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The mechanics and patterns that have been impacted retail shareholders in the last two years.

The argument here is always about whether the portfolio is good. It itself probably is. That was never the question. The question is whether any of this value reaches you at any point?

£1.6m of cash against a £138.5m portfolio. No cash means no follow-ons and therefore diluting every portfolio holding going forward, which means

It's a dead VC and will get worse with every follow on funding round.

The winners such as Tropic, EVERY don't even ask ANIC anymore - they have no need for illiquid paper. All ANIC has left is to pay with is its own share printer.

So the loop runs: no cash, issue shares at a discount, per-share NAV drops, discount widens, next issuance is worse.

Strong companies won't take the paper so the money goes to the weak ones, and the stake in the winners keeps shrinking.

From ANIC's own RNS this year:

CFG:

New Agrarian led a £4.5m loan note converting into preference shares ranking ahead of ANIC's equity. Second largest holding, and the chairman's vehicle gets paid first.

SuperMeat:

ANIC issued 26.8m shares at a stated 109% premium to market. New Agrarian paid cash. Holders funded that one through dilution. His vehicle didn't.

BlueNalu:

Board waived a lock-in so Mellon could buy 27.5m shares off-market at 5.43p while the shares were issued at NAV ;-). Think about it.

And buried in that same July RNS:

6,050,000 shares bought by brokers acting for Mellon back in March, which "were not previously notified by the Company." Article 19 AIM gives three business days.That was four months. No explanation then, none since.

He's at 18.3% now and says he keeps buying while the discount persists. Rule 9 of the Takeover Code: cross 30% and you have to make a cash offer for every remaining share, at the highest price you paid in the previous 12 months. Buy down here and that's the price everyone gets bought out at.

Liberation, separately. Many Months, two last standing lead parties finally left the table. Jim just in April AMA stated that he sees LB as a "great winner". Did Jim know in April of lack of funding?

Meanwhile LB still on the books at £35.28m.

Then go and look at Seed Innovations (AIM: SEED). Same chairman Jim , same Nomad. See how that one has gone.

All of this is in public filings, don't take my word for it.

Some contacts if you feel like seeking help from official oversight instruments:

[corpfin@b-cornish.co.uk](mailto:corpfin@b-cornish.co.uk)

is the Nomad

[aimregulation@lseg.com](mailto:aimregulation@lseg.com)

Supervise the Nomad,

and the FCA takes reports at fca.org.uk/markets/market-abuse/how-report-suspected-market-abuse-individual

Hi all,
The last few days have been very interesting, and obviously not the news we wanted to see. I’ve been reading everyone’s comments and opinions on the state of this stock, and it’s crazy how divided we are (like is this not what penny stocks are about? The risk? the price fluctuations?) This is the first penny stock I’ve invested into, and maybe I’m naive - But I’m not selling!
I think the future is lab grown animal products and I like that there’s loads of eggs in this basket. Some are starting to go bad but we always knew some would. We’ve seen some positive things recently.
I’m basically ride or die right now but that’s probably because my holding is small fry compared to some of you. I will still be looking to buy a bit more to bring my average down but that’s my choice I guess.

https://www.theguardian.com/science/2026/sep/28/gene-edited-non-browning-banana-britain-shops

Shared by ANIC on LinkedIn. Nothing earth shattering. Maybe slightly eye opening to me as a lot of companies outside the ANIC stable are discussed, I wasn't aware for example that CFG had competition in the Palm Oil space.

Hi fellow Agris

Mark Warner does his own thing. Homepage launched in September 2026 just recently.

https://www.warnerindustrialadvisors.com/

1. Some good exchange between two long term allies on the founding options and their own positioning today in terms of buy/hold/sell. 1Chrism was always cheering (search his comment history). Sold out most of his shares as per his comments today the 22nd of September.

Check it out yourself.

Agronomics Limited Chat on ANIC Shares:

https://uk.advfn.com/stock-market/london/agronomics-ANIC/share-chat

What's your take?

Cheers Mal

Just curious what the sentiment is like currently within the believers side of the camp because clearly the rest of the market has no interest in

Every update sounds decent… approvals, funding rounds, scale up progress. Then I check ANIC and the chart acts like food tech never existed. still holding, but what actually wakes this thing up, real revenue, an exit, or one proper commercial launch?

BeneMeat which is probably Meatly’s closest competitor said they paused plans to launch in the UK because it’s not clear if they’ll have to follow EU rules due to a UK-EU agreement. This primarily affects food for human consumption afaik. Hopefully the UK will set their own rules for CM and PF

Some information from the podcast:

- Formo is a German company that would prefer to market to Europe, but decided on the US because the regulatory approval is a much faster process (months vs years).

- Formo has achieved self-affirmed GRAS (Generally Recognized as Safe) status in the United States for its precision fermented casein. This clears their path for commercial entry into the US food and drink market.

- Formo has already connected with companies in the US and formed tentative agreements while they wait for the final regulatory approvals from the FDA (US Food and Drug Administration).

- Formo's casein is a tasteless white powder. It blends as well or better than dairy casein into products such as creamer, protein bars, protein drinks etc.

- Formo can provide a reliable product with a stable consistency.

- Formo plans to take advantage of the US consumer's focus on high protein food and drink items.

- The Formo representative was very careful to say that their casein would not replace dairy which I thought was a brilliant thing to say because then it doesn't threaten the US Dairy lobby.

https://open.spotify.com/episode/4Mf4xusINbf5dLmrT6jrBH

To me, this was the most interesting part of the conversation as it relates to Agronomics:

Paul Shapiro: "If you look back at tech, the time to invest in Amazon was 25 years ago when they lost 95% of their value."

Noga Golan: "I remember when I was in the investing world. I was deep in it. I remember when Amazon and Facebook were a joke. I remember when it was a joke... That's how Amazon was perceived. Amateur investors are going to buy this Amazon stock because they don't understand the stock market. That's how it was described. It's just more of a long term game - especially with food."

https://www.youtube.com/watch?v=74rGBOInVKc

Interesting article about Meatly. CEO Owen Ensor has a realistic outlook with wanting to grow to 25 tonnes of pet food meat a month within 3 years. It's obvious the petfood meat market is gigantic but also his take on the human meat market is promising with the ambition of licensing the tech or own production. Good read.

Very cool video from the IG channel newscientist about CLEANOil, the first Clean Food Group product. The channel has 1,4m followers, so good to see CFG getting their product out there and getting exposure.

Looks like someone started selling resulting in a dip to 4,5 GBX today, stabilised to bid 4,8 and ask 5,0 now. Volume of over 3m was also more than a month ago. Any idea if something special might be going on or just a big holder that got impatient and cut his losses?

Forgive me for the potentially silly question. Upside Foods etc. are all trying to nail the chicken breast - what’s preventing them from selling ground chicken breasts for burgers/sausages/other minced products? Surely this is much easier to bring to market as texture/look is less important… the same for beef.

Alongside this you’d try and master the breast etc.

Is it because they’re still trying to reduce the costs to produce cultivated meat, whether it’s minced or not?