REG - Agronomics Limited - NAV Statement, Warrant Exercise, TVR

AgronomicsAnnouncement

08/08/2024 07:00

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RNS Number : 6310Z  Agronomics Limited  08 August 2024

 

8 August 2024

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as at 30 June 2024, Warrant Exercise and TVR

 

Agronomics Limited (AIM:ANIC), a leading listed company focused on the field
of cellular agriculture, announces that its unaudited Net Asset Valuation
("NAV") calculation as at closing on 30 June 2024 was 16.42 pence per
share, a 3.3% decrease from 16.98 pence per share at 31 March 2024. Net
Assets stand at £166 million, including investments of £154 million and
uninvested cash and short-term deposits of £12 million.

The share price of 6 pence at 30 June 2024 close represents a discount of
63% to the 30 June 2024 NAV per share. The average discount to NAV per share
over the last 12-month period was 43%. Under IFRS, the Company's unquoted
investments are carried at cost or the most recent priced funding round.

Jim Mellon, Executive Chair of Agronomics, commented: -

"Despite persistent challenges in the venture capital environment and
difficult macroeconomic headwinds, our portfolio has continued to demonstrate
notable progress this quarter, achieving multiple new financings.

Highlights included a €40 million funding round for cultivated meat company
Mosa Meat and an €8 million second close of Solar Foods' Series B round.
Agronomics also invested a further US$ 10 million into Liberations Labs which
aims to address the critical bottleneck faced by the industry and enable
precision fermentation at commercial scale. The sustained investment activity
across a number of companies reflects the steady technical and commercial
progress being made within the portfolio.

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 ending 30 June 2024, the Company received notification of
warrants being exercised. A total of 1,833 new ordinary shares were issued
following the warrant exercise, for proceeds of £523.03.

During the period, no fees were payable or accrued relating to the Shellbay
Investments Limited Agreement.

Investment review

During the 3-month period, four of Agronomics' portfolio companies raised
additional funding:

·    On 5 April 2024, the Company announced that it invested US$ 10
million in Liberation Labs Holding Inc. ("Liberation Labs") as part of a
larger US$ 12.5 million round. The investment was made in the form of a
Secured Convertible Promissory Note ("SCPN"), a form of convertible debt, for
the continued construction of the facility in Richmond Indiana in advance of
Liberation Labs' Series A round. Including the SCPN, Agronomics has
invested US$ 17.6 million in Liberation Labs which, subject to audit, is
currently carried at a book value of £25.8 million. Agronomics now holds
37.5% of Liberation Labs on a fully diluted basis.

·    On 17 April 2024, the Company announced that Mosa Meat B.V ("Mosa
Meat") had successfully raised €40 million in new capital to help finance
the further scaling up of its production process and prepare its products for
market entry. This new financing had no impact on Agronomics' carrying value
and the Company holds an equity ownership of ~1.68% on a fully diluted basis.

·    On 26 April 2024, the Company announced that Solar Foods Oy ("Solar
Foods") raised an additional €8 million via Finish investment organiser
Springvest Oyj. The additional funding is a subsequent close to Solar Foods'
Series B round which took place in November 2023, bringing the total raise to
€16 million. Following the first close of the Series B, Agronomics position
was carried at £11.4 million. This subsequent close remained on the same
terms as those set in November and there was no change to the value of
Agronomics position.

·    On 23 May 2024, the Company announced that Meatable B.V. ("Meatable")
appointed Jeff Tripician as its new CEO. Mr Tripician succeeds Meatable's
co-founder Krijn de Nood, who will continue to serve and advise the company on
the Board of Directors. An industry veteran with over 25 years of experience
in the organic and natural meat industry, Mr Tripician will lead Meatable as
it prioritizes US market expansion.

The Board notes that VitroLabs Inc. ("VitroLabs") closed a US$ 3.5 million
fundraise led by a climate tech focused venture capital firm. Following the
close of this financing, the write down to Agronomics position has been
quantified and, subject to audit, Agronomics will carry this position forward
at a book value of £418.6k

                                                          Unaudited to 30 June 2024

                                                          £
 Current Assets
                            Investments                   153,589,370
                            Uninvested cash and deposits  12,235,215
                            Trade and other receivables   56,630
 Current Liabilities
                            Trade and other creditors     (168,299)
 Net Assets                                               165,712,916
 Capital and Reserves
                            Share capital                 1,009
                            Share premium                 136,169,364
                            Retained earnings             29,542,543
 Net assets                                               165,712,916
 Shares in Issue                                          1,009,411,583
 Net Asset Value per share                                16.42 pence

 

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.

Warrant Exercise August 2024

Agronomics Limited announces that pursuant to the receipt of notices for the
exercise of warrants, it is issuing 1 Ordinary Share with a nominal value of
£0.000001 each in the capital of the Company ("Share") at a subscription
price of 30p per Share. The Company has received gross proceeds of £0.30.

Application has been made for 1 Share to be admitted to trading on AIM
("Admission"), with Admission expected to occur on or around 14 August 2024.

The Share will rank pari passu with the existing Ordinary Shares, including
the right to receive all dividends and other distributions declared after the
date of their issue.

Following Admission of the Share, the Company will have 1,009,411,584 ordinary
shares with a nominal value of £0.000001 each in issue with voting rights and
admitted to trading on AIM. This figure may then be used by shareholders in
the Company as the denominator for the calculation by which they will
determine if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.

About Agronomics

Agronomics is a leading London-listed company focusing on investment
opportunities within the field of cellular agriculture. The Company has
established a portfolio of over 20 companies in this rapidly advancing sector.
It seeks to invest 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 and improve food security for the world's expanding
population. A full list of Agronomics' portfolio companies is available at
https://agronomics.im/ (https://agronomics.im/) .

For further information please contact:

 

 Agronomics Limited   Beaumont Cornish Limited  Canaccord Genuity Limited       Cavendish Securities Plc  Peterhouse Capital Limited  SEC Newgate
 The Company          Nomad                     Joint Broker                    Joint Broker              Joint Broker                Public Relations
 Jim Mellon           Roland Cornish            Andrew Potts                    Giles Balleny             Lucy Williams               Bob Huxford

 Denham Eke           James Biddle              Harry Pardoe                    Michael Johnson           Charles Goodfellow          Anthony Hughes

                                                Alex Aylen (Head of Equities)
 +44 (0) 1624 639396  +44 (0) 207 628 3396      +44 (0) 207 523 8000            +44 (0) 207 397 8900      +44 (0) 207 469 0936        agronomics@secnewgate.co.uk

 info@agronomics.im

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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