TIDMANIC
RNS Number : 2463R
Agronomics Limited
04 November 2021
4(th) November 2021
Agronomics Limited
("Agronomics" or the "Company")
US$ 8 million investment in The EVERY Company
in conjunction with a US$ 7 million investment from New Agrarian
Company Limited
Agronomics, the leading listed company focused on the field of
cellular agriculture, is pleased to announce a US$ 8 million
investment in The EVERY Company ("EVERY", formerly Clara Foods
Co.), for an equity stake on a fully diluted basis of 1.39%. This
equates to an estimated portfolio weighting based on the Company's
last reported Net Asset Value of 5.7%. Agronomics is investing as
part of a minimum fundraise of US$ 127.5 million undertaken by
EVERY.
EVERY is a leading precision fermentation company with a key
focus on the commercialisation of proteins traditionally derived
from animals. EVERY was founded in 2014 by Arturo Elizondo, with
the mission to accelerate the transition to animal-free and more
sustainable proteins and reduce factory farming practices .
Jim Mellon, Non-executive Director of Agronomics commented:-
"We are extremely pleased to become investors in EVERY, a leader
in the cellular agriculture field, with its world class precision
fermentation platform. This investment broadens Agronomics'
portfolio further into other major protein categories outside of
meat and dairy. We are delighted to be working with Arturo to
accelerate the commercialisation of animal-free egg proteins."
New Agrarian Company Limited
In conjunction with this transaction and under the guidance of
the management team at Shellbay Limited, the Company's advisor, a
new unquoted entity has been formed to accept funds from private
equity investors seeking exposure to the field of cellular
agriculture who are unable to invest in a public company, either
due to restrictions within their mandate and/or internal policies
preventing them from doing so. The new entity is called New
Agrarian Company Limited ("New Agrarian"). The Company has agreed
with New Agrarian to the effect that should they contemplate making
an investment alongside each other in opportunities sourced by
Shellbay Limited's management team, as all investments are approved
by the Company's board, the independent non-executive directors,
currently Richard Reed and David Giampaolo, will provide oversight
on any potential conflicts of interest at both the time of any
co-investment and on an ongoing basis. Should a conflict be
identified between the two entities, this will be referred to a
newly established "Oversight Committee", comprising of one
independent director from each entity with an independent
chair.
The Board believes that the establishment of New Agrarian is a
positive development for the Company as the combined capital bases
of the two entities will facilitate leading larger funding rounds
and provide the ability to negotiate improved lead investor terms.
Agronomics alone would have been unable to achieve these due to
size limitations. By acting together, the combined entities will be
able to set terms and secure preferred allocations in the highly
competitive funding round environment.
New Agrarian participated in the financing for EVERY on the same
terms as Agronomics with a US $7 million investment resulting in a
fully diluted equity stake of 1.21%.
Agronomics continues to seek a suitable additional independent
non-executive director and will make a further announcement on this
in due course.
Since this Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. EVERY is an early-stage company generating
small revenues with operating costs of approximately US $1,031,865
per month, and total assets as at 31 December 2021 of US
$24,368,897 million including cash or near cash of US $23,403,909
million with no material liabilities. The Subscription will be
funded from the Company's existing cash resources.
About The Every Company
The EVERY Company, headquartered in the San Francisco Bay Area,
is a market leader in engineering, manufacturing and formulating
animal-free, animal proteins as ingredients for the global food and
beverage industry. Originally founded as Clara Foods in 2014, EVERY
rebranded in 2021 to better convey its vision to bring animal-free
proteins to everyone, everywhere. EVERY is a team of passionate
changemakers who are reimagining the factory farm model with a more
sustainable and kinder alternative. Leveraging precision
fermentation to produce super-functional and one-to-one replacement
proteins from microorganisms, EVERY is on a mission to decouple the
world's proteins from the animals that make them. The EVERY
Company's Press Kit can be found here .
About Agronomics
Agronomics is a leading listed company focused on the field of
cellular agriculture. The Company has established a portfolio of 17
companies at the Seed to Series C 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.
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
Limited Cornish Limited Securities Capital TB Cardew
Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
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Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Michael Johnson Charles Goodfellow Joe McGregor
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+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
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November 04, 2021 02:59 ET (06:59 GMT)
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