Agronomics Limited Proposed Fundraise (8863S)
11 November 2019 - 6:00PM
UK Regulatory
TIDMANIC
RNS Number : 8863S
Agronomics Limited
11 November 2019
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TOWARDS THE END OF THIS ANNOUNCEMENT.
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the Company to constitute inside information as stipulated under
the Market Abuse Regulation (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.
11 November 2019
Agronomics Ltd
("Agronomics" or the "Company")
Response to Press Speculation regarding a Proposed Fundraise of
up to GBP20 million
Appointment of Zeus Capital as Joint Broker
In response to press speculation over the weekend, the Company
confirms that it is putting in place plans to raise up to GBP20
million through an issue of new Ordinary Shares, further details of
which are set out below.
Background to the Proposed Fundraise
On 29 October 2019, Agronomics announced that it had made an
investment in Shiok Meats, on 17 October 2019, Agronomics announced
that it had made a further investment in Vitrolabs Inc, and on 15
October 2019, it announced an investment into Rebellyous Foods.
Given the scale of the opportunity to invest in the nascent
"cultivated meat" and related sectors, and the resources available
after the completion of recent investments, the Company's board has
approved in principle a proposed equity raise to finance its
growing pipeline of opportunities. The Company proposes to target a
raise of up to GBP20 million through an issue of new Ordinary
Shares (the "Fundraise").
The Company's intention is to price the new shares offered
pursuant to the Fundraise at the unaudited net asset value per
share of the Company's portfolio at 30 September 2019, being 5.5p.
The Board reserves the right to increase or decrease the size of
the Fundraise or alter the proposed price at which new shares are
offered, depending on demand and the strategic value to the Company
of proposed investors. The Fundraise is expected to close by 29
November 2019 at which time a further announcement will be
made.
The Company has appointed Zeus Capital Limited ("Zeus Capital")
to act as its broker to assist with the Fundraise.
Appointment of Joint- Broker
Prior to launching the roadshow for the proposed placing, the
Company is pleased to announce the appointment of Zeus Capital
Limited as the Company's co-broker with immediate effect.
The Placing
The Placing will take place through the Company's Joint Brokers,
Zeus Capital and Peterhouse Corporate Finance. This Placing will
take place after a roadshow being arranged by Zeus Capital. The
final number and pricing of new Ordinary Shares will be agreed
between the Company and Zeus Capital following close of the Placing
and announced shortly thereafter. Details of the Placing will be
announced upon completion of the roadshow. Parties interested in
participating in the Fundraise should contact Zeus Capital at the
contact details below.
Nothing in this announcement comprises an offer to any person to
subscribe for any Ordinary Shares.
Directors' Participation
Jim Mellon, a Non-Executive Director, has indicated to the Board
his willingness to participate in the Proposed Fundraise in an
amount of up to GBP2 million (subject to his shareholding and that
of any parties of which he is deemed as being in concert remaining
below 30%). It is expected that Richard Reed, Non-Executive
Chairman will also participate in the Fundraise. To the extent that
such participations are Related Party Transactions under the AIM
Rules for Companies, the requirements of the AIM Rules will be
dealt with at the time that the terms of the fundraise are
announced.
Termination of Optiva as Broker
Concurrent with the appointment of Zeus as Joint Broker
(effective today) the appointment of Optiva Securities Limited as
broker to the Company has been terminated.
For further information, please contact:
Agronomics Limited Beaumont Cornish Zeus Capital Peterhouse Corporate
Limited Finance
The Company Nomad Joint Broker Joint Broker
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Richard Reed Roland Cornish Mike Seabrook Lucy Williams
Denham Eke James Biddle Rupert Woolfenden
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+44 (0) 207 628 +44 (0) 20 3829 +44 (0) 207 469
+44 (0) 1624 639396 3396 5000 0936
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END
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