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

Do you know what 20,000 litres means in terms of kg of chicken?

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.

Clean Food have raised over£4m and got a grant of £700k. They seem to be funded to revenue. It will be interesting to see the valuation that the round places on the company, might be a huge premium to book value. Details on Linkedin

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

So we might expect revenue this year from:

Clean food group

Bluenalu

Lib bio

Onego

Solar foods

Tropic bio

Meatly

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

I fear the 15p by Easter hope is looking pretty heroic at the stage although with good news coming on a range of positions 30p by Christmas does not seem impossible.

All the companies remains revenue negative so a concerted move by the EU and /or Trump to delay approvals could mean the cash burn forces us to sell the IP for pennies. And Starmer would close CFG to protect Spanish olive oil farmers in a heartbeat if the EU told him too.

I doubt he will sell although a pricing asset will add confidence and reduce the discount.

The really exciting thing about ANIC is that the risk will reduce as the portfolio becomes successful, while there still remains a chance it will go to zero.

There is an investors section on the CFG website. I don’t remember seeing it before Christmas. It lays out the opportunity and I think this suggests they are preparing for a capital raise/ IPO.

Insider information is material accurate and non public so nothing on this board is inside information. JM is aware of activity on the underlying portfolio that means he cannot trade ANIC even when one portfolio company goes public there will be another with not public information so he is rarely clear. Oddly if he bought shares it would mean that he had no material information and i might view that a negative as there would be little good news in the pipe.

Thanks Alex. I listened yesterday and got the view that Lou is an excellent theorist but he will not drive profits. If Bluenalu gets the product right he will need to step aside if they are ever to generate good returns.

This is called in private equity the valley of death. ANIC cannot get more money but does not have revenue yet. We will know by the end of the year if we can get through it .

Shellbay’s strategy will be to get the share price over the NAV by 5-10% then issue shares. This generates fees for them and grows their dry powder to invest. Also it increases future fees by increasing the fund size. This is why I think their interests are aligned with shareholders. If they ever issue shares below NAv they reduce NAV per share and their own revenue

Hi, not something I can discuss. If we ever buy this stock then I would not be able to post.

Speaking as an institutional investor, the issue is not the structure. This is cheaper than a PE fund with no more or less control. The issue is that we cannot allocate a small, £100m, ticket to ANIC without moving the share price a long way and as Blackrock has shown getting out is even harder.

Once we have revenue the investors will follow.

I would love to average down but Rachel Reeves requirements come above ANIC I’m afraid.

I have an average price of about 13p so a fair distance to go yet. I plan to trim above 20p so I will need to wait for some time…

Without wishing to tempt fate, I think we will see the bottom once some revenue comes through. The risk increases and cash reserves burn over time. We can expect good news from Liberation Bio and Clean Group on revenue soon