Jim Mellon Boosts Stake in Agronomics Limited (ANIC) to 18.30% with $2M Share Purchase from BlueNalu

Jim Mellon Acquires 27.49 Million Agronomics Shares Directly from BlueNalu at 5.43 Pence

Jim Mellon, Executive Chair of Agronomics Limited, acquired 27,490,407 ordinary shares of A30.000001 each directly from BlueNalu, Inc. at 5.43 pence per share, totaling US$2,000,000 (approximately A31,493,200). The transaction was reported on 13 July 2026, with the announcement issued on 14 July 2026. Unlike standard market trades, this off-market purchase involved buying shares directly from an institutional shareholder rather than through the AIM order book.

BlueNalu had been issued 30,643,003 ordinary shares in Agronomics during a funding round announced on 30 December 2025. BlueNalu notified Agronomics's broker of its intent to sell these shares, subject to lock-in and orderly market conditions. Mr Mellon's acquisition of 27,490,407 shares, the majority of BlueNalu's holding, prevents a large block sale that could depress the share price and provides BlueNalu with immediate working capital of US$2,000,000.

Lock-In Waiver for BlueNalu and Equivalent Market Restrictions for Mr Mellon

Agronomics's board waived the lock-in and orderly market restrictions originally imposed on BlueNalu's shares to enable this off-market transaction. This "Waiver" allowed the direct sale to Mr Mellon, which would otherwise have been restricted. In exchange, Mr Mellon agreed to equivalent lock-in and orderly market obligations on these shares. He also confirmed no current intention to sell any of his shares, offering investors some market stability assurance.

Disclosure of Previously Unreported March 2026 Market Purchases of 6,050,000 Shares

The 14 July 2026 announcement also revealed that brokers acting for Mr Mellon acquired 6,050,000 ordinary shares via open-market purchases between 13 and 27 March 2026. These transactions, not previously disclosed, occurred across eleven trading dates with prices from 6.6 to 7.0 pence per share. The largest single purchase was 2,550,000 shares at 6.6 pence on 23 March 2026. The full transaction schedule was provided as part of the current notification, bringing the total acquisition to 33,540,407 shares.

Mr Mellon's Total Holding Reaches 199,316,404 Shares, Representing 18.30% Voting Rights

Combining both acquisitions, Mr Mellon's total interest in Agronomics, including shares held by associates, is 199,316,404 ordinary shares, or 18.30% of voting rights. This includes 41,347,369 shares held directly by Jim Mellon, 157,944,938 by Galloway Limited, and 24,097 by Shellbay Investments Limited. This substantial stake positions Mr Mellon as a key shareholder whose actions significantly influence investor sentiment. He has indicated intent to continue purchasing shares if the current discount to NAV persists, signaling confidence in the company’s long-term prospects, though this remains a non-binding intention.

Shares Trading at 56% Discount to NAV of 12.93 Pence Underpins Mellon's Buying Strategy

Agronomics's shares were trading at an approximate 56% discount to the NAV per share of 12.93 pence as of 10 July 2026. Mr Mellon's purchases at 5.43 pence and between 6.6 and 7.0 pence were well below NAV, highlighting the discount’s role in motivating his acquisitions. Such a large discount often reflects market skepticism about asset realizability, liquidity, or sector uncertainties. Agronomics's portfolio focuses on the clean food and cellular agriculture sector, which involves long development timelines and early-stage companies. No guidance was provided on when or if the discount might narrow.

Agronomics Elevates BlueNalu Governance Rights to Full Board Director Nomination

As part of the transaction, Agronomics upgraded its governance rights over BlueNalu from board observer to full board director nomination. Mr Mellon was appointed as Agronomics's nominee director on BlueNalu's board, enhancing Agronomics's influence over BlueNalu's strategic decisions. This dual role strengthens operational ties between Agronomics and BlueNalu, potentially increasing oversight of BlueNalu’s financial and capital strategies, though the announcement presents this fact neutrally without commenting on governance implications.

Agronomics Holds Approximately 12.96% of BlueNalu on a Fully Diluted Basis

Following the December 2025 investment, Agronomics holds 2,519,609 preferred shares in BlueNalu with a book value of about US$15.54 million, including a convertible promissory note. This equates to an approximate 12.96% fully diluted ownership of BlueNalu. BlueNalu operates in the cultivated seafood sector and represents one of Agronomics's largest portfolio holdings by implied value. The announcement did not disclose BlueNalu’s revenue or updated financial projections.

Right of First Refusal on Remaining 3,152,596 BlueNalu-Held Agronomics Shares Expires 1 October 2026

Mr Mellon holds a right of first refusal on the remaining 3,152,596 Agronomics shares held by BlueNalu after the recent sale. The price for any future acquisition will be mutually agreed upon when exercised. This right expires on 1 October 2026, providing an approximately eleven-week window for Mr Mellon to acquire these shares if BlueNalu opts to sell. Exercising this right would eliminate BlueNalu’s remaining stake and reduce potential overhang in Agronomics’s share register. Investors may closely watch this expiry as a factor influencing share price movements in Q3 2026.

Agronomics’s Clean Food Investment Focus and Sector Outlook

Agronomics Limited, listed on AIM under ticker ANIC and incorporated in the Isle of Man, invests in early- and growth-stage companies in cellular agriculture, precision fermentation, and alternative proteins aimed at reducing environmental impacts of traditional animal agriculture. BlueNalu, specializing in cell-cultivated seafood, is a key portfolio company. The clean food sector has garnered global investor interest but remains characterized by early-stage companies with uncertain timelines for commercial returns. The 56% NAV discount likely reflects market caution around regulatory, consumer adoption, and scale-up challenges. Agronomics’s active portfolio management, including governance enhancements like the BlueNalu board seat, may aim to support value creation during extended development phases.

UK MAR Compliance and Inside Information Status of 14 July 2026 Disclosure

This announcement complies with UK Market Abuse Regulation (UK MAR) and is designated as inside information under Article 7 of EU Market Abuse Regulation No. 596/2014, as incorporated into UK law. Publication brings this information into the public domain. The formal PDMR dealing notification includes Mr Mellon’s role as Executive Chair, details of the share acquisitions totaling 33,540,407 shares (27,490,407 from BlueNalu and 6,050,000 market purchases), Agronomics’s identification code (IM00B6QH1J21), and LEI (21380029M8MPIEQ3TL31). The announcement did not clarify immediate share price impacts.