TIDMANIC
RNS Number : 7491N
Agronomics Limited
25 January 2023
25 January 2023
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation at 31 December 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 December 2022 was 16.37 pence per share, broadly unchanged from
16.51 pence per share at 30 September 2022. Net Assets stand at
GBP162 million, including investments of GBP133 million and
uninvested cash was GBP30 million.
The share price of 11.75 pence at the 31 December 2022 close
represents a discount of 28% to the NAV per share. The average
premium to NAV per share over the last 12-month period was 8%.
Under IFRS, the Company's unquoted investments are generally
carried at cost or the most recent priced funding round.
Richard Reed, Chairman of Agronomics, commented: -
"Agronomics maintained its investment activity in cellular
agriculture this quarter through its support in the successful US$
20 million seed fundraise of its portfolio company, Liberation
Labs, the contract manufacturer for food technology precision
fermentation. Liberation Labs has recently announced the selection
of its first commercial site in the United States and expects to
have the facility online by the end of 2024.
The approval of UPSIDE Foods by the FDA, one of the most
stringent regulatory bodies globally for food safety, was an
enormous step forward for the field of cellular agriculture and the
path to commercialisation and we believe we can expect more
approvals of cellular agriculture products in the near future.
This, alongside the regulatory approval by the Singapore Food
Agency (SFA) of Agronomics' portfolio company, Solar Foods Oy,
indicates regulatory approval and commercial launches in the next
12-18 months may be on the horizon for a number of Agronomics'
portfolio companies."
Financing
During the quarter ended 31 December 2022, the Company received
notification of warrants being exercised. A total of 6,889 new
ordinary shares were issued following the warrant exercise, for
proceeds of GBP2,016.28. 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 20 October 2022 , Agronomics co-led the seed investment round
of precision fermentation contract manufacturer Liberation Labs
Holdings Inc (" Liberation Labs "). The final tranche of the
committed US$ 7 million was completed on 5 December 2022 and, on 30
December 2022, the Company announced the close of Liberation Labs'
$20 million seed funding round. Upon completion of the financing,
Agronomics now holds an equity stake of 38.5% on a fully diluted
basis. The investment was co-led with Siddhi Capital, a prominent
and highly respected investor in innovative food products and
technologies. New Agrarian Company Limited, an affiliate of
Agronomics, also participated in Liberation Labs' funding round on
identical terms and tranching as Agronomics.
On 26 October 2022 , the Company announced that Solar Foods Oy
(" Solar Foods "), its Finnish food technology portfolio company
focused on commercialising its sustainable protein, Solein,
received its first regulatory approval in Singapore for its novel
protein by the Singapore Food Agency. On 23 December 2022 , the
Company also announced that Solar Foods had received a EUR34
million grant to support the build of their first fermentation
facility and start preparations for their full-scale facility.
On 5 December 2022 , Agronomics announced that portfolio company
Clean Food Group Limited (" Clean Food Group ") has received
investment from Doehler Ventures , the venture arm of Doehler Group
GmbH , a global producer, marketer and provider of technology-based
natural ingredients and ingredient systems for the food and
beverage industries.
Unaudited to
31 December
2022
GBP
Current Assets
Investments 132,691,338
Uninvested cash and deposits 29,825,250
Trade and other receivables 106,734
Current Liabilities
Trade and other creditors (175,763)
-------------
Net Assets 162,447,559
Capital and Reserves
Share capital 992
Share premium 134,208,846
Retained earnings 28,237,721
-------------
Net assets 162,447,559
Shares in Issue 992,243,526*
Net Asset Value per 16.37 pence
share
The quoted investments within the portfolio are valued under
IFRS at bid price.
* Based on the TVR figure notified on 4 January 2023 excluding
the 1,142 Ordinary Shares issued pursuant to an exercise of
warrants announced then.
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 Cenkos Peterhouse TB Cardew
Limited Cornish Genuity Limited Securities Capital
Limited Plc Limited
The Company Nomad Joint Broker Joint Joint Broker Public Relations
Broker
========== =================== ============= =============== ========================
Richard Reed Roland Andrew Potts Giles Lucy Williams Ed Orlebar
Denham Eke Cornish Harry Rees Balleny Charles Alistair Walker
James Alex Aylen Michael Goodfellow
Biddle (Head of Equities) Johnson
========== =================== ============= =============== ========================
+44 (0) 20 7930 0777
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0) 7738 724
639396 207 628 +44 (0) 207 207 397 207 469 630
info@agronomics.im 3396 523 8000 8900 0936 agronomics@tbcardew.com
========== =================== ============= =============== ========================
ENDS
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NAVKZLFLXFLBBBL
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