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

AgronomicsAnnouncement

02/05/2023 11:45

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RNS Number : 1282Y  Agronomics Limited  02 May 2023

2 May 2023

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as at 31 March 2023

Agronomics Limited (AIM:ANIC), the leading listed company focused on the field
of cellular agriculture, announces that its unaudited Net Asset Valuation
("NAV") calculation as at closing on 31 March 2023 was 16.14 pence per share,
broadly unchanged from 16.37 pence per share at 31 December 2022. Net Assets
stand at £160 million, including investments of £131 million and uninvested
cash of £29 million.

The share price of 10.90 pence at the 31 March 2023 close represents a
discount of 32% to the NAV per share. The average discount to NAV per share
over the last 12-month period was 4%. Under IFRS, the Company's unquoted
investments are generally carried at cost or the most recent priced funding
round.

Richard Reed, Chairman of Agronomics, commented: -

"Agronomics welcomed a new company to the portfolio this quarter, through its
participation in the successful US$ 3.3 million Pre-seed financing of Wild
Microbes, a company developing next-generation microbes for biomanufacturing.

This quarter also saw the second approval of a cultivated chicken product by
the US Food and Drug Administration ("FDA"), with Good Meat receiving a 'No
Questions letter'. The FDA is one of the most stringent regulatory bodies
globally for food safety, and we still await the US Department of Agriculture
to approve a cultivated meat product, allowing companies to begin
commercialisation. We expect to see more regulatory approvals in the US for
cultivated meat in the near term."

Corporate

On 23 February 2023, the Company announced the appointment of Marisa Drew to
the Board of Directors. Marisa Drew is the inaugural Chief Sustainability
Officer ("CSO") of Standard Chartered Bank Plc, responsible for setting the
bank's sustainability strategy and the delivery of the firm's commitment to
net zero carbon emissions by 2050 as well as overseeing the sustainable
finance client-facing activities of the bank.

Financing

During the quarter ended 31 March 2023, the Company received notification of
warrants being exercised. A total of 1,142 new ordinary shares were issued
following the warrant exercise, for proceeds of £342.60. These funds,
together with existing cash resources, will be utilised to provide finance for
opportunities within the field of cellular agriculture, both by supporting
existing companies, as well as identifying new opportunities in which to
invest.

Investment review

On 25 January 2023, Liberation Labs Inc announced the acquisition of the land
for its launch facility, which we believe will be the first dedicated,
purpose-built, commercial, precision fermentation plant globally for food
production.

On 7 February 2023, cultivated meat company CellX Limited announced the
signing of a strategic partnership agreement with food manufacturing
specialists Shanghai Tofflon Science and Technology Co., Ltd., aiming to
accelerate the scale-up of cultivated meat in the Asian market with a new
purpose-built facility.

On 23 February 2023, Agronomics participated in Wild Microbes US $3.3 million
pre-Seed funding round, with a US$ 0.5 million investment. The investment was
completed in the form of a Simple Agreement for Future Equity, and will
provide Agronomics on conversion with an approximate equity ownership of 4.17%
on a fully diluted basis. Wild Microbes' proprietary technology will allow it
to genetically engineer novel microbial strains for use as host-organisms to
produce proteins and other high value molecules.

                                                          Unaudited to

                                                          31 March 2023

                                                          £
 Current Assets
                            Investments                   130,895,484
                            Uninvested cash and deposits   29,254,287
                            Trade and other receivables    93,021
 Current Liabilities
                            Trade and other creditors     (52,161)
 Net Assets                                               160,190,631
 Capital and Reserves
                            Share capital                 992
                            Share premium                 134,209,188
                            Retained earnings             25,980,451
 Net assets                                               160,190,631
 Shares in Issue                                          992,244,668
 Net Asset Value per share                                16.14 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.

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                      Michael Johnson       Charles Goodfellow    Alistair Walker

                                            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  +44 (0) 20 7930 0777

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

                                                                                                                        agronomics@tbcardew.com

ENDS

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