TIDMANIC
RNS Number : 2567S
Agronomics Limited
03 November 2023
3 November 2023
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation as of 30 September 2023
Agronomics Limited (AIM:ANIC), the leading listed company
focused on the field of cellular agriculture, announces that its
unaudited Net Asset Valuation ("NAV") per share calculation as at
closing on 30 September 2023 was 16.48 pence per share, a 4%
increase from 15.80 pence per share on 30 June 2023. Net Assets
were GBP164 million, including investments of GBP140 million and
uninvested cash and short-term deposits of GBP24 million.
The share price of 9.80 pence at the 30 September 2023 close
represented a discount of 40% to the 30 September 2023 NAV per
share. The average discount to the prevailing NAV per share over
the last 12-month period was 39%. Under IFRS, the Company's
unquoted investments are generally carried at cost or the most
recent priced funding round.
Richard Reed, Chairperson of Agronomics, commented:
"We are delighted by the significant progress made by our
portfolio during the quarter, successfully closing a number of
funding rounds at a time when wider venture capital funding is
challenging as the result of macro-economic uncertainty.
Highlights included a EUR30 million funding round for cultivated
meat company Meatable, led by Agronomics alongside a new investor,
Invest-NL. The UK-based Clean Food Group also completed a GBP2.3
million funding round to commercialise its fermentation-derived
palm oil. In addition, Liberation Labs is also making significant
progress in its US$ 75 million fundraise to help construct its
facility, enabling precision fermentation at a commercial
scale.
These successes highlight the industry-leading quality of the
companies within our portfolio, and we look forward to their
continued growth and commercial development.
Agronomics continues to have a strong cash balance and has no
intention to raise capital, while trading at a discount to
NAV."
Financing
During the quarter ended 30 September 2023, the Company received
notification of warrants being exercised. A total of 1,836 new
ordinary shares were issued following the warrant exercise, for
proceeds of GBP547.11. 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.
On 22 September 2023, the Company announced that it will execute
a discretionary on-market share Buyback Programme for an aggregate
amount of up to GBP3 million, with the Buyback Programme having a
term of 6 months commencing on 2 October 2023. The Company intends
to cancel repurchased shares, unless used to cover obligations
under share-based remuneration arrangements.
Investment review
On 9 August 2023, portfolio company Meatable completed a
successful EUR30 million Series B financing round, with Agronomics
investing EUR4 million. Agronomics also received 200 warrants,
exercisable at any time in the next five years. The funding round
was co-led with New Agrarian Company Limited. Subject to audit,
Agronomics' total investment in Meatable will be carried at GBP11.8
million, including an unrealised gain of GBP3.9 million, which
represents a gross IRR of 22.31%.
On 14 August 2023, the Company invested GBP0.7 million in
fermentation-derived palm oil company Clean Food Group Limited
("CFG"), as part of their GBP2.3 million Pre-Series A funding
round. Notable co-investors include industrial food specialists
Doehler Group and Alianza Team. Subject to audit, Agronomics will
carry this position in its accounts at a book value of GBP6.97
million, including an unrealised gain on cost of GBP5.37 million,
an IRR of 385%. Capital raised from this pre-series round will
enable CFG to accelerate the scale-up of its technology platform,
ahead of the planned completion of its Series A funding next year
to further develop its technology for production at a commercial
scale, with the funds supporting the construction of a new
manufacturing facility in the UK.
Unaudited to 30
September 2023
GBP
Current Assets
Investments 139,970,567
Uninvested cash and deposits 23,643,167
Trade and other receivables 257,475
Current Liabilities
Trade and other creditors (154,339)
----------------
Net Assets 163,716,870
Capital and Reserves
Share capital 993
Share premium 134,481,912
Retained earnings 29,233,965
----------------
Net assets 163,716,870
Shares in Issue 993,153,870
Net Asset Value per 16.48 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 Cavendish Peterhouse SEC Newgate
Limited Cornish Genuity Limited Securities Capital
Limited Plc Limited
The Company Nomad Joint Broker Joint Joint Public Relations
Broker Broker
========== ================= ============= =============== ===========================
Richard Reed Roland Andrew Potts Giles Lucy Williams Bob Huxford
Denham Eke Cornish Harry Rees Balleny Charles George Esmond
James Alex Aylen Michael Goodfellow Anthony Hughes
Biddle (Head of Johnson Alice Cho
Equities)
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+44 (0) 1624 +44 (0) +44 (0) +44 (0)
639396 207 628 +44 (0) 207 397 207 469
info@agronomics.im 3396 207 523 8000 8900 0936 agronomics@secnewgate.co.uk
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ENDS
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