TIDMANIC
RNS Number : 3724T
Agronomics Limited
22 July 2022
22nd July 2022
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation to 30 June 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
30 June 2022 was 15.27 pence per share, including uninvested cash
of GBP51.5 million. Net Assets stand at GBP148 million, including
investments of GBP98 million.
The share price of 16 pence at the 30 June 2022 close represents
a premium of 5.75% to the NAV per share. The average premium to NAV
per share over the last 12-month period was 62.22%. Under IFRS, the
Company's unquoted investments are carried at cost or the most
recent priced funding round.
Richard Reed, Chairman of Agronomics, commented: -
"Agronomics has continued its investment activity in cellular
agriculture this quarter, as well as having formed a new company,
Liberation Labs Holdings Inc. - a contract manufacturer for food
technology precision fermentation.
We already have what we believe are sector leaders in cultivated
meat and seafood production, where cell culture is the best suited
technology to produce industrial quantities of meat at a much
greater efficiency when compared with conventional agriculture. We
will continue to support these cell culture companies but, moving
forward, we intend to further increase our exposure in precision
fermentation and its enabling technologies given the near-term
commercial opportunities, coupled with limited technology
risks.
Whilst global venture funding aggregated across all areas has
experienced a 23% decline quarter on quarter in Q2 2022, reflecting
the slow-down given volatile market conditions, cellular
agriculture as a sector remains promising because of the
significant ESG tailwinds, intrinsic excitement and near-term
uplifts, all of which will benefit the Agronomics portfolio."
The Company newsletter for Q2 2022 (Q4 for the financial
reporting year), can be found here .
Financing
During the financial year ended 30 June 2022, the Company
successfully completed a funding round in December 2021, 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 3-month period to 30 June 2022,
184,712 new Ordinary Shares were issued following the exercise of
warrants. In total, 800,343 Ordinary Shares have been issued
following the exercise of warrants, raising gross proceeds of
GBP0.231 million. These funds, together with existing cash
resources, will be utilised to provide backing for opportunities
within the field of cellular agriculture, both by supporting
existing companies, as well as identifying new opportunities in
which to invest.
Investment review
On 4 May 2022, the Company announced that cultivated leather
company VitroLabs, Inc. completed a successful Series A financing
round, and has now raised a total of US$ 46 million. Agronomics led
the Series A financing, with a US$ 7 million investment completed
in September 2021.
On 6 May 2022, the Company completed a US$ 2 million investment
into Chinese cultivated meat company CellX Limited, subscribing for
857,363 preferred shares. Following this, the existing SAFE
investment converted to 230,681 preferred shares, resulting in an
unrealised gain on the original investment of US$ 0.5 million.
On 20 June 2022, Agronomics completed a US$ 0.6 million founders
round investment into Liberation Labs Holdings, Inc. ("Liberation
Labs"). Agronomics and CPT Capital LLP have come together with
Liberation Labs' co-founders Mark Warner, CEO, and Etan Bendheim,
CBO, to address the pressing need for modern full-scale precision
fermentation facilities.
Unaudited to
30 June 2022
GBP
Current Assets
Investments 98,040,773
Uninvested cash 51,482,501
Trade and other receivables 31,260
Current Liabilities
Trade and other creditors (1,574,555)
--------------
Net Assets 147,979,979
Capital and Reserves
Share capital 947
Share premium 131,916,054
Retained earnings 16,062,978
--------------
Net assets 147,979,979
Shares in Issue 969,269,715*
Net Asset Value per 15.27 pence
share
* The stated Shares in Issue figure is lower than the last
reported figure stated by the Company on 25 April 2022 given a
timing issue due to shares being issued in the secondary purchase
in Geltor, Inc, announced 21(st) February 2022.
The quoted investments within the portfolio are valued under
IFRS at bid price.
Portfolio Details
Investments as at 30 June 2022 Value (GBP) % of Total Portfolio
Cellular agriculture holdings 97,718,648 99.67%
Legacy holdings 322,125 0.33%
Total 98,040,773 100%
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 Canaccord Genuity Cenkos Peterhouse Capital TB Cardew
Limited Cornish Limited Limited Securities Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Broker Public Relations
====================== ==================== ====================== ====================== ====================
Richard Reed Roland Cornish Andrew Potts Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Harry Rees Michael Johnson Charles Goodfellow Alistair Walker
Alex Aylen (Head of
Equities)
====================== ==================== ====================== ====================== ====================
+44 (0) 1624 +44 (0) 20 7930 0777
639396 +44 (0) 7738 724 630
info@agronomics. agronomics@tbcardew.
im +44 (0) 207 628 3396 +44 (0) 207 523 8000 +44 (0) 207 397 8900 +44 (0) 207 469 0936 com
====================== ==================== ====================== ====================== ====================
ENDS
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END
MSCUASRRUBUBUUR
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