement will be made shortly regarding the REX Retail Offer and its terms.

· The issue price of 16 pence per New Ordinary Share represents a 7.2 per cent. discount to the closing middle market price of 17.25 pence per Ordinary Share on 14 December 2022 , the last business day prior to the announcement of the Fundraising.

· The Fundraising is conditional, inter alia, on the passing of a resolution (the "Resolution") by the Shareholders at a General Meeting, which has been convened for 9:00 a.m. on 4 January 2023.

· If the Resolution is passed at the General Meeting, the New Ordinary Shares are expected to be admitted to trading on AIM at 8:00 am on 5 January 2023.

· The Company's largest shareholder, Optibiotix Health plc, remains subject to an orderly market arrangement, as agreed with Cenkos Securities plc and the Company, as previously announced on 15 November 2021.

Use of proceeds

The primary purpose of the Fundraising is to fund the continued roll-out of Axis-PS into Europe and Rest of World, accelerate development and commercialisation of acne treatment, build out in-house formulation and scientific capabilities, as well as general working capital. The Fundraise will also provide a strengthened balance sheet for negotiations with potential acquisition targets.

General meeting

The Fundraising is conditional, inter alia, upon Shareholder approval at the General Meeting, which will be held at 9 :00 a.m. on 4 January 2023.

The Company will shortly be posting a Notice of General Meeting and an accompanying circular (the "Circular") to existing Shareholders following this announcement. All relevant documents will also be available to download from the Company's website at www.skinbiotherapeutics.com/investor-relations .

Subject to, inter alia, the passing of the Resolution at the General Meeting, the New Ordinary Shares are expected to be admitted to trading on AIM on or around 8:00 am on 5 January 2023 .

Stuart Ashman, CEO of SkinBioTherapeutics plc, said:

" Today, we are announcing our intention to raise funds via a placing and retail offer to support our plans to fund the ongoing development of our AxisBiotix™ pillar in both psoriasis and acne. We have current and new investors who wish to participate, and we are offering the opportunity to our retail shareholder base. This funding will not only help us drive current activities but will also strengthen our position for early conversations with potential partners and complementary acquisitions ."

For further information

SkinBioTherapeutics plc

Stuart J . Ashman, CEO

Manprit Randhawa, CFO

Tel: +44 (0) 191 495 7325

Cenkos Securities Plc (Nominated Adviser & Broker)

Giles Balleny, Max Gould (Corporate Finance)

Dale Bellis, Tamar Cranford-Smith (Sales)

Tel: +44 (0) 20 7397 8900

Instinctif Partners (financial press)

Melanie Toyne-Sewell / Tim Field

Tel: +44 (0) 20 7457 2020

SkinBio@instinctif.com

1. INTRODUCTION

The Company has today announced that it has conditionally raised approximately £2.5 million (before expenses), pursuant to a Placing and is undertaking a Retail Offer to raise up to an additional £1.0 million. The Retail Offer provides retail investors who are existing Shareholders with an opportunity to participate in the proposed issue of New Ordinary Shares on the same terms as the Placees.

The issue price of 16 pence per New Ordinary Share represents an approximate 7.2 per cent. discount to the closing middle market price of 17.25 pence per Existing Ordinary Share on 14 December 2022, the last Business Day before the announcement of the Fundraising.

The Fundraising is conditional, inter alia, on the passing of the Resolution by the Shareholders at the General Meeting, which has been convened for 9:00 a.m. on 4 January 2023. If the Resolution is passed, the New Ordinary Shares are expected to be allotted immediately after the General Meeting, conditional on Admission, which is expected to occur at 8:00 a.m. on 5 January 2023.

Should Shareholder approval not be obtained at the General Meeting, neither the Placing nor the Retail Offer will proceed and the Company would not receive the funds relating to the Placing or the Retail Offer which would limit the amount of working capital available to it. Neither the Placing nor the Retail Offer has been underwritten. The Company would need to consider the options available to it in terms of alternative sources of funding. It may be that such sources would not be available or not available on favourable terms. Accordingly, if alternative sources of funding could not be secured, the Company expects that it would not have sufficient cash for its current level of activities beyond early in the second quarter of calendar year 2023.

The purpose of this document is to explain the background to the Fundraising, to set out the reasons why the Board believes that the Fundraising is in the best interests of the Company and its Shareholders and to seek Shareholder approval of the Resolution at the forthcoming General Meeting, which will be held at The Clarion Hotel, Witney Way, Boldon, NE35 9PE at 9:00 a.m. on 4 January 2023.

2. BACKGROUND TO AND REASONS FOR THE FUNDRAISING

Background

Based in the UK, the Company is a life sciences business focussed on improving skin health via the microbiome with near term opportunities in anti-ageing, treatment of skin conditions such as psoriasis and acne, and wound barrier enhancement. The Company was initially founded on scientific discoveries made at the University of Manchester related to the activities of lysates (extracts) derived from probiotic bacteria when applied to the skin.

The Company is targeting five specific skin healthcare sectors; cosmetics skincare, food supplements for the treatment of skin conditions, medical skin care, infection control in both the home and the hospital environment and pharmaceuticals for the prescribed treatment of skin conditions.

Reasons for the Fundraising

The Company has identified five channels in which to develop its focus, encompassing both existing and new technology;

· SkinBiotix ® - the Company's core technology that is designed to promote skin health by harnessing the beneficial properties of probiotic bacteria, and the basis of the Company's lead cosmetic product.

· AxisBiotix™ - addressing the emerging area of science that is focused on the gut-skin axis and its role in various diseases.

· MediBiotix™ - targeting the use of the SkinBiotix® technology for medical device applications including the treatment of eczema and woundcare.

· CleanBiotix™ - targeting the use of the SkinBiotix ® technology to address certain categories of health care acquired infections.

· PharmaBiotix™ - an extension to the medical device and AxisBiotix™ applications through a pathway of medicinal prescription registrations.

SkinBiotix® is the Company's proprietary technology and is designed to promote skin health by harnessing the beneficial properties of probiotic bacteria and the active components derived from them. SkinBiotix® has multiple patents granted in key territories for cosmetic, medical and wound care applications and the Directors believe the intellectual property held is strong.

In November 2019 the Company signed a commercial agreement with Croda International Plc ("Croda"), and its speciality bioactive ingredient manufacturer, Sederma, for the development and commercialisation of a new active skincare cosmetic ingredient, incorporating the SkinBiotix® technology. The Company continues to engage with Croda and Sederma with regards to the commercialisation phase of the Skinbiotix® product, with the next update meeting between Croda and the Company scheduled for January 2023. The product development timing is controlled by Croda, however the Directors believe that the product launch will occur in 2023 and thus the Directors expect some initial royalties revenues from Croda to commence in 2023.

Opportunities exist for the Company to explore the use of the SkinBiotix® technology in other areas, for example, oral and hair indications through engagement with third party research. Whilst work has been initiated in these areas it requires a greater commitment of resource to make material progress. Under the terms of the agreement with Croda, the Company retains the right to launch an 'own label' cosmetic and this is an opportunity the Company will explore further.

In February 2020, the Company signed a development agreement with Winclove Probiotics B.V. ("Winclove") for a probiotic food supplement to help manage the symptoms associated with the skin condition, psoriasis, following which Winclove formulated the blend as a probiotic food supplement, to be known as AxisBiotix ™. The AxisBiotix ™ product is designed to be taken daily as a single sachet dissolved in water and it is marketed as a food supplement.

Over the course of three months in the first half of 2021, AxisBiotix ™ underwent a consumer study with patients who had self identified as suffering from mild to moderate psoriasis. Details of the results of the 56 day consumer study were announced on 26 May 2021.

The product launched on 29 October 2021 with sales through the Company's own website and while sales have been lower than originally forecast, retention rates for subscribers are currently at least 80%, with retention rates being measured as the number of subscribers who are remaining as a subscriber at the end of each monthly period, compared to the same cohort that were in existence at the start of a month period. However, the Board believes it is in the interests of the Company and a better way to generate long term value to its shareholders to seek to secure an exclusive deal with a global multinational for AxisBiotix™, rather than signing multiple distribution deals across different markets. While the Company looks to undertake out-licensing discussions it will continue to roll out the AxisBiotix ™ product into Europe and the Rest of World.

The Company meanwhile continues to advance R&D into other fields within the other five pillars; is continuing early commercial engagement with multinationals; and is pursuing other opportunities in regulated markets such as medical devices and prescription medicines. Early stage discussions are underway with a global advanced wound care company in relation to the development of MediBiotix, while the Company sees the development of the CleanBiotix and PharmaBiotix products to be medium to long term prospects.

The Company's strategy also involves the evaluation of other opportunities that would provide synergies and accelerated routes to market. The Company is in ongoing discussions to acquire a private company that provides a variety of branded topical products for common dermatological conditions such as psoriasis and eczema to NHS hospitals, dispensing practices and retail pharmacies. The proposed target is profitable and the Company sees a number of synergies to improve this. However, there is no certainty of timing or execution as the Company would need to agree additional funding using debt and/or equity and any acquisition would be conditional on satisfactory diligence.

The Directors believe the Fundraising will put the Company in a strong position to progress each of the identified channels and in doing so build a broader, microbiome based and science led business. The Fundraise will also provide a strengthened balance sheet for negotiations with potential partners and other opportunities.

3. CURRENT TRADING

Further to the announcement of the Group's unaudited preliminary results on 15 December 2022, the Group's unaudited revenue for the year to 30 June 2022 was £74,761 with gross profit of £45,337. Costs for the 12 months to 30 June 2022 for selling and distribution (£43,804), R&D (£861,383) and other operating expenditure (£1,856,272) meant the unaudited loss for the year was £2,526,635. As at 30 June 2022 unaudited cash was £1.8 million and the Company's net asset balance stood at £2,741,327.

The Company's audited report and accounts for the year ended 30 June 2022, including all notes to the financial statements, are expected to be published and sent to shareholders by 23 December 2022.

4. USE OF PROCEEDS

The Company has conditionally raised gross proceeds of c£2.5 million by way of the Placing, and any funds raised in the REX Retail Offer will be in addition to this amount. The proceeds of the Placing will fund the continued roll-out of AxisBiotix™ into Europe and Rest of World, accelerate development and commercialisation of acne treatment, build out in-house formulation and scientific capabilities, as well as general working capital. Additional amounts raised from the Rex Retail Offer will be used for further building out in house capabilities and accelerate clinically led studies in AxisBiotix™. The Fundraise will also provide a strengthened balance sheet for negotiations with potential partners and acquisition targets.

5. THE PLACING

The Company is proposing to raise approximately £ 2.5 million before expenses by the issue of the Placing Shares at 16 pence per new Ordinary Share to certain Shareholders and new investors. The Placing Shares represent 7.2 per cent. of the existing issued share capital of the Company and will, when issued, rank pari passu with the existing Ordinary Shares in the Company.

Institutional and other investors have conditionally agreed to subscribe for the Placing Shares at the Issue Price. The Placing has not been underwritten. The issue of the Placing Shares is conditional, inter alia, upon the approval by Shareholders of the Resolution to be sought at the General Meeting convened for 9 :00 a.m. on 4 January 2023 and upon Admission becoming effective on 5 January 2023 (or such later date as the Company and Cenkos Securities may agree).

The Directors believe that the New Ordinary Shares to be issued pursuant to the Placing will meet the requirements of section 173 ITA for the purposes of the EIS and the Company is a Qualifying Holding and the New Ordinary Shares are eligible shares for the purposes of investment by VCTs. The Company does not propose for the Rex Retail Offer Shares to be treated as VCT/EIS qualifying.

Under the terms of the Placing Agreement, Cenkos Securities has agreed to use its reasonable endeavours to procure subscribers for the Placing Shares at the Issue Price. The Placing Agreement contains certain warranties and indemnities from the Company in favour of Cenkos Securities and Cenkos Securities may terminate the Placing Agreement in certain customary circumstances.

Under the Placing Agreement, the Company has agreed to pay to Cenkos Securities a fixed sum and/or commissions based on the aggregate value of the Placing, and the costs and expenses incurred in relation to the Placing.

The Placing Agreement contains customary warranties given by the Company in favour of Cenkos Securities in relation to, amongst other things, the accuracy of the information in this document and other matters relating to the Group and its business. In addition, the Company has agreed to indemnify Cenkos Securities (and their respective affiliates) in relation to certain liabilities which they may incur in respect of the Placing.

Cenkos Securities has the right to terminate the Placing Agreement in certain circumstances prior to Admission, in particular, in the event of breach of the warranties, the occurrence of a material adverse change or if the Placing Agreement does not become unconditional.

6. THE REX RETAIL OFFER

The Company has separately agreed to use the REX Platform to undertake an intermediaries offer of New Ordinary Shares at the Issue Price, alongside the Placing, to existing retail investors of the Company. For the avoidance of doubt, the REX Retail Offer Shares are not part of the Placing and do not form part of the Placing Shares.

In recognition of their continued support to the Company, the Board believes that the REX Retail Offer provides the Company's longstanding and supportive Shareholders with an opportunity to participate in the Fundraising. The REX Retail Offer at the Issue Price, for an aggregate of up to 6,250,000REX Retail Offer Shares, will raise gross proceeds of up to approximately £1.0 million.

Pursuant to the terms of the Intermediaries Agreement, the Company has made the REX Retail Offer to holders of Existing Ordinary Shares only through Intermediaries via the REX Platform. The obligations of the Intermediaries under the Intermediaries Agreement are conditional in all respects upon: (a) the Placing Agreement becoming unconditional and not having been terminated in accordance with its terms; and (b) Admission. Under the Intermediaries Agreement, the Company has agreed to pay the provider of the REX Platform and the Intermediaries fees based on the aggregate value of the REX Retail Offer. It is a term of the REX Retail Offer that the total value of the REX Retail Offer Shares available for subscription at Issue Price does not exceed the Sterling equivalent of €8 million.

The REX Retail Offer has not been underwritten and has been offered in the United Kingdom under the exemption against the need to publish a prospectus approved by the FCA in section 86(1)(e) of FSMA. The REX Retail Offer has not been made into any jurisdiction other than the United Kingdom.

6. RELATED PARTIES' PARTICIPATION IN THE FUNDRAISING

Directors' participation in the Placing

As part of the Fundraising, certain Directors intend to subscribe (either personally or through a nominee) for an aggregate of 512,500 Placing Shares at the Issue Price. Details of the Placing Shares for which the Directors intend to subscribe (either personally or through a nominee) are displayed below:

Name**	Number of existing Ordinary Shares	Number of Placing Shares intended to be subscribed for	Value of Placing Shares intended to be subscribed for*	Resulting shareholding following proposed subscription	Percentage of Enlarged Share Capital following proposed subscription*
Martin Hunt	466,667	93,750	£15,000	560,417	0.33%
Stuart John Ashman	125,000	156,250	£25,000	281,250	0.16%
Manprit Randhawa	Nil	156,250	£25,000	156,250	0.09%
Catherine Prescott	118,612	62,500	£10,000	181,112	0.11%
Danielle Bekker	Nil	43,750	£7,000	43,750	0.03%

* On the assumption that the maximum number of Placing Shares are issued pursuant to the Placing but not including any REX Retail Offer Shares that may be subscribed for pursuant to the REX Retail Offer

** The number of Ordinary Shares presented in this table as being held or subscribed for by Directors refers to the number of Ordinary Shares held or subscribed for by them either personally or through a nominee.

The participation by the Directors referred to above in the Placing is classified as a 'related party transaction' for the purposes of Rule 13 of the AIM Rules. As all of the Directors are participating in the Placing, Cenkos Securities confirms that it considers that the terms of the transaction are fair and reasonable insofar as the Company's Shareholders are concerned.

7. GENERAL MEETING

T he General Meeting is being called to seek Shareholders' approval to grant new authorities to enable the Directors, inter alia, to allot the New Ordinary Shares.

A notice convening a General Meeting of the Company, to be held at The Clarion Hotel, Witney Way, Boldon, NE35 9PE at 9:00 a.m. on 4 January 2023 , is set out at the end of the Circular. Further details regarding the General Meeting are set out in paragraph 8. At the General Meeting, the following resolution will be proposed:

Special resolution to disapply statutory pre-emption rights in respect of allotments of equity securities up to an aggregate nominal amount of £218,750 in respect of the Fundraising.

8. ACTION TO BE TAKEN BY SHAREHOLDERS

Shareholders are urged to exercise their votes by submitting their Form of Proxy and appointing the Chairman of the General Meeting as their proxy.

If you hold your Existing Ordinary Shares in certificated form, you should check that you have received the following with this document:

· a Form of Proxy for use in relation to the General Meeting; and

· a reply-paid envelope for use in connection with the return of the Form of Proxy (in the UK only).

You are strongly encouraged to complete, sign and return your Form of Proxy in accordance with the instructions printed thereon so as to be received, by post or, during normal business hours only, by hand to Share Registrars Limited, 3 The Millennium Centre, Crosby Way, Farnham, Surrey, GU9 7XX , as soon as possible but in any event so as to arrive by not later than9:00 a.m.on30 December2022 (or, in the case of an adjournment of the General Meeting, not later than 48 hours before the time fixed for the holding of the adjourned meeting (excluding any part of a day that is not a Business Day)).

Alternatively, you can register your vote(s) for the General Meeting by logging on to www.shareregistrars.uk.com, clicking on the "Proxy Vote" button and then following the on-screen instructions.

If you hold Existing Ordinary Shares in CREST, no Form of Proxy will be sent to you. Instead, you may appoint a proxy by completing and transmitting a CREST proxy instruction to the Company's registrars, Share Registrars Limited (under CREST Participant ID 7RA36 ) so that it is received by not later than 9:00 a.m. on 30 December 2022 .

Appointing a proxy in accordance with the instructions set out above will enable your vote to be counted at the General Meeting.

9. IMPORTANCE OF THE VOTE AND DIRECTORS' RECOMMENDATION

Shareholders should be aware that, should Shareholder approval not be obtained at the General Meeting, neither the Placing nor the Retail Offer will proceed and the Company would not receive the funds relating to the Placing or the Retail Offer which would limit the amount of working capital available to it. The Company would need to consider the options available to it in terms of alternative sources of funding. It may be that such sources would not be available or not available on favourable terms. Accordingly, if alternative sources of funding could not be secured, the Company expects that it would not have sufficient cash for its current level of activities beyond early in the second quarter of calendar year 2023.

The Directors consider the Fundraising to be in the best interests of the Company and its Shareholders as a whole. Accordingly, the Directors recommend unanimously that Shareholders vote in favour of the Resolution to be proposed at the General Meeting, as they intend to do in respect of their own shareholdings, which total 710,279 Existing Ordinary Shares (representing approximately 0.45 per cent. of the Existing Ordinary Share capital).

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Announcement of the launch of the Placing	4.30 p.m. on 15 December 2022
Announcement of the results of the Placing	16 December 2022
Publication and posting of the Circular and the Form of Proxy	16 December 2022
Latest time and date for receipt of completed Forms of Proxy and receipt of electronic proxy appointments via the CREST system	9:00 a.m. on 30 December 2022
Announcement of the results of the Retail Offer	21 December 2022
General Meeting	9:00 a.m. on 4 January 2023
Announcement of result of General Meeting	4 January 2023
Admission and commencement of dealings in the New Ordinary Shares on AIM	8:00 a.m. on 5 January 2023
CREST members' accounts credited in respect of New Ordinary Shares in uncertificated form	5 January 2023
Despatch of definitive share certificates for New Ordinary Shares in certificated form	Within 10 days of Admission

If any of the details contained in the timetable above should change, the revised times and dates will be notified to Shareholders by means of an announcement through a Regulatory Information Service.

Certain of the events in the above timetable are conditional upon, inter alia, the approval of the Resolutions to be proposed at the General Meeting.

All references to time and dates in this document are to time and dates in London.

KEY STATISTICS

Number of Existing Ordinary Shares	156,780,236
Estimated number of Placing Shares	15,625,000
Maximum number of REX Retail Offer Shares	6,250,000
Issue Price	16 pence
Percentage of the Enlarged Share Capital represented by the New Ordinary Shares*	12.2 per cent.
Gross proceeds of the Placing	£ 2.5 million
Maximum gross proceeds of the REX Retail Offer	£ 1.0 million
Estimated net proceeds of the Fundraising*	Up to £ 3.2 million
Estimated enlarged Share Capital immediately following the Fundraising*	178,655,236

*Assuming full take up under the REX Retail Offer

DEFINITIONS

The following deﬁnitions apply throughout this document unless the context otherwise requires:

"Act"	the Companies Act 2006 (as amended);
"Admission"	admission of the New Ordinary Shares to trading on AIM becoming effective in accordance with the AIM Rules for Companies;
"AIM"	the market of that name operated by the London Stock Exchange;
"AIM Rules for Companies"	the AIM Rules for Companies, as published and amended from time to time by the London Stock Exchange;
"Board" or "Directors"	the directors of the Company as at the date of this document, whose names are set out on page 3 of this document;
"Business Day" "Cenkos Securities"	any day (excluding Saturdays and Sundays) on which banks are open in London for normal banking business and the London Stock Exchange is open for trading; Cenkos Securities plc, a public limited company incorporated in England and Wales under registered number 05210733 and having its registered office at 6.7.8 Tokenhouse Yard, London, EC2R 7AS, the Company's nominated adviser and broker for the purposes of the Fundraising;
"certificated" or "in certificated form"	where an Ordinary Share is not in uncertificated form (i.e. not in CREST);
"Chairman"	the chairman of the Board;
"Company" or "SkinBio"	SkinBioTherapeutics plc, a company registered in England and Wales with registered number 09632164;
"CREST"	the relevant system for the paperless settlement of trades and the holding of uncertiﬁcated securities operated by Euroclear UK & Ireland Limited in accordance with the CREST Regulations;
"CREST Manual"	the CREST Manual referred to in agreements entered into by Euroclear and available at www.euroclear.com;
"CREST member"	a person who has been admitted to CREST as a system-member (as defined in the CREST Regulations);
"CREST participant"	a person who is, in relation to CREST, a system-participant (as defined in the CREST Regulations);
"CREST participant ID"	shall have the meaning given in the CREST Manual;
"CREST Regulations"	the Uncertificated Securities Regulations 2001 (SI 2001/3755) including any enactment or subordinate legislation which amends or supersedes those regulations and any applicable rules made under those regulations or any such enactment or subordinate legislation for the time being in force;
"CREST sponsor"	a CREST participant admitted to CREST as a CREST sponsor;
"CREST sponsored member"	a CREST member admitted to CREST as a CREST sponsored member;
"EnlargedShareCapital"	the entire issued share capital of the Company on Admission following completion of the Fundraising assuming full take up under the Retail Offer;
"Euroclear"	Euroclear UK & International Limited;
"ExistingOrdinaryShares"	the 156,780,236 O rdinary Shares in issue at the date of this document;
"FCA"	the Financial Conduct Authority of the United Kingdom;
"Form of Proxy"	the form of proxy for use by Shareholders in relation to the General Meeting, enclosed with this document;
"FSMA"	the Financial Services and Markets Act 2000 (as amended);
"Fundraising"	the Placing and the Retail Offer;
"GeneralMeeting" or "GM"	the General Meeting of the Company convened for 9:00 a.m. on 4 January 2023 or any adjournment thereof, notice of which is set out at the end of the Circular;
"Group"	the Company and its subsidiaries (as defined in the Act);
"Intermediaries"	any financial intermediary appointed by the Company in connection with the REX Retail Offer and "Intermediary" shall mean any one of them;
"Intermediary Agreement"	the agreements entered between each of the Intermediaries, the Company and Peel Hunt LLP containing terms and conditions in relation to the REX Retail Offer;
"Issue Price"	16 pence per New Ordinary Share;
"ITA"	UK Income Tax Act 2007;
"London Stock Exchange"	London Stock Exchange plc;
"New Ordinary Shares"	the Placing Shares and/or the Retail Offer Shares (as the context permits);
"NoticeofGeneral Meeting"	the notice convening the General Meeting as set out at the end of this document;
" Official List "	the Official List of the FCA;
"Ordinary Shares"	the ordinary shares of 1 penny each in the capital of the Company in issue from time to time;
"Placees"	subscribers for the Placing Shares;
"Placing Agreement"	the conditional placing agreement entered into between the Company and Cenkos Securities in respect of the Placing, dated 15 December 2022 , as described in this document;
"Placing"	the proposed placing by Cenkos Securities (as agent for the Company) of the Placing Shares with certain institutional investors and existing Shareholders, otherwise than on a pre-emptive basis, at the Issue Price on the terms of the Placing Agreement and where appropriate, shall include the subscription for 512,500 New Ordinary Shares by the Directors;
"Placing Shares"	the new Ordinary Shares to be issued pursuant to the Placing;
"Prospectus Regulation"	the prospectus regulation rules of the FCA made under section 73A of FSMA;
"Prospectus Rules"	the rules made by the FCA under Part VI of FSMA in relation to offers of transferable securities to the public and admission of transferable securities to trading on a regulated market;
"Registrar"	Share Registrars Limited, the Company's registrar;
"Regulatory Information Service"	has the meaning given to it in the AIM Rules;
"Resolution"	the resolution to be proposed at the General Meeting, the full text of which is set out in the Notice of General Meeting;
" Retail Offer " or "REX Retail Offer"	the proposed offer of REX Retail Offer Shares having an aggregate value, at the Issue Price, of up to £1 million to retail investors who are Shareholders by the Company through Intermediaries using the REX Platform and on the basis of the terms and conditions set out in the REX Retail Offer Announcement and Intermediaries Agreements;
"REX Platform"	Peel Hunt's Retail Capital Markets platform;
" REX Retail Offer Announcement "	the announcement dated 15 December 2022 giving details, inter alia, of the REX Retail Offer;
"REX Retail Offer Shares"	the up to 6,250,000 new Ordinary Shares to be issued for cash at the Issue Price, pursuant to the REX Retail Offer;
"Securities Act"	US Securities Act of 1933 (as amended);
"Shareholders"	the holders of Existing Ordinary Shares, and the term "Shareholder" shall be construed accordingly;
"uncertiﬁcated" or "uncertiﬁcated form"	means recorded on the relevant register or other record of the share or other security concerned as being held in uncertiﬁcated form in CREST, and title to which, by virtue of the CREST Regulations, may be transferred by means of CREST;
"United Kingdom" or "UK"	the United Kingdom of Great Britain and Northern Ireland;
"£" or "Pounds"	UK pounds sterling, being the lawful currency of the United Kingdom.

IMPORTANT INFORMATION

Cenkos Securities plc ("Cenkos"), which is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom, is acting as nominated adviser and as sole bookrunner and sole broker in connection with the Placing.

This Announcement has been issued by, and is the sole responsibility, of the Company. No representation or warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Cenkos or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

This Announcement does not constitute, or form part of, a prospectus relating to the Company, nor does it constitute or contain any invitation or offer to any person, or any public offer, to subscribe for, purchase or otherwise acquire any shares in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it form the basis of or be relied on in connection with any contract or as an inducement to enter into any contract or commitment with the Company. In particular, the Placing Shares have not been, and will not be, registered under the United States Securities Act of 1933 as amended or qualified for sale under the laws of any state of the United States or under the applicable laws of any of Canada, Australia, the Republic of South Africa or Japan and, subject to certain exceptions, may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the United States Securities Act of 1933) or to any national, resident or citizen of Canada, Australia, the Republic of South Africa or Japan.

The distribution or transmission of this Announcement and the offering of the Placing Shares in certain jurisdictions other than the UK may be restricted or prohibited by law or regulation. Persons distributing this Announcement must satisfy themselves that it is lawful to do so. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. No action has been taken by the Company that would permit an offering of such shares or possession or distribution of this Announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required by the Company to inform themselves about, and to observe, such restrictions. In particular, this Announcement may not be distributed, directly or indirectly, in or into the United States, Canada, Australia, the Republic of South Africa, Japan or any other jurisdiction where the extension or availability of the Placing would breach any applicable law (together the "Restricted Jurisdictions" and each being a "Restricted Jurisdiction"). Shareholders with registered addresses, or who are citizens or residents of, or incorporated in, countries outside of the United Kingdom and any person (including, without limitation, nominees and trustees), who have a contractual or other legal obligation to forward this Announcement to a jurisdiction outside the UK should seek appropriate advice before taking any action.

This Announcement includes "forward-looking statements" which includes all statements other than statements of historical fact, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company and its subsidiary undertakings to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this Announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law or the AIM Rules for Companies governing the admission to and operation of AIM published by the London Stock Exchange as amended from time to time (the "AIM Rules").

No statement in this Announcement is intended to be a profit forecast and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

Cenkos will not be responsible to any person other than the Company for providing the protections afforded to clients of Cenkos or for providing advice to any other person in connection with the Placing or any acquisition of shares in the Company. Cenkos is not making any representation or warranty, express or implied, as to the contents of this Announcement. Cenkos has not authorised the contents of, or any part of, this Announcement, and no liability whatsoever is accepted by Cenkos for the accuracy of any information or opinions contained in this Announcement or for the omission of any material information.

The Placing Shares will not be admitted to trading on any stock exchange other than the AIM market of the London Stock Exchange.

The Appendix to this Announcement (which forms part of this Announcement) sets out the terms and conditions of the Placing. By participating in the Placing, each person who is invited to and who chooses to participate in the Placing by making or accepting an oral and legally binding offer to acquire Placing Shares will be deemed to have read and understood this Announcement in its entirety (including the Appendix) and to be making such offer on the terms and subject to the conditions set out in this Announcement and to be providing the representations, warranties, undertakings and acknowledgements contained in the Appendix.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this Announcement.

APPENDIX

TERMS AND CONDITIONS OF THE PLACING

IMPORTANT INFORMATION FOR PLACEES ONLY

MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE TERMS AND CONDITIONS SET OUT HEREIN (TOGETHER, THIS "ANNOUNCEMENT") ARE DIRECTED ONLY AT PERSONS WHOSE ORDINARY ACTIVITIES INVOLVE THEM ACQUIRING, HOLDING, MANAGING AND DISPOSING OF INVESTMENTS (AS PRINCIPAL OR AGENT) FOR THE PURPOSES OF THEIR BUSINESS AND WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND ARE: (1) IF IN A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA ("EEA"), QUALIFIED INVESTORS AS DEFINED IN ARTICLE 2(e) OF THE PROSPECTUS REGULATION (EU) 2017/1129 (THE "EU PROSPECTUS REGULATION") ("EU QUALIFIED INVESTORS"); (2) IF IN THE UNITED KINGDOM, ARE QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(e) OF REGULATION (EU) 2017/1129 AS AMENDED, AS IT FORMS PART OF UK LAW AS RETAINED EU LAW AS DEFINED IN, AND BY VIRTUE OF, THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED) (THE "UK PROSPECTUS REGULATION") ("UK QUALIFIED INVESTORS") AND WHO ALSO (A) FALL WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER") (INVESTMENT PROFESSIONALS) OR (B) FALL WITHIN ARTICLE 49(2)(a) TO (d) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE ORDER; OR (3) ARE PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS").

DISTRIBUTION OF THIS ANNOUNCEMENT IN CERTAIN JURISDICTIONS MAY BE RESTRICTED OR PROHIBITED BY LAW OR REGULATION. PERSONS DISTRIBUTING THIS ANNOUNCEMENT MUST SATISFY THEMSELVES THAT IT IS LAWFUL TO DO SO.

The Placing Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold, resold or delivered, directly or indirectly, in or into the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. No public offering of the Placing Shares is being made in the United States. The Placing is being made solely outside the United States to persons in offshore transactions (as defined in Regulation S under the Securities Act ("Regulation S")) meeting the requirements of Regulation S. Persons receiving this Announcement (including custodians, nominees and trustees) must not forward, distribute, mail or otherwise transmit it in or into the United States or use the United States mails, directly or indirectly, in connection with the Placing.

This Announcement does not constitute an offer to sell or issue or a solicitation of an offer to buy or subscribe for Placing Shares in any Restricted Jurisdiction. This announcement and the information contained herein are not for publication or distribution, directly or indirectly, to persons in a Restricted Jurisdiction unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction. No action has been taken by the Company, Cenkos Securities plc, or Cenkos Affiliates or Skinbio Affiliates (as defined below) that would permit an offer of the Placing Shares or possession or distribution of this Announcement or any other publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. Persons receiving this Announcement are required to inform themselves about and to observe any such restrictions.

All offers of the Placing Shares will be made pursuant to an exemption under the UK Prospectus Regulation and the EU Prospectus Regulation from the requirement to produce a prospectus. The Placing Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the Placing or the accuracy or adequacy of this Announcement. Any representation to the contrary is a criminal offence in the United States. The relevant clearances have not been, nor will they be, obtained from the securities commission of any province or territory of Canada, no prospectus has been lodged with, or registered by, the Australian Securities and Investments Commission or the Japanese Ministry of Finance; the relevant clearances have not been, and will not be, obtained for the South Africa Reserve Bank or any other applicable body in the Republic of South Africa in relation to the Placing Shares and the Placing Shares have not been, nor will they be, registered under or offered in compliance with the securities laws of any state, province or territory of Australia, Canada, Japan, or the Republic of South Africa. Accordingly, the Placing Shares may not (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into Australia, Canada, Japan, the Republic of South Africa or any other jurisdiction outside the United Kingdom.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action.

Any indication in this Announcement of the price at which the existing ordinary shares in the capital of the Company have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser.

By participating in the Placing, each person who is invited to and who chooses to participate in the Placing (a "Placee") by making or accepting an oral and/or written legally binding offer to subscribe for Placing Shares is deemed to have read and understood this Announcement in its entirety (including this Appendix) and to be providing the representations, warranties, undertakings, agreements and acknowledgements contained herein.

EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISERS AS TO LEGAL, REGULATORY, TAX, BUSINESS AND RELATED ASPECTS OF A SUBSCRIPTION FOR PLACING SHARES.

Details of the Placing Agreement and the Placing Shares

The Company has today entered into the placing agreement with Cenkos Securities PLC ("Cenkos") (the Company's Nominated Adviser and sole broker and bookrunner in connection with the Placing) (the "Placing Agreement") . Pursuant to the Placing Agreement, Cenkos has, subject to the terms and conditions set out therein, agreed to use reasonable endeavours, as agent of the Company, to procure subscribers for the Placing Shares pursuant to the bookbuilding process described in this Announcement and as set out in the Placing Agreement ("Bookbuilding Process").

The Placing is not being underwritten.

The Placing Shares will, when issued, be subject to the articles of association of the Company (the "Articles"), be credited as fully paid and rank pari passu in all respects with each other and with the existing ordinary shares in the capital of the Company then in issue, including the right to receive all dividends and other distributions declared, made or paid in respect of the ordinary shares of the Company after the date of Admission.

The Placing Shares will be issued free of any encumbrance, lien or other security interest.

Application for admission to trading on AIM

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to AIM. Subject to the satisfaction or waiver of the conditions of the Placing Agreement ("Conditions"), it is expected that Admission will take place and dealings in the Placing Shares will commence on AIM on or around 8.00 a.m. on 5 January 2023.

Bookbuilding Process

Commencing today, Cenkos will be conducting the Bookbuilding Process to determine demand for participation in the Placing by Placees. This Announcement gives details of the terms and conditions of, and the mechanics of participation in, the Placing. However, Cenkos will be entitled to effect the Placing by such alternative method to the Bookbuilding Process as it may, after consultation with the Company, determine. No commissions will be paid by or to Placees in respect of any participation in the Placing or subscription for Placing Shares.

Participation in, and principal terms of, the Bookbuilding Process

Participation in the Placing is by invitation only and will only be available to persons who may lawfully be, and are, invited to participate by Cenkos. Cenkos and Cenkos Affiliates are entitled to participate as Placees in the Bookbuilding Process.

The Bookbuilding Process will establish the number of Placing Shares to be issued pursuant to the Placing.

The book will open with immediate effect. The Bookbuilding Process is expected to close not later than 7.00 a.m. on 16 December 2022, but may be closed at such earlier or later time as Cenkos may, in its absolute discretion (after consultation with the Company), determine. The announcement containing the results of the accelerated bookbuild will be released following the close of the Bookbuilding Process.

A bid in the Bookbuilding Process will be made on the terms and conditions in this Appendix and will be legally binding on the Placee on behalf of which it is made and, except with Cenkos' consent, will not be capable of variation or revocation after the close of the Bookbuilding Process.

A Placee who wishes to participate in the Bookbuilding Process should communicate its bid by telephone to its usual sales contact at Cenkos. Each bid should either state the number of Placing Shares which the prospective Placee wishes to subscribe for or a fixed monetary amount at, in either case, the Issue Price. If successful, Cenkos will re-contact and confirm orally to Placees following the close of the Bookbuilding Process the size of their respective allocations and a trade confirmation will be despatched as soon as possible thereafter. Cenkos' oral confirmation of the size of allocations and each Placee's oral commitments to accept the same will constitute an irrevocable legally binding agreement in favour of the Company and Cenkos pursuant to which each such Placee will be required to accept the number of Placing Shares allocated to the Placee at the Issue Price on the terms and subject to the conditions set out herein and in accordance with the Articles. Each Placee's allocation and commitment will be evidenced by a trade confirmation issued to such Placee by Cenkos. The terms of this Appendix will be deemed incorporated in that trade confirmation.

Cenkos reserves the right to scale back the number of Placing Shares to be subscribed by any Placee in the event that the Placing is oversubscribed. Cenkos also reserves the right not to accept offers to subscribe for Placing Shares or to accept such offers in part rather than in whole. The acceptance and, if applicable, scaling back of offers shall be at the absolute discretion of Cenkos and the Company.

Each Placee's obligations will be owed to the Company and to Cenkos. Following the oral confirmation referred to above, each Placee will also have an immediate, separate, irrevocable and binding obligation, owed to the Company and Cenkos, as agent of the Company, to pay to (or as Cenkos may direct) in cleared funds an amount equal to the product of the Issue Price and the number of Placing Shares allocated to such Placee.

To the fullest extent permissible by law, none of Cenkos, any holding company of Cenkos, any subsidiary of Cenkos, any subsidiary of any such holding company, any branch, affiliate or associated undertaking of any such company nor any of their respective directors, officers and employees (each an "Cenkos Affiliate") nor any person acting on their behalf shall have any liability to Placees (or to any other person whether acting on behalf of a Placee or otherwise). In particular, none of Cenkos, any Cenkos Affiliate nor any person acting on their behalf shall have any liability (including, to the extent legally permissible, any fiduciary duties), in respect of its conduct of the Bookbuilding Process or of such alternative method of effecting the Placing as Cenkos may determine.

Information to Distributors

Solely for the purposes of the product governance requirements contained within the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK Product Governance Rules"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the UK Product Governance Rules) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that the Placing Shares are: (i) compatible with an end target market of (a) retail clients, as defined in point (8) of Article 2 of the UK Prospectus Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"), (b) investors who meet the criteria of professional clients as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA and (c) eligible counterparties as defined in the FCA Handbook Conduct of Business Sourcebook ("COBS"); and (ii) eligible for distribution through all distribution channels as are permitted by EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II") (the "UK Target Market Assessment").

Solely for the purposes of the product governance requirements contained within: (a) MiFID II; (b) Articles 9 and 10 of Commission Delegated Directive EU 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that the Placing Shares are: (i) compatible with an end target market of (a) retail investors, (b) investors who meet the criteria of professional clients and (c) eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "EU Target Market Assessment" and, together with the UK Target Market Assessment, the "Target Market Assessments").

Notwithstanding the Target Market Assessments, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessments are without prejudice to the requirements of any contractual, legal or regulatory selling restrictions to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessments, Cenkos will only procure investors who meet the criteria of professional clients or eligible counterparties.

For the avoidance of doubt, the Target Market Assessments do not constitute: (a) an assessment of suitability or appropriateness for the purposes of COBS (for the purposes of the UK Target Market Assessment) or MiFID II (for the purposes of the EU Target Market Assessment); or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.

Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.

Persons who are invited to and who choose to participate in the Placing, by making an oral and legally binding offer to acquire Placing Shares will be deemed to have read and understood this Announcement in its entirety and to be making such offer to acquire Placing Shares on the terms and conditions, and to be providing the representations, warranties, acknowledgements and undertakings contained in this Appendix.

In this Appendix, unless the context otherwise requires, "Placee" means a Relevant Person (including individuals, funds or others) by whom or on whose behalf a commitment to take up Placing Shares has been given and who has been invited to participate in the Placing by Cenkos.

All obligations of Cenkos under the Placing will be subject to fulfilment of the conditions referred to in this Announcement including without limitation those referred to below under "Conditions of the Placing".

Conditions of the Placing

The Placing is conditional upon the Placing Agreement becoming unconditional and not having been terminated in accordance with its terms.

The obligations of Cenkos under the Placing Agreement are conditional, amongst other things, on:

1. the placing results announcement being released at the relevant time;

2. the warranties on the part of the Company contained in the Placing Agreement being true and accurate and not misleading on and as of the date of the Placing Agreement, the date of the publication of the Circular and at all times during the period up to and including Admission;

3. the performance by the Company in all material respects of its obligations under the Placing Agreement to the extent that they fall to be performed prior to Admission;

4. there not occurring, in the opinion of Cenkos (acting in good faith), a material adverse change, or any development reasonably likely to involve a prospective material adverse change, in the condition (financial, operational, legal or otherwise) or the earnings, business affairs or business prospects of the Company or the Group which is material in the context of the Group taken as a whole, whether or not arising in the ordinary course of business and whether or not foreseeable at the date of this Agreement, since the date of the Placing Agreement;

5. the general meeting of the Company having taken place on the date set out in the notice of general meeting and the resolution having been passed thereat by the requisite majority; and

6. Admission occurring not later than 8.00 a.m. on or around 5 January 2023 or such later time and/or date as Cenkos may agree in writing with the Company (but in any event no later than 8.00 a.m. on 20 January 2023).

If (a) the Conditions of the Placing are not fulfilled (or to the extent permitted under the Placing Agreement waived by Cenkos), or (b) the Placing Agreement is terminated in the circumstances specified below, the Placing will lapse and each Placee's rights and obligations hereunder shall cease and determine at such time and no claim may be made by a Placee in respect thereof. None of Cenkos, the Company, any Cenkos Affiliate, nor any holding company of the Company, any subsidiary of the Company, any subsidiary of any such holding company, any branch, affiliate or associated undertaking of any such company nor any of their respective directors, officers and employees (each a "Skinbio Affiliate") shall have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision it may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition in the Placing Agreement or in respect of the Placing generally.

By participating in the Placing, each Placee agrees that Cenkos' rights and obligations in respect of the Placing terminate, inter alia, in the circumstances described below under "Right to terminate under the Placing Agreement".

Right to terminate under the Placing Agreement

Cenkos may, at any time before Admission and in its absolute discretion, terminate the Placing Agreement with immediate effect if, amongst other things:

1. any statement contained in the Placing Documents is, or has become, or has been discovered to be untrue, incorrect or misleading in any material respect;

2. any of the warranties, was, when given, or becomes, untrue, inaccurate or misleading;

3. the Company has failed to or is unable to comply with any of its obligations under the Placing Agreement;

4. trading in the Company's shares on AIM is suspended or cancelled;

5. the appointment of Cenkos as agent of the Company is terminated for whatever reason;

6. in the opinion of Cenkos (acting in good faith), there has been a material adverse change or any development reasonably likely to involve a prospective material adverse change (including, but not limited to, the deterioration of the health of any key member of management of the Company), in the condition (financial, operational, legal or otherwise) or the earnings, business affairs or business prospects of the Company or the Group which is material in the context of the Group as a whole taken as a whole, whether or not arising in the ordinary course of business and whether or not foreseeable at the date of Placing Agreement, since the date of the Placing Agreement; and

7. in the opinion of Cenkos (acting in good faith), there has been, (i) any change, or development involving a prospective change, in national or international, military, diplomatic, monetary, economic, political, financial, industrial or market conditions or exchange rates or exchange controls, or any incident of terrorism or outbreak or escalation of hostilities or any declaration by the UK or the US of a national emergency or war or any other calamity or crisis whether or not foreseeable at the date of this Agreement, (ii) a suspension of trading in securities generally on the London Stock Exchange or New York Stock Exchange or trading is limited or minimum prices established on any such exchange; (iii) a declaration of a banking moratorium in London or by the US federal or New York State authorities or any material disruption to commercial banking or securities settlement or clearance services in the US or the UK, which which would or would be likely to prejudice materially the Company or the Placing, or make the success of the Placing doubtful or makes it impracticable or inadvisable to proceed with the Placing, or render the creation of a market in the ordinary share capital of the Company temporarily or permanently impracticable, then Cenkos may, in its absolute discretion, by notice in writing to the Company (or by orally communicating the same to any director of the Company), terminate this Agreement with immediate effect.

By participating in the Placing, each Placee agrees with Cenkos that the exercise by Cenkos of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of Cenkos and that Cenkos need not make any reference to the Placees in this regard and that, to the fullest extent permitted by law, neither the Company, Cenkos, any Cenkos Affiliate nor any Skinbio Affiliate shall have any liability whatsoever to the Placees in connection with any such exercise or failure to so exercise.

No Prospectus

No offering document or prospectus has been or will be prepared in relation to the Placing and no such prospectus is required (in accordance with the EU Prospectus Regulation or the UK Prospectus Regulation) to be published or submitted to be approved by the FCA and Placees' commitments will be made solely on the basis of the information contained in this Announcement. In the United Kingdom, this Announcement is being directed solely at and distributed and communicated solely to persons in circumstances in which section 21(1) of the Financial Services and Markets Act 2000 (as amended) does not apply.

Each Placee, by accepting a participation in the Placing, agrees that the content of this Announcement is exclusively the responsibility of the Company and confirms to Cenkos and the Company that it has neither received nor relied on any information, representation, warranty or statement made by or on behalf of Cenkos (other than the amount of the relevant Placing participation in the oral confirmation given to Placees and the trade confirmation referred to below), any Cenkos Affiliate, any persons acting on its or their behalf or the Company or any Cenkos Affiliate and none of Cenkos, any Cenkos Affiliate, any persons acting on their behalf, the Company, any Skinbio Affiliate nor any persons acting on their behalf will be liable for the decision of any Placee to participate in the Placing based on any other information, representation, warranty or statement which the Placee may have obtained or received (regardless of whether or not such information, representation, warranty or statement was given or made by or on behalf of any such persons). By participating in the Placing, each Placee acknowledges to and agrees with Cenkos for itself and as agent for the Company that, except in relation to the information contained in this Announcement, it has relied on its own investigation of the business, financial or other position of the Company in deciding whether to participate in the Placing. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation.

Registration and settlement

Settlement of transactions in the Placing Shares following Admission will take place within the CREST system, using the DVP mechanism, subject to certain exceptions. Cenkos reserves the right to require settlement for and delivery of the Placing Shares to Placees by such other means as Cenkos may deem necessary, including, without limitation, if delivery or settlement is not possible or practicable within the CREST system within the timetable set out in this Announcement or would not be consistent with the regulatory requirements in the Placee's jurisdiction.

The expected timetable for settlement will be as follows:

Trade Date	3 January 2023
Settlement Date	5 January 2023
ISIN Code	GB00BF33H870
SEDOL	BF33H87
CREST ID for Cenkos	601/KLCLT

Each Placee allocated Placing Shares in the Placing will be sent either a contract note or a trade confirmation stating the number of Placing Shares allocated to it, the Issue Price, the aggregate amount owed by such Placee to Cenkos and settlement instructions. Placees should settle against the Cenkos CREST ID shown above. It is expected that such trade confirmation will be despatched on the expected trade date shown above. Each Placee agrees that it will do all things necessary to ensure that delivery and payment is completed in accordance with either the standing CREST or certificated settlement instructions which it has in place with Cenkos.

It is expected that settlement will take place on the Settlement Date shown above on a DVP basis in accordance with the instructions set out in the trade confirmation unless otherwise notified by Cenkos.

Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above, in respect of either CREST or certificated deliveries, at the rate of two percentage points above the base rate of Barclays Bank Plc as determined by Cenkos.

Each Placee is deemed to agree that if it does not comply with these obligations, Cenkos may sell any or all of the Placing Shares allocated to the Placee on such Placee's behalf and retain from the proceeds, for Cenkos' own account and profit, an amount equal to the aggregate amount owed by the Placee plus any interest due. The Placee will, however, remain liable for any shortfall below the aggregate amount owed by such Placee and it may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties) which may arise upon the sale of such Placing Shares on such Placee's behalf.

If Placing Shares are to be delivered to a custodian or settlement agent, the Placee should ensure that the trade confirmation is copied and delivered immediately to the relevant person within that organisation.

Insofar as Placing Shares are registered in the Placee's name or that of its nominee or in the name of any person for whom the Placee is contracting as agent or that of a nominee for such person, such Placing Shares will, subject as provided below, be so registered free from any liability to any levy, stamp duty or stamp duty reserve tax. If there are any circumstances in which any other stamp duty or stamp duty reserve tax is payable in respect of the issue of the Placing Shares, neither Cenkos nor the Company shall be responsible for the payment thereof. Placees will not be entitled to receive any fee or commission in connection with the Placing.

Representations, warranties and terms

By submitting a bid and/or participating in the Placing, each prospective Placee (and any person acting on such Placee's behalf) represents, warrants, undertakes, acknowledges, understands and agrees (for itself and for any such prospective Placee) in favour of Cenkos and the Company that (save where Cenkos expressly agrees in writing to the contrary):

1. it has read and understood this Announcement in its entirety (including this Appendix) and acknowledges that its participation in the Placing and the issue of the Placing Shares will be governed by the terms of this Announcement (including this Appendix);

2. no prospectus or offering document has been or will be prepared in connection with the Placing and it has not received and will not receive a prospectus or other offering document in connection with the Bookbuilding Process, the Placing or the Placing Shares or is required under the EU Prospectus Regulation or the UK Prospectus Regulation;

3. to indemnify on an after-tax basis and hold harmless each of the Company, Cenkos, Cenkos Affiliates and Skinbio Affiliates and any person acting on their behalf from any and all costs, losses, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings in this Announcement and further agrees that the provisions of this Announcement shall survive after completion of the Placing;

4. the Placing Shares will be admitted to AIM and the Company is therefore required to publish and has published certain business and financial information in accordance with the AIM Rules and the UK version of the Market Abuse Regulation (EU 596/2014) which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR") and other applicable laws and regulations (the "Exchange Information"), which includes the Company's announcements and circulars published in the past 12 months, and that the Placee is able to obtain or access this Exchange Information without undue difficulty and is aware of and has reviewed the contents of the Exchange Information;

5. none of Cenkos, any Cenkos Affiliate or any person acting on their behalf has provided, and will not provide, it with any material or information regarding the Placing Shares or the Company; nor has it requested any of Cenkos, nor any Cenkos Affiliate nor any person acting on their behalf to provide it with any such material or information;

6. (i) none of Cenkos or any Cenkos Affiliate or any person acting on behalf of any of them is making any recommendations to it, advising it regarding the suitability of any transactions it may enter into in connection with the Placing and that participation in the Placing is on the basis that it is not and will not be a client of Cenkos and that Cenkos does not have any duties or responsibilities to it (or any person acting on behalf of a Placee) for providing the protections afforded to its clients or for providing advice in relation to the Placing nor in respect of any representations, warranties, undertakings, agreements or indemnities contained in the Placing Agreement nor for the exercise or performance of any of its rights and obligations thereunder including any rights to waive or vary any conditions or exercise any termination right, and (ii) neither it nor, as the case may be, its clients expect Cenkos to have any duties or responsibilities to it similar or comparable to the duties of "best execution" and "suitability" imposed by the Conduct of Business Sourcebook contained in the FCA's Handbook of Rules and Guidance, and that Cenkos is not acting for it or its clients, and that Cenkos will not be responsible to any person other than the Company for providing protections afforded to its clients;

7. the content of this Announcement is exclusively the responsibility of the Company and that none of Cenkos, nor any Cenkos Affiliate nor any person acting on their behalf will be responsible for or shall have any liability for any information, representation or statement relating to the Company contained in this Announcement or any information previously published by or on behalf of the Company. None of Cenkos, nor any Cenkos Affiliate nor any person acting on their behalf will be liable for any Placee's decision to participate in the Placing based on any information, representation or statement contained in this Announcement or otherwise. Each Placee further represents, warrants and agrees that the only information on which it is entitled to rely and on which such Placee has relied in committing to subscribe for the Placing Shares is contained in this Announcement, such information being all that it deems necessary to make an investment decision in respect of the Placing Shares, and that it has relied on its own investigation with respect to the Placing Shares and the Company in connection with its decision to subscribe for the Placing Shares and acknowledges that it is not relying on any other information whatsoever and in particular it is not relying on any investigation that Cenkos, any Cenkos Affiliate or any person acting on their behalf may have conducted with respect to the Placing Shares or the Company and none of such persons has made any representations to it, express or implied, with respect thereto;

8. it has knowledge and experience in financial, business and international investment matters as is required to evaluate the merits and risks of subscribing for the Placing Shares. It further acknowledges that it is experienced in investing in securities of this nature and is aware that it may be required to bear, and is able to bear, the economic risk of, and is able to sustain, a complete loss in connection with the Placing. It has had sufficient time to consider and conduct its own investigation in connection with its subscription for the Placing Shares, including all tax, legal and other economic considerations and has relied upon its own examination of, and due diligence on, the Company, and the terms of the Placing, including the merits and risks involved;

9. unless paragraph 10 applies, it has neither received nor relied on any inside information for the purposes of UK MAR and section 56 of the Criminal Justice Act 1993 (the "CJA") in relation to the Company or its participation in the Placing;

10. if it has received any inside information (for the purpose of UK MAR and section 56 of the CJA) in relation to the Company and its securities in advance of the Placing, it has consented to receive inside information for the purposes of UK MAR and the CJA and it acknowledges that it was an insider or a person who has received a market sounding for the purpose of such legislation and it confirms that it has not: (a) dealt (or attempted to deal) in the securities of the Company (or cancelled or amended an order in relation thereto); (b) encouraged, recommended or induced another person to deal in the securities of the Company (or to cancel or amend an order in relation thereto); and (c) unlawfully disclosed inside information to any person, in each case, prior to the information being made publicly available;

11. it is not entitled to rely on any information (including, without limitation, any information contained in any management presentation given in relation to the Placing) other than that contained in this Announcement (including this Appendix) and any Exchange Information and represents and warrants that it has not relied on any representations relating to the Placing, the Placing Shares or the Company other than the information contained in this Announcement or in any Exchange Information;

12. it has not relied on any information relating to the Company contained in any research reports prepared by Cenkos or any Cenkos Affiliate or any person acting on their behalf and understands that (i) none of Cenkos, nor any Cenkos Affiliate nor any person acting on their behalf has or shall have any liability for any public information relating to the Company; (ii) none of Cenkos, nor any Cenkos Affiliate, nor any person acting on their behalf has or shall have any liability for any additional information that has otherwise been made available to such Placee, whether at the date of publication, the date of this Announcement or otherwise; and that (iii) none of Cenkos, nor any Cenkos Affiliate, nor any person acting on their behalf makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of such information, whether at the date of publication, the date of this Announcement or otherwise;

13. (i) it is entitled to acquire the Placing Shares for which it is subscribing under the laws and regulations of all relevant jurisdictions which apply to it; (ii) it has fully observed such laws and regulations and obtained all such governmental and other guarantees and other consents and authorities (including, without limitation, in the case of a person acting on behalf of a Placee, all necessary consents and authorities to agree to the terms set out or referred to in this Appendix) which may be required or necessary in connection with its subscription for Placing Shares and its participation in the Placing and has complied with all other necessary formalities in connection therewith; (iii) it has all necessary capacity and authority to commit to participation in the Placing and to perform its obligations in relation thereto and will honour such obligations; (iv) it has paid any issue, transfer or other taxes due in connection with its subscription for Placing Shares and its participation in the Placing in any territory; and (v) it has not taken any action which will or may result in the Company, Cenkos or any Cenkos Affiliate or Skinbio Affiliate or any person acting on their behalf being in breach of the legal and/or regulatory requirements of any territory in connection with the Placing;

14. it will not distribute, forward, transfer or otherwise transmit this Announcement or any part of it, or any other presentational or other materials concerning the Placing in or into or from the United States (including electronic copies thereof) to any person, and it has not distributed, forwarded, transferred or otherwise transmitted any such materials to any person;

15. it understands that the Placing Shares have not been and will not be registered under the Securities Act or under the securities laws of any state or other jurisdiction of the United States and are not being offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act;

16. its acquisition of the Placing Shares has been or will be made in an "offshore transaction" as defined in and pursuant to Regulation S;

17. it will not offer or sell, directly or indirectly, any of the Placing Shares in the United States except in accordance with Regulation S or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act;

18. if it is a financial intermediary, as that term is used in Article 5(1) of the UK Prospectus Regulation: (a) any Placing Shares acquired by it in the Placing have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in the United Kingdom or to which the UK Prospectus Regulation otherwise applies other than UK Qualified Investors or in circumstances in which the prior consent of Cenkos has been given to the offer or resale; or (ii) where Placing Shares have been acquired by it on behalf of persons in the United Kingdom other than UK Qualified Investors, the offer of those Placing Shares to it is not treated under the UK Prospectus Regulation as having been made to such persons;

19. if it is a financial intermediary, as that term is used in Article 5(1) of the EU Prospectus Regulation: (i) the Placing Shares acquired by it in the Placing have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any member state of the EEA or to which the EU Prospectus Regulation otherwise applies other than EU Qualified Investors or in circumstances in which the prior consent of Cenkos has been given to the offer or resale; or (ii) where Placing Shares have been acquired by it on behalf of persons in any member state of the EEA other than EU Qualified Investors, the offer of those Placing Shares to it is not treated under the EU Prospectus Regulation as having been made to such persons;

20. it has not offered or sold and will not offer or sell any Placing Shares to the public in any member state of the EEA or the United Kingdom except in circumstances falling within Article 1(4) of the EU Prospectus Regulation or Article 1(4) of the UK Prospectus Regulation which do not result in any requirement for the publication of a prospectus pursuant to Article 3 of the EU Prospectus Regulation or Article 3 of the UK Prospectus Regulation;

21. it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) relating to the Placing Shares in circumstances in which it is permitted to do so pursuant to section 21 of FSMA and agrees that this Announcement has not been approved by Cenkos in its capacity as an authorised person under section 21 of the FSMA and it may not therefore be subject to the controls which would apply if it was made or approved as financial promotion by an authorised person;

22. it has complied and will comply with all applicable provisions of FSMA with respect to anything done by it in relation to the Placing Shares in, from or otherwise involving, the United Kingdom;

23. it has complied with its obligations: (i) under the CJA and UK MAR; (ii) in connection with the laws of all relevant jurisdictions which apply to it and it has complied, and will fully comply, with all such laws (including where applicable, the Criminal Justice Act 1988, the Terrorism Act 2000, the Anti-Terrorism, Crime and Security Act 2001, the Proceeds of Crime Act 2002 (as amended), the Terrorism Act 2006, the Counter-Terrorism Act 2008 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) and that it is not a person: (a) with whom transactions are prohibited under the Foreign Corrupt Practices Act 1977 or any economic sanction programmes administered by, or regulations promulgated by, the Office of Foreign Assets Control of the U.S. Department of the Treasury; (b) named on the Consolidated List of Financial Sanctions Targets maintained by HM Treasury of the United Kingdom; or (c) subject to financial sanctions imposed pursuant to a regulation of the European Union or a regulation adopted by the United Nations ((i), (ii), (a) and (b), together, the "Regulations") and rules and guidance on anti-money laundering produced by the Financial Conduct Authority ("FCA") and, if it is making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations; and it is permitted to subscribe for Placing Shares in accordance with the laws of all relevant jurisdictions which apply to it and it has complied, and will fully comply, with all such laws (including where applicable, the Anti-Terrorism, Crime and Security Act 2001, the Terrorism Act 2006, the Counter-Terrorism Act 2008, the Proceeds of Crime Act 2002 (as amended) and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017);

24. if in the United Kingdom, (a) it is a person having professional experience in matters relating to investments who falls within the definition of "investment professionals" in Article 19(5) of the FPO, or (b) it is a person who falls within Article 49(2) (a) to (d) ("High Net Worth Companies, Unincorporated Associations etc.") of the FPO and (c) it is a UK Qualified Investor and (d) it is a person to whom this Announcement may otherwise lawfully be communicated;

25. if it is within a Relevant State, it is an EU Qualified Investor ;

26. its participation in the Placing would not give rise to an offer being required to be made by it or any person with whom it is acting in concert pursuant to Rule 9 of the City Code on Takeovers and Mergers;

27. it (and any person acting on its behalf) has the funds to pay for the Placing Shares for which it has agreed to subscribe and it will pay for the Placing Shares acquired by it in accordance with this Announcement and with any trade confirmation sent by Cenkos (or on its behalf) to it in respect of its allocation of Placing Shares and its participation in the Placing on the due time and date set out herein against delivery of such Placing Shares to it, failing which the relevant Placing Shares may be placed with other Placees or sold as Cenkos may, in its absolute discretion, determine and it will remain liable for any shortfall below the net proceeds of such sale and the placing proceeds of such Placing Shares and may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties due pursuant to the terms set out or referred to in this Announcement) which may arise upon the sale of such Placee's Placing Shares on its behalf;

28. none of Cenkos, nor any Cenkos Affiliate nor any person acting on their behalf is making any recommendations to it or advising it regarding the suitability or merits of any transaction it may enter into in connection with the Placing, and acknowledges that none of Cenkos, nor any Cenkos Affiliate nor any person acting on their behalf has any duties or responsibilities to it for providing advice in relation to the Placing or in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement or for the exercise or performance of any of Cenkos' rights and obligations thereunder, including any right to waive or vary any condition or exercise any termination right contained therein;

29. (i) the person whom it specifies for registration as holder of the Placing Shares will be (a) the Placee or (b) the Placee's nominee, as the case may be, (ii) neither Cenkos nor the Company will be responsible for any liability to stamp duty or stamp duty reserve tax resulting from a failure to observe this requirement and (iii) the Placee and any person acting on its behalf agrees to acquire the Placing Shares on the basis that the Placing Shares will be allotted to the CREST stock account of Cenkos which will hold them as settlement agent as nominee for the Placee until settlement in accordance with its standing settlement instructions with payment for the Placing Shares being made simultaneously upon receipt of the Placing Shares in the Placee's stock account on a delivery versus payment basis;

30. any agreements entered into by it pursuant to these terms and conditions, and any non-contractual obligations arising out of or in connection with such agreements, shall be governed by and construed in accordance with the laws of England and Wales and it submits (on behalf of itself and on behalf of any person on whose behalf it is acting) to the exclusive jurisdiction of the courts of England and Wales as regards any claim, dispute or matter arising out of any such contract;

31. it irrevocably appoints any director of Cenkos as its agent for the purposes of executing and delivering to the Company and/or its registrars any documents on its behalf necessary to enable it to be registered as the holder of any of the Placing Shares agreed to be taken up by it under the Placing;

32. it is not a resident of any Restricted Jurisdiction and acknowledges that the Placing Shares have not been and will not be registered nor will a prospectus be cleared in respect of the Placing Shares under the securities legislation of any Restricted Jurisdiction and, subject to certain exceptions, may not be offered, sold, taken up, renounced, delivered or transferred, directly or indirectly, within any Restricted Jurisdiction;

33. any person who confirms to Cenkos on behalf of a Placee an agreement to subscribe for Placing Shares and/or who authorises Cenkos to notify the Placee's name to the Company's registrar, has authority to do so on behalf of the Placee;

34. the agreement to settle each Placee's acquisition of Placing Shares (and/or the acquisition of a person for whom it is contracting as agent) free of stamp duty and stamp duty reserve tax depends on the settlement relating only to an acquisition by it and/or such person direct from the Company of the Placing Shares in question. Such agreement assumes that the Placing Shares are not being acquired in connection with arrangements to issue depositary receipts or to issue or transfer the Placing Shares into a clearance service. If there were any such arrangements, or the settlement related to other dealing in the Placing Shares, stamp duty or stamp duty reserve tax may be payable, for which neither the Company nor Cenkos will be responsible. If this is the case, the Placee should take its own advice and notify Cenkos accordingly;

35. the allocation, allotment, issue and delivery to it, or the person specified by it for registration as holder, of Placing Shares will not give rise to a stamp duty or stamp duty reserve tax liability under (or at a rate determined under) any of sections 67, 70, 93 or 96 of the Finance Act 1986 (depository receipts and clearance services) and that it is not participating in the Placing as nominee or agent for any person or persons to whom the allocation, allotment, issue or delivery of Placing Shares would give rise to such a liability;

36. when a Placee or any person acting on behalf of the Placee is dealing with Cenkos, any money held in an account with Cenkos on behalf of the Placee and/or any person acting on behalf of the Placee will not be treated as client money within the meaning of the relevant rules and regulations of the FCA. The Placee acknowledges that the money will not be subject to the protections conferred by the client money rules; as a consequence, this money will not be segregated in accordance with the client money rules and will be used by Cenkos in the course of its business; and the Placee will rank only as a general creditor of Cenkos (as the case may be);

37. in order to ensure compliance with the Criminal Justice Act 1988, the Terrorism Act 2000, the Anti-Terrorism, Crime and Security Act 2001, the Proceeds of Crime Act 2002 (as amended) the Terrorism Act 2006, the Counter-Terrorism Act 2008 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and, to the extent applicable, any related or similar rules, regulations of any body having jurisdiction in respect thereof and the Money Laundering Sourcebook of the FCA, Cenkos (for itself and as agent on behalf of the Company) or the Company's registrars may, in their absolute discretion, require verification of its identity. Pending the provision to Cenkos or the Company's registrars, as applicable, of evidence of identity, definitive certificates in respect of the Placing Shares may be retained at Cenkos' absolute discretion or, where appropriate, delivery of the Placing Shares to it in uncertificated form may be delayed at Cenkos' or the Company's registrars', as the case may be, absolute discretion. If within a reasonable time after a request for verification of identity Cenkos (for itself and as agent on behalf of the Company) or the Company's registrars have not received evidence satisfactory to them, Cenkos and/or the Company may, at its absolute discretion, terminate its commitment in respect of the Placing, in which event the monies payable on acceptance of allotment will, if already paid, be returned without interest to the account of the drawee's bank from which they were originally debited;

38. the Company, Cenkos, and others will rely upon the truth and accuracy of the foregoing representations, warranties, agreements, undertakings and acknowledgements;

39. the basis of allocation will be determined by Cenkos and the Company at their absolute discretion and that the right is reserved to reject in whole or in part and/or scale back any participation in the Placing;

40. its allocation (if any) of Placing Shares will represent a maximum number of Placing Shares which it will be entitled, and required, to subscribe for, and that the Company may call upon it to subscribe for a lower number of Placing Shares (if any), but in no event in aggregate more than the aforementioned maximum;

41. irrevocably authorises the Company and Cenkos to produce this Announcement pursuant to, in connection with, or a may be required by any applicable law or regulation, administrative or legal proceeding or official inquiry with respect to the matters set forth herein;

42. its commitment to subscribe for Placing Shares on the terms set out herein will continue notwithstanding any amendment that may in future be made to the terms of the Placing and that Placees will have no right to be consulted or require that their consent be obtained with respect to the Company's conduct of the Placing;

43. time is of the essence as regards its obligations under this Appendix;

44. any document that is to be sent to it in connection with the Placing will be sent at its risk and may be sent to it at any address provided by it to Cenkos;

45. it will be bound by the terms of the Articles;

46. these terms and conditions in this Appendix and all documents into which this Appendix is incorporated by reference or otherwise validly forms a part and/or any agreements entered into pursuant to these terms and conditions and all agreements to acquire shares pursuant to the Placing will be governed by and construed in accordance with the laws of England and Wales and it submits to the exclusive jurisdiction of the courts of England and Wales in relation to any claim, dispute or matter arising out of any such contract, except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares (together with any interest chargeable thereon) may be taken by the Company or Cenkos in any jurisdiction in which the relevant Placee is incorporated or in which any of its securities have a quotation on a recognised stock exchange;

47. it is acting as principal only in respect of the Placing or, if it is acquiring the Placing Shares as a fiduciary or agent for one or more investor accounts, it is duly authorised to do so and it has full power and authority to make, and does make, the foregoing representations, warranties, acknowledgements, agreements and undertakings on behalf of each such accounts; and

48. its obligations are irrevocable and legally binding and shall not be capable of rescission or termination by it in any circumstances.

The acknowledgements, agreements, undertakings, representations and warranties referred to above are given to each of the Company and Cenkos (for their own benefit and, where relevant, the benefit of any Cenkos Affiliate or Skinbio Affiliate and any person acting on their behalf) and are irrevocable.

No claim shall be made against the Company, Cenkos, any Cenkos Affiliate, any Skinbio Affiliate, or any other person acting on behalf of any of such persons by a Placee to recover any damage, cost, loss, charge or expense which it may suffer or incur by reason of or arising from or in connection with the performance of its obligations hereunder or otherwise howsoever in connection with the Placing or Admission.

No UK stamp duty or stamp duty reserve tax should be payable to the extent that the Placing Shares are issued or transferred (as the case may be) into CREST to, or to the nominee of, a Placee who holds those shares beneficially (and not as agent or nominee for any other person) within the CREST system and registered in the name of such Placee or such Placee's nominee.

Any arrangements to issue or transfer the Placing Shares into a depositary receipts system or a clearance service or to hold the Placing Shares as agent or nominee of a person to whom a depositary receipt may be issued or who will hold the Placing Shares in a clearance service, or any arrangements subsequently to transfer the Placing Shares, may give rise to stamp duty and/or stamp duty reserve tax, for which neither the Company nor Cenkos will be responsible and the Placee to whom (or on behalf of whom, or in respect of the person for whom it is participating in the Placing as an agent or nominee) the allocation, allotment, issue or delivery of Placing Shares has given rise to such stamp duty or stamp duty reserve tax undertakes to pay such stamp duty or stamp duty reserve tax forthwith and to indemnify on an after-tax basis and to hold harmless the Company and Cenkos in the event that any of the Company or any Skinbio Affiliate or Cenkos or any Cenkos Affiliate has incurred any such liability to stamp duty or stamp duty reserve tax.

In addition, Placees should note that they will be liable for any capital duty, stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the UK by them or any other person on the acquisition by them of any Placing Shares or the agreement by them to acquire any Placing Shares.

All times and dates in this Announcement may be subject to amendment. Cenkos shall notify the Placees and any person acting on behalf of the Placees of any such changes.

This Announcement has been issued by the Company and is the sole responsibility of the Company.

Each Placee, and any person acting on behalf of the Placee, acknowledges that Cenkos does not owe any fiduciary or other duties to any Placee in respect of any representations, warranties, undertakings or indemnities in the Placing Agreement.

Cenkos, which is authorised and regulated in the United Kingdom by the FCA, is acting for the Company and for no one else in connection with the Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Placing or Admission and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Cenkos or for affording advice in relation to the Placing or Admission, or any other matters referred to herein.

Each Placee and any person acting on behalf of a Placee acknowledges and agrees that Cenkos or any Cenkos Affiliate may, at their absolute discretion, agree to become a Placee in respect of some or all of the Placing Shares.

The rights and remedies of Cenkos and the Company under these terms and conditions are in addition to any rights and remedies which would otherwise be available to each of them and the exercise or partial exercise of one will not prevent the exercise of others.

Each Placee may be asked to disclose in writing or orally to Cenkos and, if so, undertakes to provide:

1. if he is an individual, his nationality;

2. if he is a discretionary fund manager, the jurisdiction in which the funds are managed or owned; and

3. such other "know your client" information as Cenkos may reasonably request.

The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IOEDZMMZKKKGZZM

Companies

SkinBioTherapeutics (SBTX)

Friday, 20th December 2024

COMPANIES COVERED:

SRP NMT RPI

Serco extends Thursday’s gains as upbeat mood prevails and Raspberry Pi also advances off the back of stake building news, but Neometals under pressure as it plans cancellation of AIM listing to focus on ASX.

Full Archive

UK 100

Latest directors dealings

1 day ago The Renewables Infrastructure Group Limited
1 day ago The Renewables Infrastructure Group Limited
1 day ago Smurfit Westrock (DI)
1 day ago Menhaden Resource Efficiency
1 day ago BP

All directors dealings today