# Meatable Dutch Innovation Credit Public Transaction Dossier **Package ID:** `meatable-dutch-innovation-credit-public-2026-09-01` **Observation cut-off:** 1 September 2026 **Transaction focus:** issuer-reported EUR 7.6 million Innovation Credit award published on 24 September 2024; a regulated announcement on 19 December 2025 that Meatable's board and shareholders had resolved to dissolve and wind down the business; individualized credit decision, advances and creditor outcome unresolved **Decision:** `RETAINED_PUBLIC_PACKAGE / INELIGIBLE_FOR_HURDLE_SET` **Engine input:** canonical public-incomplete Claim Ledger only; no hurdle-evidence configuration generated ## Executive result This package tests a third public-capital architecture against the project's [Market Observation and Hurdle Evidence Set v0.1](../../docs/MARKET_OBSERVATION_AND_HURDLE_EVIDENCE_V0_1.md). Meatable stated on 24 September 2024 that it had been awarded EUR 7.6 million under the Netherlands Enterprise Agency's Innovation Credit programme and would use the credit to improve productivity and reduce costs before commercialization. That is a relevant issuer-reported award observation. The cut-off also contains a known adverse corporate outcome. Agronomics' RNS 2963M, published on 19 December 2025, reports that Meatable's board and shareholders had resolved to dissolve Meatable B.V. and related group companies, terminate operating activities and conduct an orderly wind-down under the applicable statutory liquidation procedures after continued funding could not be obtained. It does not state that legal dissolution completed on 19 December 2025. Agronomics separately reported that its GBP 11.9 million equity carrying value would be written down to zero. Neither observation is a credit cash observation. The public package does not identify the exact recipient legal entity, individualized award decision, award-decision date, approved project plan, eligible-cost base, project classification, advance schedule, bank settlement, accrued balance, repayment schedule, collateral schedule, remission decision or realized recovery. The later dissolution resolution and the equity write-off do not fill those gaps. They do not establish an RVO default or acceleration, an outstanding advance balance, a proof of claim, a remission request or decision, security release, liquidation priority, creditor recovery or settlement cash. The corporate outcome is therefore retained as an adverse backtest while the RVO claim outcome remains `UNKNOWN`. The 2024 award source names the Meatable brand, while RNS 2963M names Meatable B.V. and related group companies; the exact legal linkage between the RVO recipient and those entities also remains unresolved. The official 2024 opening notice and RVO's July 2024 obligations document add useful programme mechanics. They do not fill those award-specific gaps. The opening notice records a 3% annual base rate and fixed premiums of 15% for technical development projects and 25% for clinical development projects. Nothing in the allowed award-specific source establishes Meatable's formal classification or that any one of those generic premiums appears in its individual decision. The July document is a standard obligations-and-conditions package with blank fields and optional clauses. It describes binding project plans, milestone and financial reporting, approval rights over material changes, repayment of credit plus interest and a fixed premium, and a first-ranking pledge template over specified project assets and derived intellectual property. Those are generic programme mechanics, not proof that a completed Meatable agreement contains every template provision or that a particular asset was pledged. Most importantly, remission is not an automatic failure payoff. Current RVO guidance says a recipient may ask for partial remission when a project fails for technical reasons or loses market prospects, and RVO may grant temporary or definitive remission depending on the circumstances. The guidance is a current generic explanation, not a Meatable-specific 2024 decision or outcome. The Claim Ledger therefore contains no automatic principal forgiveness, no provider cash, and no assumed loss severity. The manual admission result is: ```text candidate_admission_status = ineligible candidate_cluster_boundary = defined_as_one_public_award_observation award_amount_status = observed_issuer_claim_not_cash individualized_claim_status = unknown post_award_corporate_outcome = resolution_to_dissolve_and_wind_down_announced corporate_outcome_announcement_date = 2025-12-19 legal_dissolution_completion_date = unknown rvo_claim_outcome_after_corporate_resolution = unknown remission_status = discretionary_generic_mechanic_only expected_cash_rate_preimage = not_calculated hurdle_evidence_config_generated = false reason = known_corporate_outcome_but_no_complete_credit_claim_price_settlement_or_recovery_cash ``` No amount, date, cash path or probability has been supplied by assumption. ## Evidence layers that must not be merged ### 1. Award-specific issuer observation The Meatable release is the only permitted source that names the candidate award. As an issuer award announcement it is classed `D` / `CLM`: - publication on 24 September 2024; - an award described as EUR 7.6 million under RVO's Innovation Credit programme; - an intended use of improving productivity and reducing costs before commercialization; and - contextual mention of Meatable's 2023 EUR 30 million Series B. The Series B is not combined with the Innovation Credit, and the release date is not used as the decision, execution, funding or settlement date. The release names the Meatable brand rather than an exact legal obligor and does not evidence a cash receipt. ### 2. Official 2024 programme opening Staatscourant 2023 number 35780 was published on 27 December 2023 and opened the 2024 Innovation Credit programme from 1 January through 1 December 2024. It set separate EUR 30 million programme ceilings for clinical and technical development projects and stated that the rates remained 3% annually as a base rate plus a 15% fixed premium for technical projects or 25% for clinical projects. Those are programme-level legal facts (`A` / `REG`). The notice does not name Meatable and does not establish its application date, decision date, formal project class, individualized rate, approved amount, advance or cash balance. The opening window is therefore only a consistency boundary, never a transaction date. ### 3. July 2024 standard obligations and conditions The official RVO document is also programme-level evidence (`A` / `REG`). It contains standard obligations and templates, including placeholders for the applicant, project, decision reference, related parties, assets and any surety. The package supports the following generic state design: | Generic programme mechanic | What the document supports | What remains Meatable-specific and unknown | |---|---|---| | Project and milestone control | Approved project plan is binding; progress reports are due after defined reporting periods and report milestone status | Approved plan, milestones, periods, achievement and advance history | | Change control | Prior approval is required for material changes including budget, schedule, financing, commercial prospects, control, financial condition and project IP | Any Meatable request, consent, suspension, amendment or breach | | Financial restrictions | Standard condition restricts shareholder withdrawals while the credit is not fully repaid | Exact liable group, exceptions, compliance and enforcement | | Finalization | Final report and subsidy-finalization request follow project end; an accountant declaration is required above the stated cost threshold | Project end, eligible costs, accepted costs and final amount | | Repayment | Standard framework refers to repayment of credit plus accrued interest and fixed premium | Meatable principal, accrual, payment dates, maturity, cash and amendments | | Security | Pledge template describes a first-ranking pledge over identified and future project assets and derived IP | Executed pledge, pledgor, asset list, perfection, other liens, value and recovery | | Surety | Annex language is conditional and contains placeholders | Whether any Meatable surety exists and, if so, its obligor and scope | | Default realization | Template permits realization of pledged assets after default and application of proceeds to obligations | Default, enforcement, proceeds, costs, priority and creditor recovery | No blank or optional template clause is promoted into an award-specific fact. ### 4. Current generic remission guidance RVO's current post-application page explains that a recipient may request partial remission if technical failure occurs or market prospects fall away, and that RVO may grant temporary or definitive relief depending on the circumstances. It also says RVO determines an individualized repayment schedule from forecasts and that interest and the pledge continue during the repayment period. Separately, the page describes next-period advances following approval of a progress report and the ability to pause advances for major changes until amended plans are approved. This source was last changed in January 2026, after the candidate award. It is retained only to establish a current administrative interpretation of discretion. It does not prove the wording applicable on Meatable's award date, an application for remission, a decision, a release of security, or a cash outcome. ### 5. Regulated 19 December 2025 corporate-outcome announcement Agronomics' RNS 2963M is a regulated issuer-investor announcement (`C` / `CLM`). It establishes the following post-award public facts: - publication on 19 December 2025; - a reported board-and-shareholder resolution to dissolve Meatable B.V. and related group companies and terminate operating activities; - an intended orderly wind-down under applicable statutory liquidation procedures after continued funding was unavailable; and - Agronomics' separate report that GBP 7.9 million had been invested in its equity position and that a GBP 11.9 million carrying value would be written down to zero. The publication date is not encoded as the resolution date, cessation date or legal dissolution-completion date. The announcement is not a liquidation resolution filing, liquidator report, creditor schedule or distribution account. Most importantly, Agronomics' equity is a different asset from the RVO credit. A zero equity carrying value does not establish the RVO claim's principal, default status, remission, collateral, ranking, recovery or loss severity. The direct London South East distribution page returned HTTP 403 to automated retrieval. Its terms also restrict copying and redistribution. The package therefore records the URL, RNS number, access date and normalized facts as `NOT_RETAINED`; it does not commit distributor HTML. A permitted historical RNS delivery or written redistribution permission is required before exact bytes can be retained publicly. ### 6. Current issuer-homepage corroboration The current Meatable homepage carries a statement of intended orderly dissolution and liquidation after insufficient additional funding. Direct retrieval timed out at the cut-off and no publication date is displayed in the indexed representation, so it remains `D` / `CLM`, `NOT_RETAINED` and corroborative only. It is not used to determine any legal effective date, operating-cessation date or RVO claim outcome. ## Financial normalization | Required field | Public result | Consequence | |---|---|---| | Economic cluster | One 24 September 2024 issuer award announcement | Candidate observation is defined; underlying legal claim remains incomplete | | Recipient | Meatable brand | Exact legal obligor and related liable or pledging parties unknown | | Provider | RVO named by issuer; standard pledge template names the State of the Netherlands | Individualized contracting and payment parties not established | | Amount | EUR 7.6 million described as awarded | Award amount is not contractual face, advanced principal, buyer price, borrower gross proceeds or cash received | | Decision and settlement | No individualized decision or bank evidence | Execution, funding, value and settlement dates remain `UNKNOWN` | | Project | Productivity improvement and cost reduction before commercialization | Approved scope, budget, eligibility percentage, milestones and completion tests absent | | Rate and premium | Generic 2024 rates observed | Meatable class and individualized accrual are unknown; programme rates are not a market hurdle | | Repayment | Generic programme framework observed | Exact schedule, cash rights, prepayment, acceleration and realized cash unknown | | Advance control | Current guidance describes progress-report approval before the next-period advance and possible pause for major changes | No Meatable advance, pause, restart or milestone state is observed | | Failure and remission | Current guidance describes a request and discretionary RVO decision | No automatic forgiveness, probability, remission amount, timing or Meatable outcome may be modeled | | Security | Standard first-ranking pledge template observed | Executed collateral, priority, perfection, value, enforcement and recovery unknown | | Post-award corporate outcome | 19 December 2025 announcement of a resolution to dissolve, terminate operations and conduct an orderly statutory wind-down | Legal completion date, creditor schedule and liquidation distributions absent | | Agronomics equity outcome | GBP 11.9 million carrying value reported written down to zero | Separate equity asset; not an observation of the RVO claim balance, recovery or loss | | RVO claim after corporate resolution | No claim-specific creditor record | Default, acceleration, proof of claim, remission, security release, priority, recovery and settlement remain `UNKNOWN` | | Price and costs | No investor or borrower settlement ledger | All-in investor outflow and borrower net proceeds cannot be reconciled | | Physical expected cash | No independent ex-ante probability or recovery set | Expected-cash rate preimage cannot be solved | | Comparable bridge | No complete eight-axis adjustment package | Candidate cannot supply a target hurdle | The row-level result is recorded in [`normalization_decision.tsv`](normalization_decision.tsv). ## Why the programme rates are not an investor hurdle The 3% base rate and fixed premium are policy terms in a public support programme. They do not observe a price negotiated by independent investors for a transferable claim, and the word “fixed” does not make the premium a cash-on-cash return. The public records do not reveal when advances occur, how interest accrues on each advance, when principal and premium become due, how a schedule changes, or what is paid after failure, remission or enforcement. Investor expected return requires a paid price and the probability-weighted dated cash received in success, delay, partial failure, complete failure and recovery states. Here, each of those quantities is missing even though a later adverse corporate outcome is known. Treating 3% plus 15% as a discount rate would mix a generic policy formula with an unknown project classification and would ignore the discretion embedded in remission. Treating EUR 7.6 million as both price and principal would manufacture a funding event that has not been observed. Treating the equity write-off as RVO loss would manufacture a creditor claim and recovery result that has not been observed. The transaction is therefore useful architecture evidence but is not eligible for hurdle calibration, portfolio weighting, expected loss, expected return or valuation. ## What this transaction changes in the instrument design This public programme and its later corporate backtest provide four useful design precedents without validating a market price: 1. Development capital can be released against an approved budget and reporting periods rather than fully exposed at announcement. 2. Technical failure can enter a decision process that changes repayment, but the state transition must include the application, authority decision, effective date, amount and residual secured claim. “Failure” alone cannot trigger automatic forgiveness. 3. Project assets and derived IP can support a recovery interface, but the exact collateral ledger, priority, enforcement cost and proceeds still have to be exposed before several claims can be pooled honestly. 4. A corporate failure state is not itself a credit-loss amount. The standard must bridge from resolution, liquidation and cessation facts to the exact creditor claim, remission decision, collateral waterfall and dated recovery before admitting a severity observation. That is valuable for the cellular-agriculture financing standard: stage risk, public risk absorption and project security can be explicit modules. It does not justify copying a concessional programme rate into a privately funded instrument. ## Control and claims boundary Three official programme records are retained with exact byte counts and lowercase SHA-256 hashes in [`source_manifest.tsv`](source_manifest.tsv). The Meatable award page and homepage remained technically unavailable. The London South East RNS page returned HTTP 403, and its redistribution restrictions preclude substituting a downloaded distribution copy in this public repository. All three live URLs, access dates and `NOT_RETAINED` statuses remain explicit. A hash binds only the downloaded bytes; it does not authenticate the source, prove legal completeness or approve a model use. `NO_PUBLIC_SOURCE` means the permitted public records are silent on the field. `DERIVED_DECISION` / `DER` identifies a protocol conclusion rather than a transaction fact. Generic programme rows retain `A` / `REG`, while the named award remains `D` / `CLM`; neither is promoted by being adjacent to the other. The canonical [`claim_ledger_v0_1`](claim_ledger_v0_1/claim.cfg) is deliberately public-incomplete. It contains no scenario cash, provider claim, covenant event or conversion event because the public sources do not observe those items for Meatable. It does include the later corporate resolution and equity write-off as context terms, while the RVO claim outcome remains a separate `UNKNOWN`. Missing fields remain `UNKNOWN`, never zero. The focused request needed to change that result is in [`CONTROLLED_DATA_REQUEST.md`](CONTROLLED_DATA_REQUEST.md). No outreach, financing offer, valuation or representation of available capital has been made.