Agronomics Share Discussion Threads

[dicktrade] 20/2/2021 07:05

Interesting two page article in IC this week.

[ryesloan] 15/2/2021 08:51

Yeah the performance fee is steepbut it's been no secret.Also I may be misunderstanding the terms but does the following: "provided the fully diluted NAV exceeds the offer price per share inthe AIM listing" not mean that there can be no fee paid if the shares are at a premium to the NAV?

[quepassa] 12/2/2021 08:08

By the way, I can highly recommend Jim Mellon's brand new book - Moo's Law. It is a great read and brimming with insights and information on this burgeoning sector. If anybody wants to bring themselves up to speed with recent developments in plant-based meat and cellular agriculture - it is a tenner very well spent - and includes an address-book type snap-shot and contact details for all the key and emerging players in the plant-based and cell-ag foodtech sectors. ALL IMO. DYOR. QP

[quepassa] 12/2/2021 08:00

So I tracked it down in the recent interim financial statements for period ended 31/12/20. WOW! A whopping 15% Performance Fee Performance Fee as detailed on page 8:- "Shellbay Investments Limited receives performance fees for the provision of Mr James Mellon as Non-Executive Chairman of the Company. The fees are calculated at 15 per cent. of any increase in the net asset value of the Company over each quarterly period, subject to a high watermark (high-watermark being defined as “the highest fully diluted NAV per shares recorded at any quarter day end to date provided the fully diluted NAV exceeds the offer price per share in the AIM listing”). The performance fee is payable in shares issued at the mid-price on the day of the quarterly net asset value announcement. No fees were payable for the current period (31 December 2019: £nil). See note 9 for further details" I like the sector but a 15% performance fee is in hedge-fund territory and not the sort of standard management fees associated with many quoted investment companies. Too rich for my blood at those fees. Good Luck All. ALL IMO. DYOR. QP

[quepassa] 11/2/2021 09:30

Can somebody please assist in a quick question. Although perhaps waived this year, what are 1) the contractual ongoing annual management fees, and 2) the contractual performance-related fees thanks. QP

[mo2550] 08/2/2021 17:04

https://www.google.co.uk/amp/s/www.nanalyze.com/2020/04/clean-food-stock-not-beyond-meat/amp/

[philipc240] 08/2/2021 10:57

Not sure if same article but also mentioned here (not behind a pay wall for me) - https://amp.ft.com/content/95d82cb1-3a07-4d3b-be28-1c644ba6ee32?segmentid=acee4131-99c2-09d3-a635-873e61754ec6&__twitter_impression=true

[dicktrade] 08/2/2021 10:43

Thanks both. Its been a long time since i read the FT !! Richard

[ryesloan] 08/2/2021 10:36

https://www.ft.com/content/95d82cb1-3a07-4d3b-be28-1c644ba6ee32Behind the pay wall though.

[philipc240] 08/2/2021 10:29

Was wondering whats happened! Has anyone got link can't find it with a search on Google

[nivison] 08/2/2021 10:21

tipped in the FT at the weekend.

[dicktrade] 08/2/2021 10:16

A lot of buying activity this morning, more than usual. Am i missing something ?

[mesb48] 02/2/2021 11:52

I don't think any shareholder would choose to get diluted, but we all only need to read the RNS from 19 June last year to know the board has serious ambition to grow this business and invest more capital. And the businesses we are investing in need more capital from investors to fund their ambitions. On a Master Investor webinar in July last year, Jim Mellon said he wanted the company to reach $500 million in size by the end of 2021. To get there from where we are currently, it is a racing certainty the company needs to raise more capital itself - the only question is the timing and the price.

[slicethepie] 01/2/2021 16:04

You sound like a broker wanting them to raise more equity! Over and out?

[ryesloan] 01/2/2021 14:05

They raise money to do the exact opposite. Look at the follow on investment in BlueNalu that has maintained our percentage stake. We need cash to prevent dilution not cause it.And if Jim is not interested in fees we can look forward to him waiving the chunky performance fee he has baked into the management agreement then? Hmmm thought not!

[slicethepie] 30/1/2021 10:43

Your points are well made except the likes of Jim Mellon are not interested in fees, they want exposure to these fledgling companies and by raising money they dilute those positions. They got into these positions very early and believe they have some of the best companies in this space so why dilute those unless they believe they can find better opportunities. The opportunities available now are much more expensive since the herd arrived into this space. I would sell my holding if they raised.

[faz] 28/1/2021 22:03

Several reason to raise more money 1. you are an investment company so it's literally your bread and butter 2. Market cap is well ahead of 'real' value so exploit it 3 a market correction may be imminent - it nearly happened this week 4. a bird in hand..try raising it if there IS a market correction 5. Not all your investments will be either on time or successful; believe anything else and you are in the wrong business. WHether they do raise more cash of course is not decided by the above but not to consider raising cash right now would mean they are not doing their job

[meneither2] 27/1/2021 13:24

Future investment opportunities?

[slicethepie] 26/1/2021 10:39

Why would you raise more money other than to dilute the existing holdings, which management believe are excellent They have said the market is hotting up in terms of investment which means prices are much higher, the only reason would be to get more management fees.

[philipc240] 26/1/2021 10:17

I suspect others feel the same Rock Star based on todays drop!

[faz] 18/1/2021 15:43

dont be a prat - you can work out the NAV from their investments, the market cap from the ADVFN front page and any Pi that invests more than pocket money should know reporting dates.

[slicethepie] 18/1/2021 14:58

You probably saw covid coming before everyone else well done!

[faz] 18/1/2021 07:38

Nav £20m, market cap £70m. Why I sold last week. Gla

[techno20] 15/1/2021 15:18

150% up since November. Feels a tad frothy, so sold down heavily in the last week. Hopefully will be able to top up again in due course, but only time will tell!

[meneither2] 07/1/2021 13:33

Agree, that is my thinking. But exciting to see this progress nonetheless.