REG - Agronomics Limited - InSilico Medicine sale-Correction of sale proceeds

AgronomicsAnnouncement

26/10/2021 07:00

RNS Number : 1897Q
  
Agronomics Limited
  
26 October 2021
  
 

26th October 2021
 
Agronomics Limited
("Agronomics" or the "Company")
 
InSilico Medicine, Inc sale - Correction of sale proceeds
 
Agronomics, the leading listed company focused on the field of cellular agriculture, announced on 24 June 2021 the disposal of its holding of 23,147 shares in Insilico Medicine, Inc for US $669,775 (£475,540), which represented an IRR of 54%. Upon further review, Agronomics has identified that the final sale proceeds were $523,477 (£378,561), thereby representing an IRR of 45%. The lower proceeds and realised profit accounted for only 0.1% of the Company's net asset value as at 30 June 2021.
About Agronomics
Agronomics is a leading listed alternative proteins company with a focus on cellular agriculture. The Company has established a portfolio of 15 companies from the Pre-Seed to Series B 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. 
 
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
Limited


Beaumont
Cornish Limited


Cenkos
Securities Plc


Peterhouse Capital
Limited


TB Cardew




The Company


Nomad


Joint Broker


Joint Broker


Public Relations




Richard Reed
Denham Eke


Roland Cornish
James Biddle


Giles Balleny
Michael Johnson


Lucy Williams
Charles Goodfellow


Ed Orlebar
Joe McGregor




+44 (0) 1624 639396
info@agronomics.im


+44 (0) 207 628 3396


+44 (0) 207 397 8900


+44 (0) 207 469 0936


+44 (0) 20 7930 0777
+44 (0) 7738 724 630
agronomics@tbcardew.com



 
 
 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
MSCPPGAGUUPGGQA