Member Info for RyeSloan

In my opinion you are reading this wrong. It’s not dilution in the truest sense as the money is used to buy assets so you merely end up with a smaller piece of a bigger pie.

It’s also an investment company so it needs to raise cash to invest…it’s how all the cash currently in play was created so unless you want them not to invest in current and future opportunities and to maintain our percentages in existing holdings as they go through their funding rounds I’m not sure I get your point.

So the fundraise is not the issue here, it’s positive news. The issue is the dumping of shares before the raise, almost certainly by someone who took place in the last one and knew this one was coming…they have just rinsed their last commitment for a nice profit and will probably now buy back in for the same amount they did last time but having banked a nice few quid along the way.

As others have said it’s par for the course but that doesn’t mean it’s not all a bit stinky and underhand!

Indeed…all those millions dumped recently are now explained…rinse and repeat for those in the know.

Another placing!

Must admit I didn’t expect that so soon after the May raise but clearly there is demand and clearly they see opportunities for investment.

Kills the SP in the short term again (and explains the recent drop again!) but hey ho we are an investment company so money today is more jam tomorrow.

Down 50% in a month but up over 100% in the last year...doesn't seem to have impacted TMIP's ability to lease out their vessels at nice rates if today's RNS is anything to go by.

This is now trading at around a 10% discount to last NAV with 5%+ yield. Still looks a rather attractive investment at these levels I'd suggest.

The trust is still about 40% cash so I very much doubt they are looking to raise any more funds currently.

Once they have deployed the remaining dough (£40m or so I think) it will depend on the SP whether the warrants add substantial extra funds or if they will look to come back to the market for more.

Can’t see that happening for some time yet though.

The 5.5p Q3 Div will still leave 25p of current year income as per the recent NAV announcements. So total income looks to be in the 40p range so far this year and 15.5p has been paid or pledged. Taking the min 90% figure for revenue distribution rules that would give about 36.5p for the year as a required distribution...less the 15.p5 would suggest a final around the 21p mark.

Obv there might be revenue expense to still book into the accounts so the above is just a rough estimate by a rank amateur but none the less I expect a bumper final div when it finally arrives (the final is always paid oddly late after the FY date).

I would think not. The fall is nothing to do with real world developments but someone dumping large tranches of stock. There has been large sells all day and very likely we’ll see large after hours sells printed.

Swings and roundabouts which will hopefully settle soon.

GVH…a touch pedantic of me maybe but always worth pointing out that gene editing is very much NOT what people would normally consider GM.

Gene editing only works with what is already present in the crop or whatever is being edited. A very critical difference and one that I assume has allowed such edited crops not to the oversight / approval of regulators of the type mentioned in todays RNS.

The divi is well short of being covered just now which I think is largely down to the portfolio repositioning and having a large cash balance just now. So I'd say there is ZERO chance of the divi being increased for quite some time. I'm more concerned about them cutting it rather than musing about increases but thankfully they seem happy to pay the shortfall out of capital until the EPRA recovers.

Well if the farmers are still poor after all this time of producing Cocoa then maybe a different crop might be the answer?

Or maybe the current producers are already exploiting the poor farmers.

Or maybe they could do something else entirely rather than subsistence farming?

Either way the tide of time and technology will not stop whether ANIC is involved or not and I for one welcome this investment whole heartedly…as yet again we see the huge non meat potential of this tech.

The Vitro Labs chat was very interesting. I’ve often said that peoples fascination with the meat element of this technology has clouded the fact that it is applicable in many areas and the non meat element would easily be first to market.

The fact Jim is suggesting that Vitro Labs is as good as cost parity now, and that their product is actually superior in many ways AND that they are already suppling the key luxury brands is massive news.

Vitro could be a company maker here on its own and somewhat shoots down the thought that our premium to NAV is solely based on BlueNalu!

That said Fish was also the most likely foodstuff to get traction first and his comments around that and the US regulatory approval was also rather exciting.

No to me it simply suggests a number of warrant holders didn’t quite understand their option to convert was an option!

Most PI platforms will reject the request if the warrants are out of the money but maybe the SP was close enough to the exercise price for that not to happen?

Either way not an indication of news or anything else I’d suggest.

There is 30p of income sitting undistributed so far this year..and that's after 10p of div's and with 3 months of revenue still to receive. Revenue reserve at half year was already comfortably covering a years dividends so if they maintain the Qtr3 div at 5.5p then I'm expecting the final div for this financial year to be pretty chunky. They might do a final + a special but either way with a policy "to distribute substantially all of the Company’s available income" the final div will need to rise significantly to meet that policy!

Sorry to see you go Trek! Always valued your input here.

I have similar plans and have top sliced here to book some realised gains from a buy in at 51.5p. That money has also gone to income paying investments.

I don’t think I’m quite as far down the track as you though in terms of full switching so have still left a good amount on the table here for what will hopefully be a ride up to that Broker target as results were good and only underline further the progress and potential.

Well they are being rather noncommittal I’d say but did chuckle at the fact they used the terms meat and poultry in their noncommittal response!

One thing that is clear though is the cultured meat industry has an up hill battle to get rid of the term ‘lab grown’. Even to me that sounds a bit Frankenstein and invokes images of men in white coats and weird and wonderful Petrie dishes. The existing industry has done a great job in making the public forget about the bolt guns to the head so I’m sure over time the term cultured meat will take hold.

But to the point of the article…I’m minded to think the cattlemen are going to lose this battle.

For starters I do not see BluNalu IPO'ing tomorrow or anytime soon. I just don't think it's anywhere near ready for that. I get others disagree but there you go. When it does IPO I expect it to be for raising the funds to go fully commercial on a global scale. I also expect this to be in the form of a number of JV's with their blue chip partners. So when doing so will likely have essentially 'offtake agreements' in place for their product which will be on a pure B2B basis. For me their model will be substantially different to Beyond Meat and their addressable market many many times larger. So I really don't see BeyondMeat as any sort of proxy. Finally if Blue Nalu only IPO's at roughly twice the value it was assigned at the recent financing round then something will have gone seriously wrong!

Not knocking your calcs RWT but I think you are well wide of the mark thinking there is any ability to look through the premium here to assign that to a specific holding and then extrapolate that to a potential IPO price. The market is not nearly efficient enough here for that.

Also assigning Blue Nalu 20% of the market cap here is maybe missing the fact that we have a near £60m in cash so your £40m valuation is actually a third of the remainder..days after we just had an RNS that has revalued one of our other holdings by 7.5x!

In other words I’m defo not aligned to your suggestion that the IPO value of BlueNalu is already accounted for here and that such an event when it comes to pass won’t provide substantial upside.

The ‘nugget’ companies are surely the easiest market to penetrate though. I also remember an article from BlueNalu where they were talking of their first product being cubes of fish rather than restaurant quality looking fillets. I’ll see if I dig that out later as it was a man informative insight into their route to market.

The RNS was released 8am for some reason but no matter it’s all good news so being an hour later than normal is nothing to panic about.

While I loved the NAV uplift I must admit the ‘About Lowercarbon Capital’ section is probably one of the best sentences I have read in an RNS for a long time :-)

And an RNS that shows once again why this trades at a premium. 7.5x our money on original investment!