REG - Agronomics Limited - Net Asset Value calculation as at 31 December 2023

AgronomicsAnnouncement

09/02/2024 07:00

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RNS Number : 5652C  Agronomics Limited  09 February 2024

9 February 2024

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as at 31 December 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 31 December 2023 was 16.90
pence per share, a 2.5% increase from 16.48 pence per share at 30 September
2023. Net Assets were £168 million, including investments of £146 million
and uninvested cash and short-term deposits of £22 million. During the
period, no fees were payable or accrued relating to the Shellbay Investments
Limited Agreement.

The share price of 9.50 pence at the 31 December 2023 close represented a
discount of 44% to the 31 December 2023 NAV per share. The average discount to
the prevailing NAV per share over the last 12-month period was 34%. Under
IFRS, the Company's unquoted investments are generally carried at cost or the
most recent priced funding round.

Jim Mellon, Chair of Agronomics, commented:

Agronomics has a healthy balance sheet entering into 2024 and intends to
preserve the majority of its capital for follow-on investments into its
existing portfolio companies to assist with the achievement of major
milestones such as regulatory approvals, product launches, or building out
their commercial facilities. The Company continues to monitor and review new
and emerging technologies within the field of cellular agriculture and will
also look to expand the portfolio for further diversification should the
opportunity arise.

Financing

During the period, 2,210 new ordinary shares were issued following the
exercise of warrants. Gross proceeds of £660 were received by the Company.

The Board approved a share buyback programme for an aggregate amount of up to
£3m for a period of 6 months commencing on 2nd October 2023.  To the period
ending 31 December 2023, the Company has yet to initiate any buybacks.

Investment review

During the 3-month period, the Company had two positive revaluations and saw
the portfolio companies receive government support and form new strategic
partnerships:

·    9 October 2023
(https://polaris.brighterir.com/public/agronomics/news/rns/story/w9mp0px) ,
portfolio company BlueNalu closed a US$ 33.5 million Series B round led by
NEOM with a US$ 20 million investment. The investment was accompanied by the
signing of a Memorandum of Understanding with BlueNalu for the
commercialisation, marketing and distribution of BlueNalu's cultured seafood.

·    16 November 2023
(https://polaris.brighterir.com/public/agronomics/news/rns/story/rn4q7kx) ,
portfolio company Solar Foods closed an €8 million Series B financing round
through the Finnish-based investment organiser Springvest.

·    1 December 2023
(https://polaris.brighterir.com/public/agronomics/news/rns/story/w9n68gr) ,
portfolio company Liberation Labs secured a US$ 25 million loan for its
biomanufacturing facility in Richmond, Indiana. The loan was awarded by Ameris
Bank which received a loan guarantee from the USDA as part of its "Business
and Industry" loan guarantee program.

·    5 December 2023
(https://polaris.brighterir.com/public/agronomics/news/rns/story/xj76z1x) ,
portfolio company Clean Food Group was awarded government funding towards a
£1 million project to accelerate novel low-emission food production systems.

                                                          Unaudited to 31 December 2023

                                                          £
 Current Assets
                            Investments                   145,879,692
                            Uninvested cash and deposits  22,007,344
                            Trade and other receivables   142,258
 Current Liabilities
                            Trade and other creditors     (203,046)
 Net Assets                                               167,826,248
 Capital and Reserves
                            Share capital                 993
                            Share premium                 134,482,024
                            Share reserve                 1,686,336
                            Retained earnings             31,656,895
 Net assets                                               167,826,248
 Shares in Issue                                          993,154,244
 Net Asset Value per share                                16.90 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.

ENDS

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 (mailto:info@agronomics.im)

 

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