TIDMANIC
RNS Number : 1282Y
Agronomics Limited
02 May 2023
2 May 2023
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation as at 31 March 2023
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 2023 was 16.14 pence per share, broadly unchanged from
16.37 pence per share at 31 December 2022. Net Assets stand at
GBP160 million, including investments of GBP131 million and
uninvested cash of GBP29 million.
The share price of 10.90 pence at the 31 March 2023 close
represents a discount of 32% to the NAV per share. The average
discount to NAV per share over the last 12-month period was 4%.
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 welcomed a new company to the portfolio this
quarter, through its participation in the successful US$ 3.3
million Pre-seed financing of Wild Microbes, a company developing
next-generation microbes for biomanufacturing.
This quarter also saw the second approval of a cultivated
chicken product by the US Food and Drug Administration ("FDA"),
with Good Meat receiving a 'No Questions letter'. The FDA is one of
the most stringent regulatory bodies globally for food safety, and
we still await the US Department of Agriculture to approve a
cultivated meat product, allowing companies to begin
commercialisation. We expect to see more regulatory approvals in
the US for cultivated meat in the near term."
Corporate
On 23 February 2023, the Company announced the appointment of
Marisa Drew to the Board of Directors. Marisa Drew is the inaugural
Chief Sustainability Officer ("CSO") of Standard Chartered Bank
Plc, responsible for setting the bank's sustainability strategy and
the delivery of the firm's commitment to net zero carbon emissions
by 2050 as well as overseeing the sustainable finance client-facing
activities of the bank.
Financing
During the quarter ended 31 March 2023, the Company received
notification of warrants being exercised. A total of 1,142 new
ordinary shares were issued following the warrant exercise, for
proceeds of GBP342.60. These funds, together with existing cash
resources, will be utilised to provide finance 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 25 January 2023, Liberation Labs Inc announced the
acquisition of the land for its launch facility, which we believe
will be the first dedicated, purpose-built, commercial, precision
fermentation plant globally for food production.
On 7 February 2023, cultivated meat company CellX Limited
announced the signing of a strategic partnership agreement with
food manufacturing specialists Shanghai Tofflon Science and
Technology Co., Ltd., aiming to accelerate the scale-up of
cultivated meat in the Asian market with a new purpose-built
facility.
On 23 February 2023, Agronomics participated in Wild Microbes US
$3.3 million pre-Seed funding round, with a US$ 0.5 million
investment. The investment was completed in the form of a Simple
Agreement for Future Equity, and will provide Agronomics on
conversion with an approximate equity ownership of 4.17% on a fully
diluted basis. Wild Microbes' proprietary technology will allow it
to genetically engineer novel microbial strains for use as
host-organisms to produce proteins and other high value
molecules.
Unaudited to
31 March 2023
GBP
Current Assets
Investments 130,895,484
Uninvested cash and deposits 29,254,287
Trade and other receivables 93,021
Current Liabilities
Trade and other creditors (52,161)
---------------
Net Assets 160,190,631
Capital and Reserves
Share capital 992
Share premium 134,209,188
Retained earnings 25,980,451
---------------
Net assets 160,190,631
Shares in Issue 992,244,668
Net Asset Value per 16.14 pence
share
The quoted investments within the portfolio are valued under
IFRS at bid price.
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
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ENDS
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May 02, 2023 06:38 ET (10:38 GMT)
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