TIDMANIC
RNS Number : 9709H
Agronomics Limited
02 August 2023
2 August 2023
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation at 30 June 2023
Agronomics Limited (AIM:ANIC), the leading listed company
focused on the field of cellular agriculture, announces that its
unaudited Net Asset Valuation ("NAV") calculation as at closing on
30 June 2023 was 15.80 pence per share, a 2% decrease from 16.14
pence per share at 31 March 2023. Net Assets stand at GBP157
million, including investments of GBP129 million and uninvested
cash of GBP28 million.
The share price of 10.40 pence at the 30 June 2023 close
represents a discount of 34% to the NAV per share. The average
discount to NAV per share over the last 12-month period was 20%.
Under IFRS, the Company's unquoted investments are generally
carried at cost or the most recent priced funding round.
Richard Reed, Chairman of Agronomics, commented: -
"We are pleased to report that the Net Asset Value of our
portfolio has remained relatively stable in the past three months,
given the macro-economic backdrop. This reflects the quality of our
portfolio companies, as well as increasing global investment into
the cellular agriculture sector led by major food companies seeking
reduced price volatility and nation states seeking food security.
This is a trend we expect to continue, further boosted by
regulatory developments, such as the recent approval of cultivated
chicken for sale in the US."
Financing
During the quarter ended 30 June 2023, the Company received
notification of warrants being exercised. A total of 905,184 new
ordinary shares were issued following the warrant exercise, for
proceeds of GBP272,177.07. These funds, together with existing cash
resources, will be utilised to provide finance for opportunities
within the field of cellular agriculture, both by supporting
existing companies, as well as identifying new opportunities in
which to invest.
On 1 June 2023, the Company announced a 12-month extension for
the final exercise date of those unexercised warrants granted on 1
June 2021 and 8 December 2021. These warrants will now expire on 1
June 2024 and 8 December 2024, respectively.
Investment review
On 12 April 2023, the Company announced that Liberation Labs
Holdings Inc ("Liberation Labs"), the large-scale precision
fermentation contract manufacturer, secured $30 million in
equipment funding for the first dedicated, purpose-built,
commercial precision fermentation plant globally for food
production.
On 4 May 2023, the Company completed a GBP1 million investment
in Good Dog Food Limited ("GDF") as part of its GBP3.6 million Seed
financing round. Agronomics acquired 8,768 shares in GDF
representing 42.4% of the company. Investors that participated in
this latest round of financing include Siddhi Capital, a prominent
and highly respected investor in innovative food products and
technologies, and Pets at Home, UK's leading pet retailer. Jim
Mellon, an Executive Director of Agronomics and a 2.99% shareholder
in GDF, also participated in the fundraise, with a GBP300,000
investment.
On 15 June 2023, the Company invested AUD 2.5 million in HydGene
Renewables Pty Ltd ("HydGene"), a developer of synthetic biology to
engineer microorganisms for use in hydrogen production. The
investment is part of HydGene's AUD 6 million Seed financing round.
The investment is in line with Agronomics' wider focus on investing
in opportunities seeking to minimise the irreversible damage to the
natural environment and will result in Agronomics holding 188,239
Series Seed Preferred Shares and owning, on a fully diluted basis,
12.50% of HydGene.
On 22 June 2023, the Company announced that CellX Limited
("CellX") raised US$ 6.5 million in new funding from third parties
to accelerate the development of its cultivated meat products as
they near commercialisation. Agronomics has an equity ownership of
4.98% on a fully diluted basis in CellX.
Unaudited to
30 June 2023
GBP
Current Assets
Investments 128,758,644
Uninvested cash and deposits 28,280,418
Trade and other receivables 57,146
Current Liabilities
Trade and other creditors (224,718)
--------------
Net Assets 156,871,491
Capital and Reserves
Share capital 993
Share premium 134,481,365
Retained earnings 22,389,133
--------------
Net assets 156,871,491
Shares in Issue 993,152,034
Net Asset Value 15.80 pence
per share
The quoted investments within the portfolio are valued under
IFRS at bid price.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as
it forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
For further information please contact:
Agronomics Beaumont Canaccord Cenkos Peterhouse SEC Newgate
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Joint Public Relations
Broker Broker
========== ============= ============= =============== ===========================
Richard Reed Roland Andrew Giles Lucy Williams Bob Huxford
Denham Eke Cornish Potts Balleny Charles George Esmond
James Harry Rees Michael Goodfellow Anthony Hughes
Biddle Alex Aylen Johnson Alice Cho
(Head of
Equities)
========== ============= ============= =============== ===========================
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0)
639396 207 628 207 523 207 397 207 469
info@agronomics.im 3396 8000 8900 0936 agronomics@secnewgate.co.uk
========== ============= ============= =============== ===========================
ENDS
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