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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Agronomics Limited | ANIC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 3.85 | 08:00:10 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3.85 | 3.80 | 3.85 | 3.85 | 3.85 |
| Industry Sector |
|---|
| PHARMACEUTICALS & BIOTECHNOLOGY |
| Top Posts |
|---|
Posted at 31/1/2025 09:23 by peterrr3 For those who don't know about ANIC portfolio company Tropic Biosciences here is a good snap shot. Ground breaking technology, seed bank ready to go for the first product. The CEO is a Cambridge professor whose first company got taken over about the same stage by Monsanto from memory.https://tropi |
Posted at 31/1/2025 07:19 by 1chrism I dunno nano, maybe it would have been cool to spike up to NAV, but Im not seeing the inevitability. I think you intimate part for the reason when you say that the delay could have irked investors - but then Mark Warner has in his last Futute of Foods interview been quite moany about the investor landscape.Also, in our current depressed growth macro climate yesterday's news was funding and not revenue and whilst interest rates, inflation and recession encircle the news like vultures, it is not the kind of payday the market is excited about at the moment.And finally, this is cell. ag., no one knows what it is yet or even what Liberation Labs does and for who and for what price. ANIC is basically Clint Eastwood's the man with no name; fighting the good fight, looking for buried gold. So the slow uptake in an alternate perspective is a reason to take heart; you nano, are one of the select few who knows what this means, both for Liberation Labs and food and drink and other things when the factory is operational. I dont think the market will or can afford to ignore revenue. So that is perhaps another year of getting ahead of the market. And that is rare. |
Posted at 14/1/2025 20:31 by peterrr3 Chris the private investments have come from global food which is quite encouraging as most of the big players are involved now, many in the last 12 months. Just a shame the largest JVs are not in ANICs portfolio yet. Geltor was flagged by one of the think tanks as a 2025 potential unicorn, but I think that is more than a few funding rounds and a scale up or 3 short of that in reality. Tropic is a small ownership percentage wise, but I expect them to do really well this year without any further funding and maybe ANIC can use that to say the valuations hold up. |
Posted at 06/12/2024 09:27 by 1chrism Nice to see a supportive grok. I think even if Trump does quietly leave Liberation Lab's $100m alone, I suspect market sentiment still linked to his politic meams ANIC will head down, down. Im a sincere optimist and Im bracing myself for 2p.I mean, unless Meatly comes to save us with some dog trears, Santa is bringing us coal this year. It is starting to feel existential with the incoming US govt. However, I think with the exception of my personal fave (Vitro labs and maybe Wild Microbes (not my fave but nonetheless a great peoposition)) the ANIC portfolio is going to change the world. Im in year two of my 20 year ANIC plan but even still this slump is testing. And Reeves budget has effectively annihilated UK investment. Im not seeing any positives over the next 12 months, but I recognise if one invests in ANIC, thick skin and a tough constitution is required. |
Posted at 28/11/2024 22:08 by 1chrism I do agree with your estimation that ANIC is suffering from investor fatigue (I feel it also). However, I think this trouble is macro and not ANIC related. I dont agree that the company misuses the RNS, and if you have the capacity/ability, do outline your reasoning.I also think that if you are an ANIC shareholder with even a fingerpad on the pulse you are entirely subscribed to the concept of delay, be that regulatory, financial or otherwise. |
Posted at 13/11/2024 13:18 by 1chrism Agreed, selling now at such a discount would be a bit of lead meets foot situation. Unless of course there is a private equity windfall lined up.I read the fundraise pause to be related to the overall diabolical VC fundraising space (especially new tech) related to interest rates. Given the sub 5% interest rate move, a private manouevre seems additionally awkward - and alongside shop shelve expectations for ANIC in 2025 you would expect a slow but effective return of VC investment (and for ANIC portfolio investment has been impressive for the big hitters in any case). Added to that, what would private move do for confidence (again timing considered)? Also given Meatly closing their round, Formo ramping up, Solar opening a US office, Supermeat hitting parity, the NAV ought to go up? Discount abound.Im not convinced by your thesis, but I am concerned.As if we needed an additional ANIC related worry. |
Posted at 21/9/2024 07:19 by 1chrism Whilst it is worth noting that other markets are available and have improved where the UK has not it offers a false promise. The S&P is blue chip so a comparison is apples and oranges.The Russell makes more sense but within that particular bowl of fruit there sits no VC like ANIC. We all know that when it comes to cellular agriculture VCs, there is only one.Your question persists, however. Would it have worked better in the US? Without seeing anything like for like in any etfs or wrappers no certainty can be added to the statement. We do also know that a growing number of US states are banning lab meat - without the concept being rea?ised. But do I think that the UK has saved ANIC from the insanity of US politics, perhaps. The US recently pumped $2m into solar foods. But the UK has put £2bn aside for alternative foods and have a QUANGO working on reforming the process of approvals for alternative proteins. Australia is looking good for this and obviously Singapore leads the pack. Perhaps ANIC would be ripping up the re-ratings book on the Singapore.A handy thing to remind ourselves of is the stage we find ANIC in: all companies who have a revenue have begun within the last 12 months. So if you invest in ANIC you are stepping into the abyss in a way that does not exist on any exchange. I gave myself a 20 year brief two years ago and ANIC have a decade of funding left. This is probably why I would rather ANIC is on the UK rather than US. If you have a short term plan for ANIC then your statement does hold credo. So there is a good place to leave it: UK market for the longhaul, and US for the short term. And speaking of shorts, another week to forget for the share price. |
Posted at 02/9/2024 09:16 by davebowler Learned analysis from OakBlokeANICI see we have a new quango to promote Cellular Agriculture: NAPIC.W |
Posted at 23/8/2024 20:05 by 1chrism I think for the most part it is fair to say charting is meaningless, although it can be useful when an event or news happens. I think the dominating factor for the ANIC chart has been the macro picture. When inflation went up, and geopolitics took a hard right turn, ANIC went dowwwwwwwnn. And I agree that all these things remain to this day uncertainties so the downtrend is likely still with us. And this is why mag. Seven do so well, everyone wants to buy shares in companies that have revenue and are defensive. From the outside ANIC is a clear risk.And yet, whilst macro persists there is a sniff that the ANIC approach is starting to look like a defensive play. I think it is less about environment and more about the troubling stats around food security and sustainability (9% globe undernourished). But this is still an argument for those who read up.The labour gov. are actually just continuing the work of the conservatives when it comes to funding cellular agriculture and changing regulation. Although to be fair Reeves set up a quango that will smash regulatory stumbling blocks.Then there is the revenue issue. ANIC doesnt have any, yet.Liberation Labs is the big hope (37% of company owned by Chow&co.) of the portfolio but to date we have no idea if they have enough money to build the factory that is supposed to happen.Im already sold on ANIC, but it has been a nervy two years and I dont see what will change things, apart from revenue. Granted we have a decade of lights on money but nothing left to invest, and every one of the portfolio companies need more cash. It is a hugely exciting time for sure and holding for the next decade makes sense, especially when there is zero competition. |
Posted at 10/8/2024 11:57 by davebowler The Oak Bloke-?Forwarded this email? Subscribe here for moreANIC-dotes and cow hidesProgress at AgronomicsThe Oak BlokeAug 9? ????READ IN APP? ?Hide among the cows. Man, if you hear mummmm, then run. Run for your life.Dear readerI want to start today's article with something light hearted that even after all these years I find really funny, and only to be found in Britain I think. To my non-British readers perhaps you will agree and say ah yes the British Comedy very Monty Python etc or disagree, and perhaps in your country you also had fools dressing up in pantomime horses and going to your local supermarket crying "Muummmmm, where are you" in the midst of a horsemeat scandal.Thanks for reading The Oak Bloke's Substack! Subscribe for free to receive new posts and support my work.Pledge your support?Anyway, the video has a serious point too. Trust in our food chain is paramount. When we don't know if the Beef is Beef we are in trouble. The many losers in that period were farms and farmers. The winners were companies like Quorn. Demand shot up. Similar boosts occurred during Veganuary (vegan January). Even the Oak Bloke has been known to enjoy a month of Veganism.11 years ago before the horsemeat scandal fewer people had heard of Quorn and certainly there was no "Vegan aisle" in the supermarket. Times change.Yet the history of Quorn, a vegetarian protein and meat substitute, began in the 1960s when British visionary J. Arthur Rank, also known as Lord Rank, set his scientists to work to find a sustainable source of protein. Rank's concern was that conventional farming would not be able to keep up with the growing population and food shortages that were predicted for the 1980s. After screening over 3,000 soil samples worldwide, Rank's team discovered a microorganism in the fungi family called Fusarium venenatum in 1967. The fungus was originally found in a field in Marlow, Buckinghamshire. A great British success story.And one where profits quintupled between 2009 and 2017?Decades on from Rank, the UN believe our global agricultural system is close to a breaking point, and the implications for investors are these.First that governments will increasingly tax unhealthy and processed foods. We all know about the £22bn black hole "discovered" by Labour. Yes capital gains is in the firing line but will Keir discourage the very growth he said was cornerstone. I think it is incredibly naiave to think the budget will fall solely on a tax grab on the rich via capital gains. Labour donors urge a red meat tax - will we see this? With harrumphing farmers being offered schemes of renewable energy to create the UK energy power house in compensation perhaps?Second that Labour and many other governments are urging improvements (intensification) to agriculture. The problem with this approach is that improvements quite literally come at a cost. Pesticides destroy the good as well as the bad. Herbicides too. Fertilisers come at a cost.Third in Maslow's hierarchy of need food comes after water and shelter (if my memory serves). In other words pretty important. Being an island nation we more than most need to worry about food security.Fourth that despite Trump's close (ear) shave and the hasty conclusion that "he's won the election", I'm not so sure. If you've watched the Democrats post Biden bounceback there's a real energy and VP candidate Walz is a firebrand. Love his inauguration speech. This is not a political blog and I merely point out that a Democrat government with UK Labour will push hard on green issues. The EU continue to push hard on green issues. And while the perception is that the rest of the world merrily burn coal while we "waste money" on green investment the reality of all I read if I visit the Hindustan Times or the Zimbabwe NewsDay all parts of the world are following the West. Zimbabwe will generate 16.5% of electricity via green power sources by next year for example.So predictably perhaps the Oak Bloke moots Cellular Agriculture as an implication. Will its time come? Has its time come? I believe so.The ANIC update speaks to 4 funding rounds in the quarter of some $50m - three at approximately equal value (same round) and one down round.ANIC invested US$ 10 million in Liberation Labs Holding Inc. ("Liberation Labs") as part of a larger US$ 12.5 million round. The convertible debt is being used for the continued construction of the Production facility in Richmond Indiana - a picks and shovels play on Cellular Ag. The holding is carried at £25.8 million. Agronomics now holds 37.5% of Liberation Labs on a fully diluted basis.Mosa Meat B.V ("Mosa Meat") raised 40 million in new capital to help finance the further scaling up of its production process and prepare its products for market entry. This new financing had no impact on Agronomics' carrying value and the Company holds an equity ownership of ~1.68% on a fully diluted basis.Solar Foods Oy ("Solar Foods") raised an additional 8 million via Finish investment organiser Springvest Oyj. The additional funding is a subsequent close to Solar Foods' Series B round which took place in November 2023, bringing the total raise to 16 million. Following the first close of the Series B, Agronomics position was carried at £11.4 million. This subsequent close remained on the same terms as those set in November and there was no change to the value of Agronomics position.Finally VitroLabs Inc. closed a US$ 3.5 million fundraise led by a climate tech focused venture capital firm. Following the close of this financing, the write down to Agronomics position was from £7,797.9k to just £418.6k. This is obviously a disappointing outcome but equally there has been zero news flow and nor has the Oak Bloke ever discussed VitroLabs before today. In other words, the fact it has gone back to market in a position of weakness isn't entirely surprising. If this were a holding with solid news flow and close to commercialisation then it would be very different. But let's see whether the fundraise can turn it around. Leather goods are closely linked with cruelty, and the fashion industry could well embrace a cruelty-free leather. It did so with Fur didn't it? Is leather any different to Fur when it comes to cruelty?VitroLabs was the inspiration for today's cover picture, and a producer of lab-grown leather. It is backed by Leonardo DiCaprio but I'll let BBC Click explain what they do:?A write down actually relatively rare for ANIC but explained the drop in NAV from 16.98p to 16.42p.But hidden in these losses are gains too. The NAV at 31/3/24 was £171.4m which comprised of investments of £153.0m and £19.6m of uninvested cash.The NAV at 30/06/24 is £165.7m comprising investments of £153.5m and £12.2m invested cash.Eagle-eyed readers will see that the £7.4m loss in VitroLabs is offset in the quarter by £1.7m of gains in other holdings to get a £5.7m net loss.At 30/06/2024, Agronomics' net assets were £165.7 m ( £153.5m from investments and £12.2m of uninvested cash), a difference of £5.7m from the net assets at 31/03/2024.Contrast this with the market cap today of £55m. (5.4p bid/5.5p ask)If you strip out cash this is at a 72% discount. This is an astonishing discount in my opinion. Where in a single "bad" quarter £1.7m of gains on a £150m portfolio is £6.8m annualised or 4.5% p.a.Over 4 years (from June 2020) the NAV has grown from 5.7p a share to (June 2024) 16.42p a share. That's 288% NAV growth or 72% per year. Hence the comment 4.5% P.A. growth in the NAV is "bad".If we further consider the net £42.8m it would cost to buy the whole of ANIC (after cash is stripped out), then £25.6m is covered by Liberation Labs which is less than 6 months away from commercial income. This is a custom built facility for producing cellular agriculture at scale. It is close to cheap energy, cheap sugar, and plentiful labour. The 37.4% holding is estimated to be able to generate $8m (£6.2m) EBITDA, although we can expect this will be ploughed back in to scale the production further. £6.2m/£25.6m is a 25% operating profit - so likely to enjoy an uplift in valuation.£15.6m covers SuperMeat - coming to a PetsAtHome later this year and thus is at a commercial stage too. Likely to enjoy an uplift too.£1.6m remaining buys you £110.7m of other holdings. If you accept the logic that the above two holdings are "worth" their NAV and that you could realistically sell each for their book value then the remaining £110.7m of holdings is at an unbelievable 98.5% discount to NAV.That £1.6m buys you parts of businesses developing and commercialising Cellular Agriculture and Precision Fermented Blue Tuna, Chicken, Cheese, Eggs, Hydrogen, Proteins, Pork, Beef, Seafood, Leather, Cotton, Coffee, Egg Protein, Cocoa and Palm Oil.If any one of these develops as Quorn did, then this alone would cover the £55m market cap. The ANIC portfolio contains a myriad of Quorn-like holdings. Potentially much bigger than Quorn too.I continue to watch this with eager interest and belief that this is substantially mispriced.RegardsThe Oak BlokeDisclaimers:Thi |
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