Member Info for dominicusbenacus

@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.

Well. Yes and no. Companies who take these terms seem to not be a position to determine the terms. This means they have not found much market investor interest. Tropic in compare did not even talk to Jimbo. Why?, because they could raise 104 million on their own terms.

Backing looser for the sake of feeling like the bigger person and commanding terms makes me a bit wondering if Jim lets his emotions get the better of him. Would be in line with his podcast rhetoric and other vibe based commentary.

This was a public company holding a shareholder meeting for the public shareholder. nothing here is insider information.

No psych terms from me. My point is accountability + process. In the interview, JM explicitly said he wasn’t fully across/present in the Meatable situation, and then he personalized the failure by naming individuals (“the less said about X, the better”). That’s not “I owned it and here’s what I changed in decision-making + monitoring.” In a listed company, that matters.

Especially alongside dilution/financing choices at a persistent discount to NAV. Bullish 2026 assets ≠ ignore governance. Two things can be true at the same time without cancelling each other out.

Confusing admitted negligence with a ‘contrarian indicator’ isn’t pragmatism; it’s just being a fan. If you can’t distinguish between a bold personality and a failure of duty while your capital is diluted, you’re an apologist, not an investor. Rational due diligence requires looking at the structural risks and the potential of 2026 simultaneously. Anything less is just selective hearing and vibe investing.

not get into any gossip would have looked like this:

"obviously i as the executive chair and agronomics did overlook some important aspects or at the time not take any possible countermeasures that would have avoided either the investment in the first place or missed chances to pivot later. we performed a retrospective and identified the root causes in our decision and maintenance process and took measure to ensure we will do better now."

this is how high integrity looks like. being the responsible person and taking responsibility and implementing preventative measures and performance analysis

@imvestimglexicon:

after listening, i wish he would be not hands on at all. given his track record for whenever he was operational involved, this would be better for everyone invested. it is paramount that he considers his own ideas more investable than other peopes ideas and that he had to make sure that meatable was "someone else's" mistake and that meatly is not the idea of owen ensor or helder. the bigger person does not say either of the previous. it is very ego driven and overconfidence bias driven. as only his own ideas are survivors. netherlands is bad and europe anyway.

come on guys?

how many way do you wanna try to find to make this sound like a benefit for shareholders or make it internet as something beneficial?

wake up and take him for what he is. this is not only a "blow heart" at times or "his passion shines through". this is late stage jim mellon who wants to build a legacy in the food sector by all means and therefore is willing to through other people and you as a shareholder under the bus. today he does it with former long term colleagues who stand by his side for years, buiithe portfolio and investors and founders or his own portfolio companies. tomorrow, once again, it is you the shareholders that he throws under the bus. he states himself that it is not money anymore that motivates him but reaching the reputation as a saint that solved the food system and for this sake he will do whatever it takes to protect his reputation and image and history -- on your back. printing shares for blue nalu while ****ting on cooperhous. just another example.

it's pathetic and dangerous how jim sounds like in this interview and it's hard to listen to as an investor and shareholder. absolutely low integrity person.

you can spin this as much as you want into the positive but this interview was nothing short of obvious and all you have to know.

"Sweeping statements" was the term I searched for. Thank you.

So many of those in one podcast. Only Jim can do this while talking about a public trades company.

Lol.

I meant the 30.6 million shares they got. As per agreement. They can sell 5 million shares per quarter I guess.

And are allowed from yesterday 21st of January onwards to dump these shares on the public market.

Is this also your understanding guys?

Is Blue Nalu already unloading?

Thank you for your measured comments in spite of my post being broken as fu...k. Thank you guys.

What made me thinking is the fact that all companies from past month that received the shares (which they soon will dump on the market) are companies in the Agrarian Limited company - his personal investment vehicle.

Agronomics holds circa 20 portfolio companies but he decides to back Blue Nalu etc. - all which he has direct private interest.

What a snow flake Jim is. Everything executive of public companies is selling and buying regularly. This is the same excuse he pulled off when asked about the never executed share buy back program. With everything I know about the AIM there have been enough windows that allowed to implement the buy back program back than. Lier lier pants on fire.

More important. In Agrarian Ltd. Now, this states his priority pretty clearly. Isn't it?

okay. **** that threat. my tow points never went through:

- bluenalu (30 dec 2025): invested us$6m via 30.6m new shares. this investment immediately follows a £5.2m write-down on the same asset that had a £5.2m write-down noted in the yearly report.

- all g foods (15 jan): invested au$3m via 10m new anic shares.

- same for lib bio end of 2025 for the emergency bridge funding

Has anyone else joined the dots across the RNS announcements from Dec 30 (BlueNalu) and Jan 15 (All G)?

It seem a clear pattern has emerged where management is using ANIC, our company, to print new shares to fund follow-ons.

factually, the cash balance is critical (my estimate at this moment40 million in the past two month and (diluting us), to backstop funding rounds for companies where Jim Mellon has private exposure. Companies that had shown write down and extremely overpromised since years like Blue Nalu.

I am just wondering:

- Why did ANIC not invest or double down in other portfolio companies which show significantly better value propositions following objective investment metrics? Why pour £5m+ of dilution into BlueNalu. Seriously? The "Tuna is coming next year" company for the last 6 years running? Why not double down on CFG or Lib Bio etc.?

- Is Jim Mellon using ANIC, effectively using the public balance sheet to de-risk his private portfolio investments?

The Floor is Open: What is your take? Is this prudent cash management, or are we being used to cushion the New Agrarian book?

Has anyone else joined the dots across the RNS announcements from Dec 30 (BlueNalu) and Jan 15 (All G)?

It seem a clear pattern has emerged where management is using ANIC, our company, to print new shares to fund follow-ons.

factually, the cash balance is critical (my estimate at this moment40 million in the past two month and (diluting us), to backstop funding rounds for companies where Jim Mellon has private exposure. Companies that had shown write down and extremely overpromised since years like Blue Nalu.

I am just wondering:

- Why did ANIC not invest or double down in other portfolio companies which show significantly better value propositions following objective investment metrics? Why pour £5m+ of dilution into BlueNalu. Seriously? The "Tuna is coming next year" company for the last 6 years running? Why not double down on CFG or Lib Bio etc.?

- Is Jim Mellon using ANIC, effectively using the public balance sheet to de-risk his private portfolio investments?

The Floor is Open: What is your take? Is this prudent cash management, or are we being used to cushion the New Agrarian book?

Another try. hope it goes through fully this time. I don not know why it did not go through and possible will not go through again haha.

Has anyone else joined the dots across the RNS announcements from Dec 30 (BlueNalu) and Jan 15 (All G)?

It seem a clear pattern has emerged where management is using ANIC, our company, to print new shares to fund follow-ons.

factually, the cash balance is critical (my estimate at this moment40 million in the past two month and (diluting us), to backstop funding rounds for companies where Jim Mellon has private exposure. Companies that had shown write down and extremely overpromised since years like Blue Nalu.

I am just wondering:

- Why did ANIC not invest or double down in other portfolio companies which show significantly better value propositions following objective investment metrics? Why pour £5m+ of dilution into BlueNalu. Seriously? The "Tuna is coming next year" company for the last 6 years running? Why not double down on CFG or Lib Bio etc.?

- Is Jim Mellon using ANIC, effectively using the public balance sheet to de-risk his private portfolio investments?

The Floor is Open: What is your take? Is this prudent cash management, or are we being used to cushion the New Agrarian book?

Sorry something went wrong with my post. here we go again:

Has anyone else joined the dots across the RNS announcements from Dec 30 (BlueNalu) and Jan 15 (All G)?

The RNS´ confirms Jim Mellon is a private co-investor in both via his private vehicle "New Agrarian". not the first time. I know.

A pattern seems to form where the chairman starts using ANIC, our shareholders company, to print new shares to fund follow-ons because the cash balance has collapsed to

Has anyone else joined the dots across the RNS announcements from Dec 30 (BlueNalu) and Jan 15 (All G)?

The RNS´ confirms Jim Mellon is a private co-investor in both via his private vehicle "New Agrarian". not the first time. I know.

A pattern seems to form where the chairman starts using ANIC, our shareholders company, to print new shares to fund follow-ons because the cash balance has collapsed to

@bluehorse. Thank you for this insight. I 100% agree to everything you said and especially to the difficulties around illiquidity and how the SP is moved.

The same time, this does not take away from any of the other points. If anything, then the illiquidity strengthens the argument on "structure". Structure also includes where you list the stock and listing it on a more accessible stock exchange would do a hell of a trick here. Where you register the company changes how you are regulated and how shareholders are protected. Isle of Man clearly not thaaat great... But great for Jimbo. Etc. etc.

On top, it might be or not cheaper then PE but as far as I'm concerned PE incentives are generally 2 and 20 model like this:

"GPs earn a management fee (typically ~1.5-2%) for operational costs and a performance-based incentive called carried interest (often 20%) on the profits, but only after the LPs receive their initial capital back plus a hurdle rate or preferred return." Sounds motivating to me.

Therefore, I stick to my points.

I am grateful for you highlighting the point of very practical problems institutional investors face on top of the other existing ones.

Did not know you are an institutional investors :-).

If you dont mind me asking, for whom are you investing?

I guess there are two factual settings currently holding the SP back still.

1. For the past four years none cared and cares about "story stocks". Investors want tangible revenue. Positive cash flow. Countable results that show up on the balance sheet. Honoring all the positive progress, there is still no numbers on the balance sheets of these companies and the UK market is totally devastated on top of that. U.S. retailer rather invest in single stocks and have difficulties ordering the stock on AIM.

2. If you check the ownership structure after 10/2024, then it becomes clear that there is almost no institutional Investor left (Canaccord etc. are house brokers and don´t count. this is abstract for retail holders). The institutions, Black rock especially, did not like having no CEO, a misaligned incentive, and JM controlling the total Board and, in a clear conflict, chairs his own Remuneration Committee. That was too much for some and since then no Institutional Investor considered the ANIC governance and incentive policy underwrite able as an investment. If you like it or not but retail investors and traders cause spikes, institutions cause stocky gains and spread the word.

Well nanopayments, the selection of the portfolio done by Anthony Chow and Laura Turner has been a very, very great one and has been providing lots of robustness during this 4 years of funding winter in which all loosers died.

Now, I agree, obviously they play around with accounting rules. I would argue they play, as in the past, around a lot with other stuff as well. The portfolio turns out to be an incredible composition and is winning, the public company wrapper (Governance & incentive policy& leadership (no CEO)) has been and does suck indeed and will suck in future if no one steps in and fixes it.