Member Info for sdow

“ Agronomics first invested in SuperMeat in December 2020 and, prior to this round, invested a total of £9.4 million, which, subject to audit, is currently carried at approximately £14.2 million”.

It literally says it in the RNS. I think the prior valuation at last SAFE was $19.3m so down slightly on FX most likely. FX should favour us post-budget.

Good news and has my support.. I’d much prefer ANIC do small tactical raises like this one to maintain % in the most promising holdings. The fact Supermeat are paying NAV rather than Mkt Price is very clever by Jim & means he hasn’t broken his promise to raise cash at < NAV. Brilliant Jim!

Personally I think the Zak Mir recco’s pump it more than Fool. That’s twice now… but it’s fast money that moves into his next idea quickly

One day there will be material news from Liberation or another holding and ANIC will open up 40% and will then go on a serious run… so missing out on that initial move will be costly… that’s why I don’t risk trading the range..

NAV out.. good to get some income from the loan notes & cash at bank interest. Being able to run a listed public Company with only a £200k quarterly cash burn is commendable.

Jim also unfortunately does not earn anything since NAV decreased slightly, due to relative strength of Sterling versus USD. I think that will reverse in H2 as UK is forced into rates cuts to stimulate our dying economy.. but obviously we are not here to eek out a few % from FX swings.. main plus is no major write-downs which is always my primary concern

Solid

Bought as high as 23p but averaged down to 7p.

Exciting!

Zak Mir sees > 10p by end of next month, if not sooner!

https://www.share-talk.com/traders-cafe-with-zak-mir-bulletin-board-heroes-tuesday-8th-july-2025/

Not really, earning a bit of interest and the cash burn will give us about 3 years to play with. Once SP is > NAV then Company can also raise funds as previously communicated this won’t happen while SP < NAV.

To be honest, if in 3 years time we are struggling to cover £1-2m in running costs then that would indicate bigger problems..

The Liberation Labs RNS# 1949V in January had a $7m investment.

Easily $1bn++ IPO potential

So that uncrossing trade for £600 worth of shares at 5.22p set the close did it?

£180k notional of shares have changed hands. It’s the noise you would expect from an illiquid AIM share.

Board said they won’t raise capital while SP is under NAV.

Has anyone ever seem Peterrr & Matador in the same room at the same time? Just askin’…

IC Article:

https://www.investorschronicle.co.uk/content/41c35c8e-0b7e-5297-adb5-7d0b07ec17ea/

Https://theoakbloke.substack.com/p/anic-agronomics-311224-nav-update

Did anyone attend?

Disagree mate - if my Company posted a LI message and somebody spammed it I would want the msgs deleted too. Totally distracting for other casual users. I read the comments & had zero clue what the bloke was on about.

I don’t think it’s a conspiracy - I just think it was the best solution other than taking the entire post down. Unfortunately with social media you are beholden to the sign-up process / checks put in place by the site. LI should be a site for “professionals” but it’s still possible to create troll accounts

To answer my own question, it’s fine - there is a “high water mark” which is the max NAV over the lifetime of the Shellbay/ANIC agreement.

“ The opening and closing NAV for each period will be based on the audited financial statements of the Company for the relevant financial year, with the opening NAV for each reporting period being the highest NAV per share reported at a financial year end for the previous reporting periods during the term of the agreement (establishing a rolling high-watermark for Shellbay to qualify for such fee)”.

Q4 NAV down a bit to 14.93p.. Geltor Series A was highly dilutive & Solar Foods price more transparent now it’s listed on Nordic version of AIM.

No plans to raise capital < NAV. Although there must only be £5m left after the recent Liberation Labs raise. Probably enough for 3 or 4 yrs running costs.

“Agronomics continues to have a strong cash balance and has no intention to raise capital while trading at a discount to NAV. We are confident of the future."

The thing that occurred to me is Jim’s deal is based on “annual NAV increase” - does this mean a lower NAV into year end is not necessarily a bad thing for him.. if say, next year NAV is 25p it represents a ~10p gain whereas the NAV declined in all 4 quarters in 2024 (*I think.. need to check*).

Extreme example.. if NAV dropped from 15p to 2p at year end ‘24 then went back to 15p by year end ‘25 - would this “round trip” be viewed as a “NAV increase” under the deal & be rewarded with shares? Surely not?