Agronomics Limited InSilico Medicine sale-Correction of sale proceeds (1897Q)
26 October 2021 - 05:00PM
UK Regulatory
TIDMANIC
RNS Number : 1897Q
Agronomics Limited
26 October 2021
26th October 2021
Agronomics Limited
("Agronomics" or the "Company")
InSilico Medicine, Inc sale - Correction of sale proceeds
Agronomics, the leading listed company focused on the field of
cellular agriculture, announced on 24 June 2021 the disposal of its
holding of 23,147 shares in Insilico Medicine, Inc for US $669,775
(GBP475,540), which represented an IRR of 54%. Upon further review,
Agronomics has identified that the final sale proceeds were
$523,477 (GBP378,561), thereby representing an IRR of 45%. The
lower proceeds and realised profit accounted for only 0.1% of the
Company's net asset value as at 30 June 2021.
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture. The Company has established a
portfolio of 15 companies from the Pre-Seed to Series B stage in
this rapidly advancing sector. It seeks to secure minority stakes
in companies owning 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 Cellular Agriculture
Cellular agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter,
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is being facilitated by advances in cellular
agriculture. This change is necessary, given scientists claims that
if we maintain existing animal protein consumption patterns, then
we will not meet the Paris Agreement's goal of limiting warming to
1.5
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however still less than US$ 1 billion has been invested worldwide
since the industry's inception in 2016.
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 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 Michael Johnson Charles Goodfellow Joe McGregor
------------------ ------------------ --------------------- ------------------------
+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) 7738
639396 +44 (0) 207 +44 (0) 207 +44 (0) 207 724 630
info@agronomics.im 628 3396 397 8900 469 0936 agronomics@tbcardew.com
------------------ ------------------ --------------------- ------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCPPGAGUUPGGQA
(END) Dow Jones Newswires
October 26, 2021 02:00 ET (06:00 GMT)
Agronomics (LSE:ANIC)
Historical Stock Chart
From Feb 2024 to Mar 2024
Agronomics (LSE:ANIC)
Historical Stock Chart
From Mar 2023 to Mar 2024