REG - Agronomics Limited - Net Asset Value calculation as at 30 June 2025

AgronomicsAnnouncement

18/07/2025 11:00

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RNS Number : 6736R  Agronomics Limited  18 July 2025

 

18 July 2025

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as at 30 June 2025

Agronomics Limited (AIM:ANIC), a leading listed company in the field of clean
food, announces that its unaudited Net Asset Value per share ("NAV")
calculation as at closing on 30 June 2025 was 14.40 pence per share, a
2.8% decrease from 14.81 pence per share as at 31 March 2025. Net Assets
stand at £145.3 million, including investments of £141.8 million and
uninvested cash and short-term deposits of £3.6 million.

The share price of 7.05 pence as at 30 June 2025 represents a discount of
51% to the NAV per share on the same date. The average discount to NAV per
share over the last 12-month period was 64%. Under IFRS, the Company's
unquoted investments are generally carried at cost or the most recent priced
funding round.

The Board notes the c £4.1 million decline in the Company's NAV during the
quarter, which relates primarily to the following:

-     An unrealised FX loss of £4.2 million following revaluation of
investments to month-end spot rate, where we hold certain of our investments
in USD, EUR and AUD, due to negative movements in these currencies against the
Company's reporting currency of Pound Sterling in the quarter; and

-     Cash balances reduced by £0.2 million relating to ongoing running
costs, with cash balances at 30 June 2025 of £3.6 million. This was offset by
interest income earned during the quarter, with £23k cash interest and £365k
loan note interest income earned.

During the period, no fees were payable or accrued in accordance with the
Shellbay Investments Limited Agreement. Shellbay's fees are solely payable
when there is an annual increase in the NAV; further details are included in
the 2024 annual report.

Investment Portfolio review

During the 3-month period to 30 June 2025, there was no fundraise activity
from the portfolio companies.

The following key milestones were achieved by portfolio companies during the
3-month period:

·     On 15 April 2025, Liberation Bioindustries Inc ("Liberation
Bioindustries"), formerly Liberation Labs Holdings Inc, reported a strategic
partnership with NEOM Investment Fund to help develop a precision-fermentation
facility in Saudi Arabia. This partnership follows NEOM's participation in
Liberation Bioindustries's US$ 50.5 million fundraise announced on 30 January
2025;

·     On 30 April 2025, BlueNalu Inc announced that it expanded its
strategic partnership with Nomad Foods Limited, Europe's leading frozen food
company, to support the commercialisation of its cell-cultivated seafood
products in the UK and across Europe;

·     On 6 May 2025, Meatable B.V. announced the company formed a
strategic collaboration to advance the global commercialisation of cultivated
meat with TruMeat Co., Ltd, which specialises in the contract manufacturing of
cultivated meat at commercial scale;

·     On 8 May 2025, Liberation Bioindustries announced a manufacturing
partnership with Dutch ingredients startup Vivici B.V; and

·     On 28 May 2025, Good Dog Food Limited (t/a "Meatly") announced
that it has developed an in-house bioreactor to accelerate the scalable
production of its cultivated pet food.

Jim Mellon, Executive Chair of Agronomics, commented:

"While the quarter saw a modest decline in NAV, primarily due to foreign
exchange movements, the strategic progress across our portfolio has been
substantial. Several of our companies secured transformative partnerships with
major global food manufacturers. A clear validation of the commercial
viability and growing demand for sustainable food technologies.

BlueNalu's expanded collaboration with Nomad Foods, one of Europe's largest
frozen food companies, is a major step toward bringing cell-cultivated seafood
to market. Meanwhile, Meatable's partnership with TruMeat in Asia and
Liberation Bioindustries agreements with NEOM and Vivici further demonstrate
the global appetite for scalable, next-generation food solutions.

These are not just milestones-they are significant commercial contracts and
collaborations that position our portfolio companies for long-term growth and
impact. We are confident in the strength of our portfolio and our role in
driving the transition to a more sustainable, resilient global food system."

 

                                                          Unaudited to 30 June 2025

                                                          £
 Current Assets
                            Investments                   141,848,220
                            Uninvested cash and deposits  3,580,603
                            Trade and other receivables   52,788
 Current Liabilities
                            Trade and other creditors     (141,740)
 Net Assets                                               145,339,871
 Capital and Reserves
                            Share capital                 1,009
                            Share premium                 136,171,078
                            Retained earnings             9,167,784
 Net assets                                               145,339,871
 Shares in Issue                                          1,009,417,295
 Net Asset Value per share                                14.40 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.

About Agronomics

Agronomics is a leading London-listed company focusing on investment
opportunities within the field of clean food. 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           Beaumont              Canaccord Genuity Limited  Cavendish Capital Markets Limited  Peterhouse Capital    SEC Newgate

 Limited              Cornish Limited                                                                     Limited
 The Company          Nomad                 Joint Broker               Joint Broker                       Joint Broker          Public Relations
 Jim Mellon           Roland Cornish        Andrew Potts               Giles Balleny                      Lucy Williams         Bob Huxford

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

                                                                       Charlie Combe
 +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 Statement

Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated
Adviser and is authorised and regulated in the United Kingdom by the Financial
Conduct Authority. 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 the
announcement or any matter referred to in it.

 

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