Agronomics Share Chat (ANIC)

Https://www.greenqueen.com.hk/california-cultured-uc-davis-cell-cultured-lab-grown-chocolate-biomade-nsf-grants/

I agree that ANIC's stakes in the most promising portfolio companies are probably going to get diluted more than the "losers", but not for the reason you give that "ANIC managements violates very basic principles of the VC industry." At this stage, I don't think ANIC management has much choice in the matter. They don't have any more cash to invest, so the choices are:

- sell one or more of the porfolio. Presumably we don't want to sell the best companies, so who is going to buy the least promising, and at what price? Pennies on the dollar. Not a good option.

- issue shares at the market price, well below the NAV. Not a good option.

- issue shares at the NAV, in exchange for more equity in portfolio companies

The third option is clearly the best, and that is what they are doing. When it comes to raising new equity, the best of our portfolio companies have options. Clearly they prefer to get cash, that other investors have and we don't, rather than ANIC shares priced at the NAV that they can only convert on restrictive terms well below the price at which those shares are issued.

So is it Jim Mellon's fault that these companies have the option of raising new capital at better terms with other VCs? The choice isn't Mellon's or anyone else's managing the fund. That's a very different picture than the one you paint of ANIC management selling their winners and keeping their losers.

JM is the most active investor in the market. He has co founded at least 2 of these companies and has a board seat on 6.

To assume he has to be invited to invest would be severely underestimate his standing in this community.

Meatable was different, the CEO had removed their identity in the space and im sure that JM was not interested in their journey anymore. Of course they did not own the IP but that was the case with the initial investment.

Nothing is black or white, there is a lot of substance in what you're saying but this is not a traditional VC space. These are small startups that produce food products, that everybody on the planet will use, time/money can make every company succeed

@Kuentai: Picking Meatable as example, considering that the root cause for the fail are various, is representative for choosing to ignore.

In he VC world, doubling down on winners while selling the portfolio losers, is the name of the game.

ANIC is not doing this.

If it continuous that ANIC either is not asked for or not leading the funding rounds of the winners, the likelihood of the Portfolio turning into a stranded assets.

Supermeat might or might not have an edge. However, this is beyond the point, looking at the bigger picture and ANIC decision patterns that emerged the past 12 month.

ANIC managements violates very basic principles of the VC industry.

JM said that Meatable did not own the IP. I would suggest there is limited value without solid defendable IP

If that were true they would have kept meatable alive. Evidently Supermeat has an edge that is keeping ANIC interested

But @charliemoonhead with these companies making no over a little profits right now. Once they start making profits, their value will not only double travel. Quadruple but presumably increase tenfold.

Yes, that's a lot of dilution and a hard pill to swallow, but it's also just a reflexion of the limited uplift we've seen in the value of Meatly so far. There are still big risks, but is the company really only worth £27.7m? I was hoping the valuation would be higher than that, but it took Meatly a long time to do this deal, which suggests they weren't the ones dictating the terms and confirms what we all know - raising capital in the alt protein space is still difficult.

The big question for me is whether Clean Food Group will need to do a Series A before they IPO. If so, that will also mean more dilution, as I doubt ANIC will be able to provide them with enough capital by issuing shares at the NAV, but hopefully also a big jump is valuation. One that factors in the Knowsley plant purchase price.

I agree that company value is the key factor long term. But seeing ANIC’s stake in Meatly drop from 25% to 11.57% after a single funding round did surprise me somewhat, and it’s made me think more about dilution risk across the portfolio.

The most important factor will be how valuable our portfolio companies become. We currently own 30% of CFG, for example, and that investment represents 5% of the portfolio. If CFG grows by 50X as JM hopes, there would have to be more than a 50X dilution, so a drop in ownership from 30% to 0.6%, for ANIC to lose on that investment. That's a lot of dilution. How about Lib Bio? (Our stake last I checked was 37.7%*) Would it be too optimistic to suggest the value of the company could 10X? So our stake could drop to 3.77% and the dollar value of the position would be unchanged.

Bottom line, success will only come at the cost of dilution, but I think the upside potential in valuations will more than offset how much we get diluted.

*NB this could now be lower. JM during his AMA indicated that the reason for the delay in finisheing the plant was because they were unsuccessful in doing a debt financing deal and had to raise equity, which implies our stake has been diluted. Why was there no RNS on this deal? :-(

The big question for me is not whether ANIC has promising portfolio companies, but whether it can retain enough ownership in the eventual winners after years of future fundraising. How are others thinking about this risk/reward balance?

@AIM_higher, No, I dislike Proof-of-Stake blockchains and variants thereof, like DPoS.

You actually invested in $XNO?

Hi All

Thanks for that Nano, I first thought it was Every suing Onego. Seems that it was more Every making claims against Onego so Onego drove it to court. Please its now over though, was a big concern.

Thanks to Kuentai, enjoyed reading the questions, JM really handles these things very well. Good to get more eyes on the product.

Also just listened to the Business for Good podcast, so nice to reaffirm all that I/we have been feeling for 3+years. If what JM says is solid then SP will be minimum 20p by the end of the year (based on CFG floating at around 300million) .

So much to take from the podcast, really is exciting times. Wont be long before investors come back in

US Judge Dismisses Onego Bio’s Patent Lawsuit Against The Every Company. There is another motion in Deleware, but let's hope both companies can now move on:https://www.greenqueen.com.hk/the-every-company-onego-bio-lawsuit-precision-fermentation-egg-protein/

In addition, The Every Company and Liberation Bio were part of a list of firms awarded grants by the US Department of Defense in 2024, as part the Distributed Bioindustrial Manufacturing Program. The Californian company Biosphere was also part of that list and has just received additional funding after the initial awards. The roadmap for additional funding is planned to be finised by Spetember 2026, so we may possibly get some good news on The Every Company and Lib Bio in the next three months:

https://agfundernews.com/biosphere-lands-pentagon-funding-to-build-portable-protein-from-air-bioreactors

Thank you again for organising it, I enjoyed reading through questions and answers. Put me in buying mood again, forgetting it was a bank holiday! Looking forward to the morning to snatch some more up at this ludicrous price.

It is simply not enough people know about this yet, need mainstream news, social media (not just LinkedIn & reddit) - needs to be everywhere on Instagram, facebook, X and on investment pages. Their PR/media should be pumping info out, feeding these pages with articles, info, updates. Everything is too lax currently. Political parties are making a better job and most of what they're saying is #@&£. Feed, feed, feed and that isn't happening quickly or enough currently.

Jim took it completely in stride, he actually found a lot of the more egregrious comments hilarious. I don't think he could have given better answers to them! He wants to come back and do another one soon.

My overall takeaway from the AMA session was really positive. Showcasing both his interest in the subject matter and his deep level of expertise!

Thank you for organising. I have read questions and replies. A slight shame people seemed to just come to attack billionaire status rather than the subject. Still, attention is attention. Interesting to see so many comments on it. JM does seem to be putting plenty investment, energy, time and commitment into it. Great to see, I do believe this is a game of patience and those who hold the course will be rewarded.

Https://www.reddit.com/r/IAmA/comments/1t2imc6/i_am_jim_mellon_the_billionaire_founder_of/

Go ask him a question

I listened to the interview again. CFG currently have a 4000-tonne annual production capacity, all of which has been bought by Mondelez, the owner of Cadbury. Just one customer! He also talks about Ferrero/Nutella, so I would image there is also interest there. The Liverpool plant is only currently operating at 1/5 capacity, and the plan is to increase that by 5X in the next two years. Interesting that JM makes the bold claim that CFG will "own the UK oil market in the next two years", which corresponds to that timeline, but also plans to expand to the US and the rest of the world.

When talking about the Gulf States, he says they've already announced one plant and that they will be announcing more plants (I originally thought he used the singular noun) in the next two or three months. This is the region he expects to see the most activity in the short term.

He says "We'll take Clean Food Group public later this year, and we'll probably make between 50 and 100 times our money on it."

It's unclear to me whether he means at the IPO or at some point in the future, and is he talking about a multiple of their investment (£1.6million) or its carrying value (£7.0million). 50X £1.6million, or £80million is only slightly bigger than ANIC's £72million market cap.

The other good news he mentions is that he expects Lib Bio's plant to be finished by mid-summer and that it will begin production at the beginning of 2027 and that they have pre-orders for full production. I think that last time we heard, these were only letters of intent. JM also expects there to be an announcement for a new plant in the Middle East in the next two months.

If that were even a pipe dream seed Innovations would have 10xed by now.

JM spoke for an hour on the “business for good” podcast. Key takeaway is that Clean Food Group will list this year at 50-100x our investment. The current value of £6.9m moving to around £350m or 4x the NAV for the whole of ANIC.

Does anyone know what the trades were 300,000 volumn trade price 15.25?

About 47million new shares have been issued since the end of 2025 to settle non-cash investments. Difficult to know how many of those have been sold, but I'd imagine the portfolio companies who received them wanted/want to monetise asap, so I've been pleasanty surprised by how well the share price has held up, and suspect this has put a cap on any upward movement above 7p. I agree that if there is a positive catalyst, it will be from another angle, probably CFG, as I think Lib Bio will now be more of a 2027 story. Unless of course CFG need to do a Series A ahead of their IPO. I was also hoping to hear that Meatly would have completed their own Series A by now as they've been trying since at least June 2025. How long has it been since Blue Nalu was on the verge of getting regulatory approval in the US? Hopefully that happens before the end of this year.

We've seen some excellent news this year, UK based Clean Food Group in particular stands out for me. The SP is stagnant, the companies in this sector are starting to simmer.

Hopefully a solid support to build from as news starts coming through, been 5 years in the making for me and hoping to be rewarded for my patience, luckily managed to average down a lot over the years

I have never seen such a sustained non event in ANICs SP.

The positive I see is that the support at this level should mean all weak hands are out and the next rally should build a new base, when that comes I really don't know. I always thought it would be Lib Bio that bumps it up but now I feel it could come from another angle first.

Exciting times ahead, not quite yet though. I'm just gonna keep on buying, one day this 7p will look like an opportunity missed IMO

And when *will* it open? Job postings are now talking about the end of 26 or beginning of 27. It would be good to know why these keep slipping for what's probably our most important asset. Let's just hope this hasn't led to a rethink for Vivivi or other prospective customers. "Patience is not the ability to wait, but the ability to keep a good attitude while waiting" - Joyce Meyer.

Vivici which has a deal to use the Liberation Bio facility in Indiana when it opens has achieved a 30% boost in its yield.

https://agfundernews.com/vivici-sees-30-boost-in-titers-yield-via-cell-productivity-tech-from-enduro-genetics

Market size today is HUGE!!

Stop, I think there's good and bad news here. It will convert, therefore dilute ANIC either before maturity, in the event of a Series A raise, or if CFG gets bought. If the CLN doesn't convert before maturity (Aug 2027), it will do so at 16.5p, which was the price of CFG's last equity raise. That means current shareholders (ANIC etc) refused to accept a lower valuation, a thus limited dilution. It also probably means CFG is struggling to raise new equity at a premium. Investors were given a nice option here. If the value increases before the term of the CLN, they get a 20% discount, if the value of the new round falls below 16.5p they still convert at 16.5p, so don't suffer the lower valuation new investors will have to accept.

I would have hoped that the acquistion of the one million-litre fermentation manufacturing facility in Knowsley, Liverpool would have boosted the valuation of CFG in the eyes of new investors. That clearly isn't the case.

Good find Nano

As you say it looks like it could all be CLN's which will mean no valuation needed and also no dilution

I'd be surprised if there's an adjustment to the carrying value. At least this won't be the case for SEED, so I don't see why it should be for ANIC:

"As the CLN does not imply an equity valuation for CFG unless and until converted, SEED does not consider that this transaction has any impact on the carrying value of its existing shareholding."

Recent news articles suggested CFG was looking to do a Series A, so straight equity. The structure of this deal suggests they struggled to manage that, so are going to have to make at least one coupon payment for £540,000 assuming the IPO doesn't come before August of this year. Unless of course "future equity fundraising refers to a Series A and not the IPO: "The CLN is convertible prior to maturity at a 20% discount to the price of a future equity fundraising or, in the event of a sale of CFG, at a 20% discount to the lowest price per share implied by the transaction."

The major positive here is that they have raised enough capital to see them through to the start of production for both oil and fats, so presumably their costmetic and comestible lines:

"Following the transformational acquisition of CFG's one million-litre fermentation manufacturing facility in Knowsley, Liverpool in September 2025, this latest funding, announced today at its in-cosmetics Global debut in Paris, provides the necessary capital to complete the scale-up of the Knowsley facility, expand production capacity and accelerate commercialisation of the Company's high-performance oils and fats."

Next valuation is mid may.

Surely if CFG has had another fund raise then they have to have an up to date valuation (first one since acquisition of factory).

I cant help but think the valuation should be around 100million, this would 4x ANICs holding. Potentially adding around 20million to the portfolio which would be about 2p on the NAV

Last one was February 13.78p. So double current share price and a lot has been happening with their companies since then . Tropic raised 100 million . They also have a resilient rice crop as well as bananas. Next valuation maybe November you can bet Jim will make a comment before then.

Dont forget about Solar Foods, who earlier today were granted US patent for their Solein production process!

https://solarfoods.com/solar-foods-receives-patent-in-the-united-states-for-the-production-process-of-solein/

Yes! Seriously non browning bananas? It’s not even April fools day. I only like yellowy green bananas . This is extraordinary.

On the 3rd May if there's any questions anyone is burning to ask!

https://www.reddit.com/r/Agronomics_Investors/comments/1shpbgg/jim_mellon_ama_confirmed_for_the_3rd_of_may/

Https://solarfoods.com/solar-foods-proceeds-to-the-next-design-phase-of-factory-02/

Hi Stop, yes agreed, what really counts is the progress being made at the portfolio companies and that in the vast majority of cases has been encouraging. Significant milestones should be hit later this year and next. The share price will ultimately reflect that. "In the Short-Run, the Market Is a Voting Machine, But in the Long-Run, the Market Is a Weighing Machine."

Hi Nano

Where I agree with your sentiment 100%, it really isn't all doom and gloom. The issuing of shares at NAV which are then sold at discount really is cash in the pocket for all of us (assuming the companies succeed).

The sells create some kind of headwind but I personally have been most excited about Lib Bios potential impact on the SP, this keeps pushing back but we all know its within touching distance.

Also with the Iran war causing food instability I can only see the progression of Lib Bio in the region speeding up!

This small bump is the recoiling spring and Lib Bio will be the first that releases the pressure.

On another note, I was listening to Rick Rule the other day and he said that he reviewed his big wins 10x + and found that over half of them took over 5 years to come to fruition and also half of them dropped 50%+ at some time. Whilst the fundamentals never changed!

Sounds familiar doesn't it!

The only large trades yesterday happened in the high 6.30s and low 6.40s suggesting they were initiated by a seller. Once again, I think it likely that this was one of our portfolio companies and that there will be more future sales, both from prior funding rounds, but also probably future ones. We heard at the AGM, that Meatly is trying to raise capital and CleanFoodGroup "is currently fundraising for a Series A round, which is expected to be closed in the first half of this year." I would expect ANIC wants to participate in both of these rounds under similar terms (issuing shares at the NAV) to avoid or limit diution and to help this companies get closer to commercial launches.

So I think realistically the share price is going to struggle to rise much until this supply has been absorbed.

"The startup already has regulatory approval to sell CleanOil 25 for cosmetic use in the UK, the EU and the US and is currently fundraising for a Series A round, which is expected to be closed in the first half of this year."

https://www.greenqueen.com.hk/clean-food-group-cleanoil-cosmetics-beauty-yeasts-fermentation/

Interesting review of Blunalu by investor Rising Tide who went to a tasting at their facilities in San Diego. Three different plates of Blue fin tuna prepared by Sushi chef. ‘ I didn’t expect to still be thinking about it three weeks later.’ Indistinguishable from the Sea tuna, but without the mercury and other pollutants from the sea. Seems to be a winner.

Yep, you're right. I misread it as multiple tonnes, instead of "multiple tens of tonnes". Good catch and thanks for the correction!

Hi, would that be 30,000 x 600 so $18m of revenue?

"Pacas reveals that the company is now kicking off its commercial production process: “You can expect the first products to begin entering the US market within months as supply ramps up – we already have many customers waiting.”

"However, it’s present in small concentrations in cow’s milk, and extracting 1kg of purified lactoferrin requires at least 10,000 litres of milk. This drives up costs – ranging from $600 to $2,000 per kg – and makes its supply reserved for infant nutrition and premium supplements.

All G’s fermentation-derived protein has demonstrated purity levels above 99.5% across multiple batches in analytical testing, and is offered in the apo form, which is characterised by low iron saturation and consistent with the format found in human milk.

“Our lactoferrin offers big advantages over the animal-based version. In particular, our low iron saturation offers higher bioactivity (for example, greater antimicrobial effects and potential for improved iron regulation in the human body). We also have industry-leading purity and consistency,” says Pacas.

“Despite this, we are launching with pricing in line with today’s animal-based production – a great deal for our customers and an opportunity for B2C differentiation.”

“Capacity at our current production site is measured in multiple tens of tonnes, with ample potential to expand further at relatively short notice as needed. This flexibility in production is a fantastic advantage of precision fermentation compared to animal-based production,” notes Pacas.

So let's make conservative assumptions: $600 per kg X 3000kg (I'm assuming multiple tonnes = 3) =$1.8M.

https://www.greenqueen.com.hk/all-g-fda-gras-approval-precision-fermentation-lactoferrin-protein/

Hopefully this should pave the way for signing contracts with Lib Bio

And All G said it plans to launch lactoferrin products in the United States and China in the first quarter of 2026, following a series of regulatory milestones. Just highlighting a couple of comments by Lou Cooperhouse that I found interesting:

"Cooperhouse said the early days of BlueNalu were all about refining the technology, as no one had propagated fish cells before at a scale necessary for a commercial venture, which meant it had to find the key to unlock scalability.

“Scalable means no genetic engineering, no things that other people use like scaffolds or microcarriers which are an intermediate process, which we found is not appropriate to this technology,” Cooperhouse said. “We’ve taken the really hard route to understand how to unlock scalability, and we’ve done that.”

Cooperhouse said he can’t share details of how it did so but said the company has created a process that will allow it to produce bluefin toro at scale and at a cost that is viable for restaurants...

“We’re about to launch, but we’re also about to expand,” Cooperhouse said. “We are all about getting to volume as quickly as possible; from point of launch to widespread distribution, we are trying to minimize that timetable.”

We've got used to long timelines with these companies as the wait until commercialization has been interminable. Commercial launch is an important milestone, but the more important milestone will be volume production as that's when costs meaningfully decline. Cooperhouse is hinting here that this could come faster than many expect. I wonder whether this time next year we will be compiling a list of companies which could be generating profit, not revenue.

Also Formo.

The last I heard was they would be profitable in 2026. Not heard much since though

And California Cultured I think is starting selling products also.

It's a very exciting year.

So we might expect revenue this year from:

Clean food group

Bluenalu

Lib bio

Onego

Solar foods

Tropic bio

Meatly

"BlueNalu, a cell-cultivated seafood company, attended as an exhibitor at the event to show off its plans for its bluefin tuna products. Those products are still awaiting U.S. Food and Drug Administration (FDA) regulatory approval, but Cooperhouse said the company is expecting clearance in the next several weeks.

“It’s quite imminent,” he said.

The FDA has already shown willingness to approve cell-cultivated products.

It made its first approval in 2022, issuing a “No Questions” letter for cell-cultivated meat, poultry, and seafood produced by Berkeley, California-based Upside Foods. In June 2025, it approved Wildtype’s cell-cultivated salmon product, similarly finding it had no questions on whether the food product was safe for human consumption.

Cooperhouse said the company expects a similar finding within several weeks, which will allow it to begin selling its products."

https://www.seafoodsource.com/news/plant-based/cell-cultivated-seafood-makes-its-debut-at-seafood-expo-north-america-as-bluenalu-prepares-for-product-launch

Those of us invested "get it" know that ANIC is a coil spring waiting to be released.

Everything is happening, and yet the share price remains stuck. ANIC is a strange beast. It's a closed-end fund, traded on a public market, that invests in private companies. Its own investors, both retail and institutional can't or won't invest in pre-IPO companies, that's the domain of VCs. VCs have to try and determine the value of companies that aren't generating much or any revenue. It's all about investing in what the business will become. That's not true of institutions investing in public markets. They need to have numbers to put into their spreadsheets: revenue, margins, profits, growth rates etc. When these don't exist yet, little to no value is ascribed to the business. Because it can't be measured, it doesn't exist, yet many portfolio companies have made real progress, especially over the last 12 months, so value has been created, it just gets ignored by a future potential investor base who can't see it yet in Excel. There is a huge disconnect between the share price and the value that has and is being created.

Mark Warner from Lib Bio mentioned a while back that he expected the company to be generating operating profit 2 or 3 quarters after it begins commercial production. California Cultured should be generating an operating profit "over the next year" when they reach 160,000 litres of capacity. We had to wait a long time before the start of commercialization and revenue. Once that happens, the wait for profitability should be a lot shorter. I think that will be a surprise for those institutional investors who are waiting to see some revenue before they invest.

Everything is happening!

I can understand the furstration after so many years of waiting, but just as patience is running out, are we finally near to rgulatory approval? Because according to one of the founders of this investment platform, which invested in BlueNalu, that the final piece that needs to happen before commercialization:

"After years of R&D, BlueNalu appears to be approaching regulatory clearance that would allow them to begin commercial production.

When that moment arrives, it unlocks the next phase of the company: moving from research to real supply.

But what stood out most is how much is already in place today.

The infrastructure is built.

Initial production capacity is ready.

Early restaurant partners have been selected.

Initial launch orders are already being lined up, with a small group of restaurants expected to serve BlueNalu’s product shortly after regulatory approval."

https://substack.com/home/post/p-191419315

https://www.risingtidepartners.co/about

And the product — now tasted by a growing number of people — is starting to speak for itself.

‘Lab meat soon to be available in uk supermarkets’ on radio 4 news today ‘ . That at least the the 4th year in a row this news item has been wheeled out. Might be a can of dog food available at an outlet of Pets. Anyone tried it yet, or their dog at least? Wonder how the blazing trail Blunalu chefs are doing up and down selected restaurants in the states are doing . Supposed to be really exciting. Total silence

It is frustrating, however not the best geopolitical environment. It will come. I've managed to buy a few more this morning. I think the second half of this year will be more interesting. Case of hold or top up and see how these product launches go with a few more companies commercialising along the way. Exciting year ahead.

We're going nowhere with a 10% spread

I don't think California Cultured has any debt. That may change when they scale production, but the only major line item below operating earnings and above net income is interest expense, so if that is zero, net profit margins are going to be very high if operating margins are 76%.

“The capacity over the next year will be at 160,000 litres. At that capacity, we will see [around] 76% operating margin on our first product, [a] Cultured Cocoa Powder high in flavanols,” says Stearns."

Https://www.greenqueen.com.hk/california-cultured-cell-based-cocoa-powder-gras-chocolate-funding/

With fertilising prices having doubled since the war, food prices will have to rise. This war and the Ukraine war just highlights the need for food security. The market hasn't 'cottoned' on yet how valuable the Agronomics portfolio is and how it will lead to food security and at the same help time alleviate food poverty. Its a screaming buy at these levels imo.

In Nov 2025, SuperMeat received 6,488,535 new ANIC shares priced at NAV (14.65p as at 30 September 2025)

In Jan 2026, All G received 10,026,375 new ANIC shares at 14.65p (equal to NAV as at 30 September 2025)

In Dec 2025 Blue Nalu receieved 30,643,003 new ANIC shares at 14.65p (equal to NAV as at 30 September 2025)

@Amorfat. The last funding rounds for Bluenalu and AllG included share issues from ANIC at NAV valuation.

If the companies need to sell then they will be selling 14p shares for 7p

What do you mean by that it was probably the portfolio companies selling their shares? Do portfolio companies hold actual anic shares? I don’t think that’s correct

Hi, also if Clean Foods and Lib Bio start generating review in the short term they can be re-financed with debt giving the fund flexibility to invest elsewhere if JM feels the need. Robbing Peter to pay Paul but not an issue if Paul can repay in due course

They need the working capital and ANIC shares won't help with that, so desperate yes, but probably not a indication of their view on the value of the shares they were selling. If they need to make payroll, they have no other choice.

I think the article is good and bad news. Bad, because the funding environment remains challenging, and good, because it's also challenging for our competitors. If VC money has lost interest, and Private Equity wants to see positive EBITDA, which isn't there yet, then that probably just leaves sovereign wealth funds as a major source of capital. I don't think that when Jim Mellon started raising awareness among the Gulf States he could have anticipated current events in the Middle East, but I'm glad he did because for the reasons you mention that now looks like the best option to get some of these companies over the line.

Last NAV carried the holing at 3% therefore valued Tropic at 73million.

Actual value at fund raise I would guess would be higher as 105million is a huge raise, normally only worthy of a company getting stronger.

Id guess its diluted ANIC to 1.5% to 2% but ultimately still good news

Big Money raise by Tropic

https://tropic.bio/series-c-raise/

I have no clue how will this affect our position in the company and how will it affect the SP (if at all) but it is good news.

Feels like 2026 will be the breakout year for ANIC, many of the portfolio companies are being supported, production costs are falling quickly, what on earth is not to like about clean food production.

The SP whilst holding up in these current uncertain times does not reflect the incredible potential. Glad to be holding

Should read: "I can't imagine market makers are comfortable holding short positions for long..."

I wonder who's on the other side of these trades. I can imagine market makers are comfortable holding short positions for long, and I don't think there are any institutions still holding shares. Is there really such a large pool of retail investors willing to sell shares at these levels in this kind of size? I would have thought any large retail holders wouldn't be looking to trade such an illiquid stock and would be holding out for the long-term potential this industry offers. I'm also surprised the stock hasn't risen more, given the consistent buying from the person with the best inside information about all of the underlying companies.

Agronomics Limited announced that Executive Chair Jim Mellon acquired a total of 3,308,995 ordinary shares across four transactions between March 6th and March 12th, 2026, at prices ranging from 6.6 to 7.0 pence per share. Following these purchases, Mellon's total interest in the company, including associated entities, now stands at 165,775,997 ordinary shares, representing 15.69% of the total voting rights.

..at 2.30pm.

Was that another Jim top up?

Did anyone else catch this 'interview'?

https://www.linkedin.com/posts/agronomics-limited_agronomics-investment-cleanfood-activity-7437804002223894528-Sxki?utm_source=social_share_send&utm_medium=member_desktop_web&rcm=ACoAAAIt4oUBeBVldguyZO0urh9O1mZ_aVjwKDU