TIDMANIC

RNS Number : 9778I

Agronomics Limited

22 April 2022

22 April 2022

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation to 31st March 2022

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 31 March 2022 was 15.11 pence per share, including uninvested cash of GBP53.8 million. Net Assets stand at GBP141.8 million, including investments of GBP89.2 million. This quarter's NAV per share represents an increase of 5.5% from the previous quarter's NAV of 14.32 pence per share.

The share price of 19.2 pence at the 31 March 2022 close represents a premium of 27% to the NAV per share. The average premium to NAV per share over the last 12 month period was 137%. Under IFRS, the Company's unquoted investments are carried at cost or the most recent priced funding round.

Richard Reed, Chairman of Agronomics, commented: -

"It's been an excellent start to 2022 for Agronomics .Three new companies were added to the portfolio in this quarter: precision fermentation bio-design company Geltor, precision fermentation egg protein company Onego, and the UK-focused cultivated pet food company Good Dog Food - with the other portfolio companies continuing to show strong progress . Agronomics also led two deals at the Seed and Series A stages. The Board continues to see and monitor new opportunities in cellular agriculture, as well as maintaining cash reserves for follow-on investments in the existing portfolio. We are seeing continued developments from the underlying assets for significant valuation creation expected to occur in 2022.

The Company newsletter for Q1 2022 (Q3 for the financial reporting year) can be found here.

Financing

During the 9-month period to 31 March 2022, the Company successfully completed a funding round, raising gross proceeds of GBP31,824,684 and issuing 138,368,193 new Ordinary Shares. Following share issue commissions and professional fees, net cash proceeds of approximately GBP31 million were retained by the Company. During the period, 615,631 new Ordinary Shares were issued following the exercise of warrants, raising gross proceeds of GBP0.175 million. These funds, together with existing cash resources, will be utilised to provide funding for opportunities within the field of cellular agriculture, inclusive of supporting existing companies, as well as identifying new opportunities.

Investment review

On 27 January 2022, cultivated seafood company BlueNalu Inc "BlueNalu" announced it agreed a partnership with Food & Life Companies Ltd to supply leading sushi brands such as Sushiro and Kyotaru with BlueNalu's cultivated bluefin tuna product.

On 21 February 2022, the Company acquired a 2.05% in Geltor Inc "Geltor", a company focused on producing designer proteins for use in the cosmetic industry. The acquisition was part of a secondary transaction, with Agronomics acquiring 1,069,593 Preferred Stock, for a total consideration of US$ 9,499,525. The consideration was settled by issuing 8,676,951 new Ordinary Shares in Agronomics (for a consideration of US$ 2,714,150), with the balance being settled in cash totaling US$ 6,785,375. The shares issued are subject to a lock in and orderly market agreement with a vesting schedule below:

   -     1,084,619 shares released immediately 
   -     1,084,619 shares released after 18 months 
   -     6,507,713 shares released after 24 months 

- Shares subject to orderly market restrictions are such that the holder shall provide the Company with notice of its intention to sell a specific volume of shares, at a minimum price, and the Company and its brokers shall have a period of 10 trading days to find buyers for such shares on the stated terms

On 22 February 2022, Agronomics led the EUR10 million Seed funding round for Onego Bio Ltd "Onego Bio", a company developing sustainable and animal free egg protein. Following the EUR6.9 million investment, Agronomics will hold a 19.94% fully diluted interest.

On 8 March 2022, the Company co-led the Series A financing of cultivated meat company SuperMeat The Essence of Meat Ltd "SuperMeat", with a US$ 10 million investment for 188,158 Series A Preferred Shares. Following the purchase, the existing SAFE investment converted into 119,551 Series A Preferred Shares. This, together with the additional 50,774 Preferred Seed Shares acquired as part of a secondary transaction during February 2022, results in an unrealized gain on cost of US$ 6.5m (subject to audit).

On 14 March 2022, Agronomics announced a follow-on investment into cultivated cotton company GALY CO "GALY", investing US$ 1 million for 364,710 Series A Preferred Stock. Following this investment, Agronomics owns an 4.11% equity stake in GALY.

On 21 March 2022, the Company together with Roslin Technologies Limited ("Roslin Technologies"), a food biotechnology company, announced the launch of their first exclusive joint venture, Good Dog Food Limited "Good Dog Food". Good Dog Food will develop a novel range of healthy, eco-friendly pet food products made using cultivated meat.

 
                                                          Unaudited to 
                                                         31 March 2022 
                                                                   GBP 
 Current Assets 
  Investments                                               89,262,133 
  Uninvested cash                                           53,838,692 
  Trade and other receivables                                  296,211 
 Current Liabilities 
  Trade and other creditors                                (1,593,824) 
                                                       --------------- 
 Net Assets                                                141,803,212 
 Capital and Reserves 
  Share capital                                                    939 
  Share premium                                            124,586,144 
  Share reserve                                              7,394,360 
  Retained earnings                                          9,821,768 
                                                       --------------- 
 Net assets                                                141,803,212 
 
 Shares in Issue                                           938,590,207 
 Net Asset Value per                                       15.11 pence 
  share 
 

The quoted investments within the portfolio are valued under IFRS at bid price.

Portfolio Details

 
 Investments as at 31 March       Value (GBP)   % of Total Portfolio 
  2022 
 
 Legacy holdings                      314,994                  0.35% 
 Cellular agriculture holdings     88,947,139                 99.65% 
-------------------------------  ------------ 
 Total                             89,262,133                   100% 
-------------------------------  ------------ 
 

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     Charlotte Anderson 
                        ------------------  ------------------  ---------------------  ------------------------ 
                                                                                           +44 (0) 20 7930 
      +44 (0) 1624                                                                               0777 
         639396             +44 (0) 207         +44 (0) 207           +44 (0) 207         +44 (0) 7827 023678 
   info@agronomics.im         628 3396            397 8900              469 0936        agronomics@tbcardew.com 
                        ------------------  ------------------  ---------------------  ------------------------ 
 

ENDS

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April 22, 2022 02:00 ET (06:00 GMT)

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