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I would just ignore the bottom part. Normally for an open offer or the like that section allows you to allocate all or part of your entitlement.
As this is a broker option you need to reply to the secure message and put in that message how many you want.
Remember there is a chance that you might not get all you ask for due to only £2m being available so take that into account when composing your reply!
That's correct Older. I don't see it as a big issue though. If the warrants were exercised then that's another £81m so effectively this funding round has raised £62.5m with the option of another £81m to come. So max total funding of around £143.5m.
I know lots of people will see this as 'dilution' but I think we need to understand we are an Investment Company and funds are essential. It's what's done with the money that counts and having these amounts of funds to put into maybe the most nascent technology around has to be a good thing,
Also what's maybe been missed here is the large premium to NAV for this raise has boosted the NAV considerably. My simple calcs show that the NAV has probably moved to around 11.6p. (£31.2 m NAV + £60m cash) / (501.9m existing + 284.1m new shares). And on a fully converted warrants view a prospective NAV of 16p.
RW - I believe the numbers came from this analysis.
https://www.proteinreport.org/reading-tea-leaves-first-cultivated-meat-ipo
And the 15% was always there...they have just tweaked the terms a touch, for the better I’d say.
As management fees go it’s pretty steep but it’s a specialist area and they haven’t exactly done too bad so far so it’s just the price we have to pay for success
I’m afraid.
Think we will see a couple of big II’s join the good fight here...the presence of warrants suggests to me that will be the case. I suppose we will only find out once the relevant RNS’ come out on large holders since the declined to name any of the funders in the announcement today.
As you say the warrants price looks quite generous but still near 30p and will raise many more millions.
All on a NAV of 6p.
Exactly. The progress made here is phenomenal by any measure. The BoD don’t set the SP and a fund raise was always on the cards.
To raise this much at these prices is a HUGE validation of their approach and the underlying tech.
While taking a hit today is a sore one it’s pain today for a lot of gain tomorrow.
I’m actually delighted they have got this away at these levels. £50 - £80m after the warrants is massive compared to what we had before and gives us the firepower to be at the forefront of this mega trend.
So in summary I’d suggest people need to look at the big picture here, be very happy that we are funded to such a level and now sit back and watch this story unfold. Oh and top up if you can as this train is now leaving the station big time!
You might not get 1,000% from here but my ISA holding of this is currently showing a 630.74% gain so I’m fully expecting a 1,000% in the fullness of time, and much more besides!!
Some interesting points made though but I think we have to look at the true scale of this revolution. Sure not all of our investments will succeed and of those that do some will be bought long before IPO.
But when you see the likes of John West and Princes getting on board with BlueNalu I think you can be pretty confident this tech has a loooong way to go.
I’m actually maybe even more bullish than most. I honestly think this will become so mainstream that raping the seas and rearing animals for slaughter will very very quickly become something people will look back on and think ‘they did what!?’
Obviously there is a question of just how much of that change ANIC will capture but I’m quietly confident it will capture more than enough to make us all very happy indeed.
There was a mighty 115k traded in the US yesterday so it’s fair to say that’s not exactly going to be changing the market here.
Huge rise followed by a huge fall...this has always been volatile but wow some action the last few days. But it’s a LTH for LTH big bucks here so will just have to ride the roller coaster to the end!
Blah..you started this thread by saying the new facility was counter intuitive to reducing debt.
The RNS was pretty clear in that the new facility will be used to PARTIALLY refinance the expiring bond with the rest being paid from EXISTING cash.
The reminder of the new facility will then be used flexibly as and when required. That facility can also be paid off if the company generates the cash to do so (and of course wants to use the cash for debt reduction) thus is significantly more flexible than debt paper issued with set maturity dates.
The net result of all of that is a reduction in debt, increased cash liquidity and more flexible capital allocation.
Wow that’s massive news. We all knew this was coming but boy to see a MOU at this stage with huge global players is superb.
Always thought BlueNalu was the jewel in the crown here and this helps to prove that thought.
The new facility is to replace current debt that is due to mature (so needs refinanced). The new facility is smaller so the remainder of the maturing debt is being paid down so debt is reducing.
The new facility is also more flexible in that it’s not a set debt that issuing debt paper puts in place but a facility to be used as and when. Thus as asset sales bring in ££ the facility can be easily and quickly repaid.
I took it as a very positive sign in that overall debt number will be reduced and that we expect to repay some of the new (smaller) facility soon via asset sales and the like.