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TropicalApe - I am not the biggest fan of JM's fee structure (via Shellbay) but it's hard to correlate share price with any announcement of this. The fee structure was announced on 6th May 2021 and the share price peaked a few days subsequent to that announcement (at around 37p). Share price is also up since the last announcement of performance fee to Shellbay. I would agree though that it's offputting. It's not the cause of the share price decline though. I would also clarify that in spite of my apparently critical comments of Jim Mellon, being realistic, the company is nothing without him bringing the sector to the public attention.

Looking at the Agronomics website between Hargreaves Lansdown and Interactive Investor (i.e. small private investors), they make up 13.4% of shareholders. For context, the CEO, Chairman and 3 other board members of Capricorn Energy were forced to resign due to investor rebellion led by a 7% shareholder (Palliser Capital). So there is definitely sufficient number of small PI's who could effect significant change if they worked together. However, the shareholders will be so disparate, I assume this would be a nightmare to orchestrate. The numbers are there though. Someone take the lead in forming a group? Volunteers?

Not that many!!!! It varies between 1-1.5% of my portfolio reflecting the risk I attach to it.

As an aside, the posters on this board seem to be able to get the news out before the official RNS! I think we should pool our resources and launch a hostile takeover or a bid for a seat on the board! I'll do it for a 14% cut of rise in NAV!!

Something like 50% of new businesses fail in the 1st 5 years across all sectors. That would be my datum point. I don't know if this particular sector has a lower or higher failure rate. In it's favour, I would go out on a limb and suggest that the average cultured meat / PF startup is staffed by people who are "cleverer" on average, but maybe that doesn't count for much. Definitely counting against it is that they appear to be very capital intensive businesses to get off the ground, which is problematic in an environment of rising interest rates. If rates stay modestly high for a few years, then my guess would be that 50-75% of the companies we're invested in will not make it out the starting blocks. Just a guess though. I very much doubt in spite of the extortionate fees that JM is any better at picking winners from the crowd than anyone else.

I'm glad you said it! Others don't seem to see it that way and say it's a small price to pay for the promise of jam tomorrow. I appreciate this is not being paid as a salary, but it more or less amounts to the same thing and effectively pays Jim as if we were a FTSE 100 company and that we ain't. Far too many people standing up (on this platform) to defend it.

Update from Solar Foods. I'd have expected this to be an RNS though?

https://solarfoods.com/solar-foods-receives-a-34-million-grant-to-ramp-up-factory-01-and-start-preparations-for-factory-02/

See link:
https://mosameat.com/blog/cultivating-meat-the-mosa-approach
Good and realistic update.

I don't pretend to be hugely clever, but a few off the top of my head responses re. what would I do:

1 - Renegotiate 15% fee to Shellbay.
2 - Don't invest in CellX or other emerging markets. EM's have their own entirely separate risk factors and we don't need them to be part of our portfolio.
3 - I would have invested in Upside Foods as they seem to have been a front runner for some time.
4 - I would underpromise and overdeliver and make sure all the companies we invest in follow that mantra. Currently it is very much the opposite. If you want specific examples, look at what BlueNalu have said in the past re. their expected progress. Stop talking and just deliver.
5 - Provide clarity and consistency on message. previously, Jim Mellon said that plant based foods wouldn't storm the market because they didn't have defendable IP. Now it's because they have the wrong texture. I await next years excuse as to why alternative proteins in general may not hit the mark.

In just a few minutes I do not expect to have come up with ideas to transform ANIC but there's a few starters off the top of my head.

Re. buying shares when everyone else is buying them, the answer is generally yes - it's called momentum investing and it has a decent track record:
https://www.msci.com/documents/10199/904e031c-94e4-4dbc-a314-7c373446dffa
Re. criticism of management and fee structure and lack of share price going up, I am at a loss as to why you are satisfied with a downwards share price irrespective of upwards NAV. Why are you so content with substandard performance? I'm not and I would argue that if more people expressed the same level of dissatisfaction, then that might put a bit of a firecracker under the management's backside to do something about it....and that would be positive for the company.

Statement from Jim Mellon in RNS that: "This financial year has been another strong year of growth for Agronomics..."

Share price on 20th December 2021 was 21p. Share price today is 11p. Did I miss the part about strong growth?????? Can Jim Mellon not add up?

Perhaps he was only referring to the growth that affects his paypacket (he takes 15% of increase in NAV) rather than the growth that affects everyone else i.e. share price.

Unhappy (but reluctantly patient) investor.

Ali - context is king. If £25K is peanuts to you, then your top up is meaningless as you can afford to lose the lot. If it's everything you own, then you're mad! Bear in mind the vast majority of the market disagrees with the assessment on here that this is a great buying opportunity.

There's been a few articles of late in the likes of Investors Chronicle etc. which sheds a bit of light. Alternative protein companies in general are doing terribly right now - nigh on every plant based alternative is down somewhere between 75% and 95% from their peak. This seems to be down to massive over-optimism in the market share they will capture and profitability they can achieve, though Anthony Chow noted in the IC a few weeks ago that the plant based players have a problem with getting the right texture which will be overcome by the cultured meat alternatives which will then take over the world. I think there is a realisation that the AT Kearney report which is touted by ANIC as it suggests cultured meat alternatives will claim 40% of market share by 2040 is speculative plant based / cultured tripe. It can't possibly have any evidence to back up this projection. You could also look at other sectors that were massively overvalued during the pseudo-pandemic because people thought we would emerge fundamentally different. Shares like Tesla, lesser known Hydrogen based rivals Nikola and Lordstown Motors, vertical farming technology like AppHarvest. - they've all been massacred by the market in the last 12 months or so because there's not so much substance behind them (particularly in a high cost of funding market place) as people thought when they were all sitting at home twiddling their thumbs thinking of the Utopic future we would emerge into. Perhaps I'm a cynic though. And I do still believe some of these companies have a future.

Hi - prior to the RNS, this information was available on various websites if you used Google and just searched for news in the past 24 hrs. On FT website amongst others.

It relates to an institutional investor placing 5.5m shares @ £13.65 each (so £75M worth dumped at a discount).

I invested in Hydrogen One Capital Growth investment trust (HGEN) at the IPO at cost of £1/share back in July '21. This trust invests in a variety of Hydrogen based technologies with the promise of ...you've guessed it..."jam tomorrow". They now trade at 83p or so and at a steep discount to NAV. The market has decided that the ifs, buts and maybe's of the potential of Hydrogen is not worth paying especially much for right now. To me, the Hydrogen story is a distraction from the fundamental reason anyone is invested in Chariot. It is not likely to add any value for the foreseeable future, is a resource drain and may infact end up worthless. Look at the recent share trends of the likes of Ceres Power or ITM power along side HGEN. Why not focus on the day job and get the gas out the ground?

Thanks for the summary

Unfortunately couldn't attend today's webinar? Anything genuinely "new " revealed?

I bought into this quite late (price circa 1300p) but the reason I bought in was I believed there was still a lot of potential upside. Was I wrong on this? I would have thought an Israel / Lebanon maritime treaty plus news of 1st gas would have been monumental announcements but the uplift has been minimal. I appreciate gas prices are off their high, but Peel Hunt are quoted as saying Energean are "on the cusp of transformation" - this was a recent statement so indicates still plenty to come. So what will it take for them to transform?

RyeSloan - not really getting how you are saying this is good for all shareholders. JM's fee structure was published by RNS on 6th May 2021 (share price about 34p, NAV from April 21 was 6.22p, but his deal based on 30th June 2020 figure of 5.85p). NAV now is 16.5p = good for Jim Mellon, but share price now is 13p = rubbish for shareholders. If it all comes good, then great but as I may have moaned before, JM seems only to be exposed to the upsides for short termism whilst the rest of us have to play the less predictable, less certain waiting game. This is a bad deal for shareholders.