REG - Agronomics Limited - Director Dealings

AgronomicsAnnouncement

27/10/2022 12:15

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RNS Number : 3695E  Agronomics Limited  27 October 2022

27 October 2022

 

Agronomics Limited (https://agronomics.im/)

("Agronomics" or the "Company")

Director Dealings

 

Further to the announcement by the Company on 25 April 2022, Agronomics
Limited (the "Company") has been notified by Shellbay Investments Limited
("Shellbay") that following expiry of the second vesting period certain of its
management and advisory consultants ("Option Holders") have elected to
exercise the nil paid options granted by Shellbay in relation to certain
shares of the Company held by Shellbay ("Options"). In aggregate, Option
Holders have exercised Options over 3,133,074 shares, and the transfer of
these shares to relevant Option Holders shall occur with immediate effect.
Included in these figures, Mr Denham Eke, a director of the Company, has
exercised Options over 213,445 shares held by Shellbay.

Shellbay is a company indirectly wholly owned by Mr James Mellon, a Director
of the Company. Mr Denham Eke is also a director of Shellbay.

Following the exercise of Options, Shellbay holds, in aggregate, 12,097,782
Ordinary Shares of the Company, of which 8,278,633 shares remain subject to
the Options.

Following the exercise of Options, the interests of the Directors in Ordinary
Shares is as set out below:

                  No. of Ordinary Shares  % of current issued Ordinary Shares
 Jim Mellon*      145,677,122             14.90%
 Richard Reed**   6,354,412               0.65%
 David Giampaolo  2,434,783                0.25%
 Denham Eke       426,890                 0.04%

 

*Jim Mellon is currently interested in a total of 145,677,122 Ordinary Shares,
of which 132,305,380 are held by Galloway Limited and 12,097,782 are held by
Shellbay, companies which are both indirectly wholly owned by Jim Mellon, and
1,273,960 Ordinary Shares are held directly by Mr Mellon. Denham Eke is a
director of Galloway Limited and Shellbay Investments Limited.

 

** Richard Reed is currently interested in 6,354,412 Ordinary Shares held by
Reepa Limited. Reepa Limited is wholly owned by Richard Reed.

 

In addition, it is noted for information only that to satisfy current and
future tax liabilities relating to the exercise of Options, an advisory
company owned by Mr Anthony Chow, a consultant indirectly engaged by Shellbay,
sold 3,124,540 Ordinary Shares at a price of 14 pence per share. Accordingly,
Mr Chow retains 3,221,752 Ordinary Shares and 6,250,902 Options.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES 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 VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

 

About Agronomics

Agronomics is a leading listed alternative proteins company with a focus on
cellular agriculture and cultivated meat. The Company has established a
portfolio of 21 companies at the Pre-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/
(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$ 2 billion has been invested worldwide since the
industry's inception in 2016.

Contacts

For further information please contact:

 Agronomics                                       Beaumont              Canaccord Genuity Limited       Cenkos                Peterhouse Capital    TB Cardew

 Limited                                          Cornish 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                      Max Gould             Charles Goodfellow    Joe McGregor

                                                                        Alex Aylen (Head of Equities)   Michael Johnson
 +44 (0) 1624 639396                              +44 (0) 207 628 3396  +44 (0) 207 523 8000            +44 (0) 207 397 8900  +44 (0) 207 469 0936  +44 (0) 20 7930 0777

 info@agronomics.im (mailto:info@agronomics.im)                                                                                                     +44 (0) 7738 724 630

                                                                                                                                                    agronomics@tbcardew.com (mailto:agronomics@tbcardew.com)

 

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