TIDMANIC
RNS Number : 9361L
Agronomics Limited
18 January 2021
18 January 2021
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation to 31 December 2020
Agronomics Limited (AIM:ANIC), a leading London listed investor
in alternative proteins with a focus on cellular agriculture and
cultivated meat, announces that its unaudited Net Asset Valuation
("NAV") calculation as at closing on 31 December 2020 was 5.56
pence per share, including un-invested cash of GBP2.5 million. Net
Assets stand at GBP27.7 million, including investments of GBP26.9
million. This quarter's NAV per share represents a decrease of 0.8%
from the previous quarter's NAV of 5.6 pence per share, which
included un-invested cash of GBP0.3 million. No management fee is
due to Shellbay Investments Limited.
The share price of 12 pence at the 31 December 2020 close
represents a premium of 115.8% to the NAV per share. Under IFRS,
the Company's unquoted investments are carried at cost or the most
recent priced funding round valuation of the relevant company, and
there have been no such revaluation events in the reported
quarter.
Richard Reed, Chairman of Agronomics, commented: -
" Under our valuation policy, it is not possible to reflect
significant uplifts between valuation events such as a new third
party funding, and therefore the Board believes that the stated NAV
per share may not fully represent the current intrinsic value of
the portfolio companies given their continuing progress and the
comparable valuations we see for these types of companies in this
rapidly growing sector. "
Following a successful, oversubscribed, funding round of GBP10.0
million in October 2020, the Company completed three investments
during the quarter. The Company purchased a US$5 million
Convertible Promissory Note ("CPN") from BlueNalu, an existing
portfolio company focused on cell-based seafood products.
Agronomics currently holds 192,005 shares of BlueNalu with a book
value, excluding the CPN investment, of GBP2,602,456. Assuming the
CPN is subscribed in full and a Qualified Financing occurs at a
price equal to the agreed valuation cap of the CPN, Agronomics
would have an approximate equity interest of 5.85% of issued shares
following conversion and would value Agronomics' position at
approximately GBP13.4 million.
In December 2020, Agronomics completed a subscription of US$
50,000 in the form of a Simple Agreement for Future Equity ("SAFE")
in CellX Limited ("CellX"). CellX is a China-based cellular
agriculture company, focussing on cell-based pork and seafood
products initially. CellX was founded in 2020, with the intention
of showcasing its first prototypes in 2021. The SAFE will convert
at the valuation cap divided by the company capitalisation at the
next equity financing, which should give Agronomics an approximate
equity ownership of 1.43%.
Agronomics also made a US$ 2.0 million investment in the form of
a Simple Agreement for Future Equity ("SAFE") in SuperMeat the
Essence of Meat ("SuperMeat"). SuperMeat's initial focus is on
cultivated chicken products, and unveiled its sustainable
restaurant experience, The Chicken, in Tel Aviv, Israel, earlier
this year, where individuals are invited to taste SuperMeat's
cultivated chicken. The SAFE will convert at a price per share
reflecting the lower of the valuation cap or at a 25 percent
discount to the share price of SuperMeat's next equity round. We
expect that upon conversion of the SAFE at the completion of
SuperMeat's next equity fundraise and, assuming a pre-money
valuation of US$ 150 million, Agronomics will hold approximately
2.22% of SuperMeat's fully diluted share capital.
A pivotal moment for the field of cellular agriculture occurred
in Q4 2020 when Eat JUST's cultivated chicken was approved for sale
in Singapore, by the Singapore Food Agency. This is the first
cultivated meat product to be approved for sale globally, and
signifies that cultivated meat is safe for consumption, and
governments are willing to support the sector, especially in order
to meet their sustainability targets in the years to come.
Unaudited to
31 December 2020
GBP
Fixed Assets
Investments 26,930,310
Current Assets
Uninvested Cash 2,506,516
Sundry Debtors 22,269
Current Liabilities
Trade and Other Creditors (112,338)
Future investment commitment (1,592,178)
-----------------
27,754,579
Capital and Reserves
Share Capital 499
Share Premium 28,864,977
Retained Deficit (1,110,897)
-----------------
27,754,579
Shares in Issue 499,352,475
Net Asset Value per 5.56 pence
share
The quoted investments within the portfolio are valued under
IFRS at bid price.
Portfolio Details
Investments as at 31 December Value (GBP) % of Total Portfolio
2020
Quoted holdings 758,256 2.82%
Unquoted holdings 24,579,876 91.27%
Committed future investment 1,592,178 5.91%
Total 26,930,310 100%
About Agronomics
Agronomics is a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat. The
Company has established a portfolio of 16 companies at the Seed to
Series B stage in this rapidly advancing sector. It seeks to secure
a 5-10% initial ownership in technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with c
US$ 170 million invested globally between 2016-2019 and over US$
270 million already raised in 2020 alone. Additional financings are
anticipated as the capital requirements of these companies grows to
build out and scale up manufacturing facilities. Currently it is
estimated that there are 60 companies globally within the sector.
AT Kearney, a global consultancy, has predicted that Cultivated
Meat's market share of meat consumption will be 35% by 2040.
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 Beaumont Cenkos Peterhouse TB Cardew
Limited Cornish Limited Securities Capital
Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
------------------ --------------- --------------------- ------------------------
Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Nick Searle Charles Goodfellow Joe McGregor
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+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) 7738 724
639396 +44 (0) 207 +44 (0) 207 +44 (0) 207 630
info@agronomics.im 628 3396 397 8900 469 0936 agronomics@tbcardew.com
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