Agronomics Limited Net Asset Value(s) (0508P)
08 October 2019 - 5:00PM
UK Regulatory
TIDMANIC
RNS Number : 0508P
Agronomics Limited
08 October 2019
8 October 2019
Agronomics Limited
(the "Company")
Net Asset Value calculation to 30 September 2019
Richard Reed, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at
closing on 30 September 2019 was 5.50 pence per share, including
un-invested cash of GBP3,463,359. The portfolio is valued under
IFRS at bid price. I am pleased to note that the share price of
6.75 pence at 30 September 2019 close represents a premium of 22%
to the NAV. Net Assets stand at GBP6.3 million, including
investments of GBP2.8 million. This quarter's NAV per share
represents a decrease of 23% from the previous valuation of 7.17
pence per share, which included un-invested cash of GBP417,952. The
reduction is largely as a result of the increase in issued shares
following the fundraise. No management fee is due to Shellbay
Investments Limited.
Following completion of a successful fundraise during July 2019,
the proceeds are now available for deployment in line with the new
investment policy.
On 29 July 2019, the Company completed a subscription of US$
699,999.54 for 885,739 Series Seed Preferred Shares in Simply
Foods, Inc. ("Simply Foods") trading as New Age Meats, a company
based in San Francisco, California, USA, that is developing
pork-based cultured meat products. The Subscription was part of the
first close of the Series Seed funding round to raise a minimum of
US$ 2.0 million undertaken by Simply Foods, led by New York-based
ff Graphite (V) Venture Capital Fund, LP. The Company was the only
European based investor participating in this round, and remains
the only UK quoted vehicle offering investors exposure to this
rapidly growing sector.
On 29 August 2019, the Company completed a subscription of US$
749,990 for 40,540 Series A Preferred Shares in BlueNalu, Inc.
("BlueNalu"), a global leader in cellular aquaculture. The
subscription increased the Company's existing interest in BlueNalu
to approximately 2.59%. The subscription was part of the Series A
funding round undertaken by BlueNalu, and co-led by Stray Dog
Ventures LLC, Clear Current Capital Fund, LLC, CPT Capital Fund,
LLP and New Crop Capital Trust - four prominent investors in the
alternative protein sector. The price per share of the subscription
represented a multiple uplift of approximately 3.2x since the
Company's original investment in BlueNalu of US$250,000 in August
2018.
On 5 September 2019, the Company subscribed for US $150,000 of
convertible promissory notes in Bond Pets LLC ("Bond"). Bond makes
laboratory-grown meat using fermentation for the pet food market.
The subscription would translate to an approximate 3% to 4% equity
interest in Bond, dependent on the valuation of Bond upon
conversion.
Your board continues to evaluate a number of opportunities which
show significant growth prospects".
Unaudited to
30 September 2019 GBP
Fixed Assets
Investments 2,827,203
Current Assets
Uninvested cash 3,463,359
Sundry Debtors 34,355
Current Liabilities
Trade and other creditors (61,841)
----------------------
6,263,076
Capital and Reserves
Share Capital 23
Share Premium 6,420,142
Reserves (157,089)
----------------------
6,263,076
Shares in Issue 113,795,558
Net Asset Value per share 5.50 pence
Portfolio Details
Investments as at 30 September Value % of Total Portfolio
2019
AgeX Therapeutics Inc 197,193 6.97%
Regent Pacific Group Limited 210,871 7.46%
Portage Biotech Inc 216,845 7.67%
Other quoted holdings 7,627 0.27%
Other unquoted holdings 2,194,667 77.63%
Total 2,827,203 100.00%
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
For further information, please contact:
Agronomics Limited Beaumont Optiva Securities Peterhouse Britton Financial
Cornish Limited Capital Limited PR
Limited
The Company Nomad Joint Broker Joint Broker Investor Relations
--------------------- ------------------ ----------------- ------------------
Denham Eke Roland Cornish/James Jeremy King Lucy Williams Tim Blackstone
+44 (0) 1624 639396 Biddle +44 (0) 203 +44 (0) 207 +44 (0)7957
+44 (0) 137 1904 469 0936 140416
207 628
3396
--------------------- ------------------ ----------------- ------------------
ENDS
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END
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