Member Info for sdow

Https://www.theguardian.com/lifeandstyle/article/2024/aug/27/you-dont-need-animals-make-real-meat-man-who-grows-chicken-lab

Meatly one of the "further along ones"... should have something on the shelves by end of the year.. but scale up may take 2-3 years.

https://www.feednavigator.com/Article/2024/07/17/Meatly-gets-UK-approval-for-use-of-cultivated-meat-in-pet-food

“ Agronomics now holds an equity ownership of 10% on a fully diluted basis and has the right to a board seat. Subject to audit, the VitroLabs position will represent 6.6% of last reported Net Asset Value.”

Either there has been another private raise & we’ve been diluted or Vitro have blown through almost $50m in 2 years with nothing to show..

I don’t see any capital raises since the 2022 Series A which we participated in. Anthony Chow is also on The Board. They also hired a CCO 3 months ago so can’t be completely insolvent. Has anyone emailed Investor Relations to ask?

Thanks, that does seem odd. We had almost £8m in Vitro. The 3.5m raise must have been highly dilutive to cause a £7.6m write-down

I can't find anything about Vitrolabs closing or being valued at zero. Where are you seeing this please?

Which presentation is this please? Is it the video or is there a powerpoint somewhere? Link appreciated.

Thanks

Oh - Jim also said they wouldn't seek to raise capital with the stock at this kind of discount to NAV.

I think lower rates will attract investment into smaller caps in general.

NAV down slightly (3.3%) to 16.42p. Cash equivalents of £12m. Jim doesn't get paid since NAV decreased, so at least we are all aligned in that respect.

So at a 5.5p share price the market is only valuing the investment portfolio at 4.3p (cash is 1.2p).

I guess the NAV is impacted by the fact we our cash to investment ratio has dropped - so less "concrete" cash to value.

Hopefully some positive news soon from Meatly and ongoing progress with Liberation Labs.

Agreed - so stupid.. hardly a ringing endorsement to dilute your equity 10% for £300k of *new* money..

Tom just paid £200k to tank his existing investment 25%..

Well.. it doesn’t *have* to be at a premium to NAV.

Having said that I believe they would struggle to reach the 75% since the shareholder register is even more institutionslised than in 2020 with a mandate for public listings. Hence they could not hold private listings & vote against.

That’s pink sheets - venture is a proper electronic market with MM’s & decent liquidity.

I think he/she is refering to RNS 7222R from 2020.

If so, they have misread.. no mention of a price trigger. At the time, the share was trading at a premium to NAV and the tender off was 6p (NAV was 5.75).

Still believe this share is cheap - NAV is up 300% since then but market price almost UNCH.

Board should look into a dual listing on Canada perhaps given Cult doing well. They have an AIM like market called TSX Venture.

East Coast & West Coast USA won’t ban it. ANIC need to figure out a way to get the SP into the money w.r.t to warrant strike price..

True - if they hibernate & run down from £10m then that’s 1p.. I’m surprised at how little value the market is valuing the portfolio at - restructuring the Shellbay deal may provide an uptick, then we have the Dec 24 warrants (will expiry be extended again). Only holding looking like it could do anything this year is Meatly (cat food one). Then maybe Liberation Labs next year.

True.. I own 1M shares avg prc 14p but can easily see this dropping to 2p… think this is more a 7-10yr play than a 2-5 so I mis-timed..

Yup - the 3.5m share clip on Thursday was him..

Any of the existing major shareholders will have to notify via TR-1 if they increase/decrease.. i.e. Lombard Odier, Polar and Richard Griffiths. Some of the large trades today could be one of them... we'll find out tomorrow via RNS..

Also.. I wonder why Astra or Sanofi just don't buy the whole thing down here..

Wonder if we’ll see any TR-1 major holding updates?