Member Info for nanopayments

"Healthier Comforts has rolled out an animal-free egg white protein powder in the US, which features The Every Company’s precision-fermented OvoPro ingredient, the company has confirmed to Green Queen.

Armed with the third-largest investment round for alternative protein last year, The Every Company’s recombinant egg white protein, OvoPro, can now be found across the US.

“OvoPro now has a presence as an ingredient in products sold at Walmart, Target, Amazon, as well as a growing number of regional bakeries,” co-founder and CEO Arturo Elizondo tells Green Queen."

https://www.greenqueen.com.hk/the-every-company-healthier-comforts-animal-free-egg-white-protein-powder/

Jim Mellon bought again today: 250,000 shares at 6.65 pence. There have been complaints about these being token buys for a billionaire, but the reality is these purchases represent roughly 10% of daily volume. He probably can't buy in much bigger size without causing a big jump in the stock price.

@jjmac6289 Agreed. I have no legal complaint. It was just a theoretical discussion and I wish all parties well. Apologies if it's taken up so much time and space.

Sigh.

But UK MAR absolutely does and for this specific situation the law is essentially the same:

In the UK, for companies subject to the UK Market Abuse Regulation (UK MAR), information disclosed at an Annual General Meeting (AGM) with no publicly available recording, webcast, or equivalent broad dissemination is generally not considered fully “public” for the purposes of inside information rules.

Under UK MAR (the retained and adapted version of EU Regulation 596/2014 post-Brexit), inside information is defined (Article 7) as precise, non-public information relating to the issuer or its financial instruments that, if made public, would likely have a significant effect on their prices. Issuers must disclose such information as soon as possible to the public via a Regulatory Information Service (RIS) or equivalent channel (Article 17).

Key points specific to the UK context:

• Information is only “made public” when it is disseminated in a manner that ensures broad, non-selective access to the investing public. The FCA Handbook (MAR 1.2.12) indicates that information has been made public if disclosed through an RIS, contained in publicly inspectable records, or otherwise generally available (e.g., via the internet or publication).

An in-person or limited-attendance AGM (even if open to shareholders) does not typically qualify as sufficient public dissemination under UK MAR. Attendance is restricted to those present (shareholders, proxies, management, possibly some observers or press), so the information remains selectively available to that group. This creates a risk of unlawful selective disclosure or insider dealing if attendees act on it before wider release.

@dominicusbenacus No wrong! You remind me of the drunk mother-in-law who insists on singing at the wedding. Information disclosed at an Annual General Meeting (AGM) is generally not considered fully “public” in the securities law sense if there is no publicly available recording particularly for purposes like Regulation FD (Fair Disclosure).

In the context of publicly traded companies (where this question most often arises, the key principle is that information becomes “public” only when it is disseminated in a way that provides broad, non-exclusionary access to the general investing public—not just to those physically or directly attending the meeting.

Perhaps I missed it, so please link to the official transcript and/recording of the AGM

Was the information disclosed in an RNS or official press release? Posting inside information on a public message board is illegal. I like Jim Mellon an am grateful for the information he divulged but have doubts about the legality of doing so:

"Article 10 (Unlawful disclosure of inside information) prohibits a person in possession of inside information from disclosing it to any other person, except where the disclosure is made in the normal exercise of employment, a profession, or duties."

I also like Kuenti and am grateful that he went to the Isle of Man and passed on what he was told. However:

"The original receipt and use of the information may already be insider dealing, but the tippee's further step of posting it online creates a clear, additional violation of the unlawful disclosure prohibitions under both CJA 1993 and UK MAR."

I suggest we leave it there. I don't want to draw unwanted attention to this.

You may want to brush up on the Civil/Regulatory Regime (UK Market Abuse Regulation – UK MAR), especially Articles 10 and 14.

ANIC is a fascinating investment opportunity. I don't know if acting on the information Kuentai got from JM constitutes insider trading, or information arbitrage and whether his knowing what he revealed, or something else is preventing Jim Mellon from buying more. That in itself is good information. If he can't buy, then the situation he wants to avoid is one in which the stock prices rises substantially after he did, and he gets in legal trouble. What does that say about where he thinks the stock is going?

Contracts and term sheets still need to be agreed on before new capital is raised, a new factory build is announced, or an IPO happens, but all that is more a question of execution, than the risk that the technology can't scale or that the regulator won't approve. The portfolio companies have come a long way from where they were 4 or 5 years ago, a lot of progress has been made, and yet the share price remains a depressed levels. I don't know how many potential investors read this board or reddit, but my impression is that very few are aware of what's coming in the next few months and that most look at this as an unproven technology in a cash-starved industry with continued high risk of bankruptcy.

@Bobolon I agree with you about Meatly. It was obvious that they are/were looking to raise capital, and when that wasn't forthcoming, I started to get worried. We definitely don't want to see Meatly go under, so the £10M is great news.

I was interested by this comment from @Kuentai "ANIC will continue to collect on loans and is expecting an inflow of cash from an exit within year or two. Does not intend or need to sell shares to fund." Was JM talking about the CFG IPO or something else? If they do decide to monetise some of their CFG position, I hope they don't sell all of it. Also, I highly doubt the stock will be trading below 6p if there is an exit.

Institutional money is also waiting for the portfolio companies to start generating revenue. All G plans to launch its bovine lactoferrin in Q1 2026, so any day now and I think Lib Bio and CleanFoodGroup have a chance of generating revenue this year, as does Blue Nalu, assuming they get the regulatory green light. I also think there's a good chance that the stock price will be higher, possibly a lot higher, when institutional money decides it wants in.

@kuentai Lots of high quality information in this post! Thanks from all the shareholders who didn't attend for spending the time and money to do so.

Agronomics has made a few new investments using shares recently. All of the companies raising capital need to invest, so want cash, so have zero incentive to hold ANIC. I wouldn't be surprised if some of this selling relates to that. Not that it bothers me. I'm not looking to sell my shares any time soon and over the medium to long term, it will be the value of the portfolio and not daily buy or sell pressure that will determine the stock price.

I agree with you that Jim Mellon shirked his responsibility with respect to Meatable. He is in charge, he was ultimately responsible.

I completely disagree about dilution. New share issuance has only ever happened in the past, when the share price was trading at a premium to the NAV and more recently at the NAV. What is your preference? They don't have any more cash, so do you want them to allow these companies to go bankrupt? All of them need more capital to grow. If they raise capital with other investors, we also get diluted as our stake will drop. You can wring your hands and gnash your teeth all you want, that's just the reality of the situation.

Finally, dilution or even debt financing aren't necessarily bad, in and of themselves, providing the return on that capital is higher than the cost of issuing it. Putting aside the share price, I even think the NAV at which they have issued new shares recently, is low. That means the cost of capital is high. Hardly surprising for a VC firm investing in start ups. However, I also believe the return they will get on these new investments will be high, higher than the cost and that the alternative (letting their holdings go bankrupt) is even more costly.

@dominicusbenacus "admitted negligence... failure of duty"? Seriously? I'm not saying you have no idea what you're talking about, but I certainly have no idea what you're talking about.

"What is a word salad in psychology?

Word salad may describe a symptom of neurological or psychiatric conditions in which a person attempts to communicate an idea, but words and phrases that may appear to be random and unrelated come out in an incoherent sequence instead. Often, the person is unaware that they did not make sense."

Jjmac writes

I completely agree, there were tons of positives in the interview, none of which have been discussed here. The prevailing attitude seems to be that if Jim Mellon is wrong about the dangers of eating tuna every day, he must be wrong about everything. I pay attention to investor sentiment as a contrarian indicator. Lots of negative vibes here from longs. Sentiment is about as far away from the excessive optimism and bullishness of mid 2021 as it's possible to get. Good to see!

Jim Mellon is a mental midget by way of comparison with Jobs, Gates and Musk, but he has every bit as big an ego. Personally, that doesn't bother me. I have a big position in Tesla, and a smaller one here in Agronomics. I don't need to like or admire the people who run the companies I invest in. They probably wouldn't be successful if they didn't have personality traits most people would consider unpleasant. So I don't care one iota about whether J Mellon is a nice guy. I care VERY MUCH, however, about whether CleanFoodGroup will IPO this year and turn ANIC into a multibagger.

To each his own.

@apeirogon he discussed the poor judgement of both men in the context of the meatable debacle. an important mistake in anic's investment journey and a subject that needed to addressed. "the less is said about that man (anthony chow), the better." that's indicating he doesn't want to get into any gossip. about as far away from "********" as it's possible to get.

@charliemoonhead Agreed. It's annoying and unnecessary. People will choose to eat lab-grown fish if it means avoiding mercury and microplastics. They don't have to worry about dying. CleanFoodGroup will be a fantastic investment if it wins a small slice of the global consumer oils market. It doesn't have to become the monopoly player. I had similar misgivings about his clueless overconfidence when I heard him say a few years back that hydrogen cars and not EVs were the future of road transport. That said, I think he's mainly a blowhard when it comes to science and tech, and that he generally has a good nose for a deal and an understanding of business dynamics and investment returns. He may have a seat on the Board of ANICs largest investments, but I think his influence is minor when it comes to important business decisions.

ANIC valuation. JM has never sold shares. Would like to buy more but is constrained by insider-knowledge. New model for financing investments via shares. Fully aware that the portfolio companies will be future sellers of shares, but better news will offset this selling pressure. Thinks the returns over the next 10 years will be excellent.

Great interview. Everyone should tune in.

Jim Mellon interview. Generally speaking, he sounded extremely confident and extremely bullish.

Most excited about CFG. Factory 5X potential increase in capacity

Coco butter, palm oil, olive oil. 20-years IP. By far the most successful investment. Going to OWN palm, oil and coco butter markets in 10 years. No one will be able to compete. Already doing test runs of 100,00O litres of palm oil. Much bigger than anyone’s produced for cell ag. ANIC won’t sell at IPO.

Worth the whole of Agronomics, and more. Thinks it will become a multi-billion pound company. Carrying cost of capital is 4% of revenue, compared to 25% of revenue for a new-build factory.

Going forward will do more in-house, rather than invest in other companies.

CFG most immediate opportunity, but a lot more to come.

Lib Bio. Not funded by debt. Subsequent factories will be project-funded and debt funded, which makes it more attractive economically. Want to replicate this model around the world, especially in the Middle East. Hope to do one in Saudi Arabia, the UAE and Bahrain. Each factory will cost about $250m. 3X-4X the size of the Lib Bio factory in Indiana. Very close to doing deals. Attractive market, because they import 95% of their food. Will reduce food insecurity and food volatility for products like chocolate, cocoa etc. Low-cost energy and lots of capital, and forward-thinking governments. Agronomics and New Agrarian are leading this initiative. JM has been going for over 10 years. Developed good relationships with governments there. “Over the next 5 years, you are going to see really big stuff”. Only competition was Believer Meats, which has gone bankrupt.

The areas they are going to “make a lot of money are dairy (lactoferrin) and egg proteins. Going to make a lot of money in oil-based businesses, a lot of money in fish, and we’re going to make a lot of money putting factories in regions and one of them is the UK.” This is in addition to their Liverpool factory.

Meatly. Begins with pet food, then human food, licensing agreement. JM wouldn’t be surprised if there’s a Meatly factory in the Middle East at some point (chicken for human consumption). They are at price parity with organic chicken in Waitrose, at the end of the year will be a price parity with the cheapest chicken in Tescos. Media cost has fallen from £700 per litre when they started the company 2.5 years ago, now 20p per litre and end of year 2p per litre. Thinks they should license out their technology.

They are cherry-picking highest capital-return industries. Coffee and cocoa. Bullish on clean-lab fish. Will be a big industry for the UK. Smoked salmon big in the UK and Norway. Industrial production at farms, unhealthy. Working on this.

UAE initiative will involve multiple Agronomics’ companies. Lib Bio will build the infrastructure and a number of ANIC companies will then produce in these factories.

This came at a massive discount to the market price and is probably indicative of the lack of investor appetite for clean food companies:

Stock down 14% today: "The drop appears to be directly tied to the company's announcement and completion of a directed share issue (private placement) to raise €25 million.

Key Details on the Share IssueAnnouncement and Execution: Solar Foods revealed its intention for the private placement on January 22, 2026, in the evening, including agreements with GEA Finland Oy for potential process equipment delivery and a strategic partnership.

The issue was successfully completed early on January 23, 2026, with 5,154,691 new shares issued.

Pricing and Discount: The new shares were priced at €4.85 each, reflecting a 15.2% discount to the January 22 closing price. This dilution of existing shares and the discounted offering likely pressured the stock downward as investors reacted to the increased share supply and perceived undervaluation.

Use of Proceeds: The funds are expected to support the company's growth, including negotiations for Factory 02 equipment with GEA, advancing their production of sustainable protein (Solein) from air and electricity.