REG - Agronomics Limited - Net Asset Value calculation as at 31 March 2025

AgronomicsAnnouncement

12/05/2025 07:00

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RNS Number : 1502I  Agronomics Limited  12 May 2025

 

12 May 2025

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as at 31 March 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 31 March 2025 was 14.81 pence per share, a
0.80% decrease from 14.93 pence per share at 31 December 2024. Net Assets
stand at £149 million, including investments of £146 million and
uninvested cash and short-term deposits of £4 million.

The share price of 7.15 pence at 31 March 2025 represents a discount of 52%
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 £1.2 million decline in the Company's NAV during the
quarter which relates primarily to the following:

·    An increase of £1.3 million in the value of the Company's holding in
Solar Foods Oy ("Solar Foods") which is listed on Nasdaq First North Growth
Market Finland;

·    An unrealised FX loss of £2.5 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 £0.4 million relating to ongoing running
costs, and the cash balances at 31 December 2024 were £10.2 million. This is
offset by interest income earned during the quarter, with £80,000 cash
interest and £281,000 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 31 March 2025, the following portfolio companies
completed fund raising activities:

·    On 21 January 2025, Formo Bio GmbH secured a EUR 35 million loan from
the European Investment Bank;

·    On 30 January 2025, Liberation Labs Holdings Inc closed a convertible
loan note fundraise with US$ 31.5 million in new capital, which brought the
total raised under this round to US$ 50.5 million. Agronomics invested a total
of US $7.4 million in the convertible note raise; and

·    On 4 March 2025, Solar Foods Oy was granted EUR 10 million in funding
from Business Finland, the Government agency part of the Finnish Ministry of
Employment and the Economy.

In addition, the following key milestone was achieved by a portfolio company
during the 3-month period:

·    On 7 February 2025, Good Dog Food t/a Meatly became the first company
in the world to supply for sale cultivated meat for pet food, as well as the
first to sell cultivated meat in Europe.

Jim Mellon, Executive Chair of Agronomics, commented:

In the first quarter of the year, the Agronomics portfolio has made fantastic
commercial and operational progress.

Liberation Labs, off the back of the recent US$ 50.5 million fundraise in
January 2025, announced an important manufacturing partnership with Dutch
ingredients company Vivici
(https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.vivici.com%2F&data=05%7C02%7CGeorge.Esmond%40secnewgate.co.uk%7C2e70641beb6f410bcbca08dd8e1e315c%7Ceae0b4d670d04d12a2336addd6e076a0%7C0%7C0%7C638822982506965167%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=4jHwYjc4tyska0kVROHJ8oBcnS7vTeygRwrJBzY6VH4%3D&reserved=0)
 to produce its Vivitein™ ingredient at scale for the US nutritional
market. Meanwhile, Blue Nalu has expanded its strategic
partnership with Nomad Foods
(https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.nomadfoods.com%2F&data=05%7C02%7CGeorge.Esmond%40secnewgate.co.uk%7C2e70641beb6f410bcbca08dd8e1e315c%7Ceae0b4d670d04d12a2336addd6e076a0%7C0%7C0%7C638822982506983010%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=L9aK300kNfWGr3gAmate%2B%2Bavw12xHKcCAuXJc1lVfhY%3D&reserved=0)
, Europe's leading frozen food company, to support the commercialisation
of its cell-cultivated seafood products in the UK and across Europe.

More and more of the portfolio continues to make progress toward achieving
regulatory approval for the sale of products. The latest being All G Foods,
which has received regulatory approval in China, and Onego, BlueNalu and
Meatable which are expecting to receive regulatory approval by the end of the
year.

The progress we have achieved during a challenging period for much of the
clean food industry and a volatile global economic landscape pays testament
to the quality of our portfolio and our ability to identify future category
leaders. It also demonstrates how food companies are
prioritising investment in scalable and sustainable clean food solutions.

We expect this level of progress to continue into the second half of the year,
with several further funding rounds set to close and regulatory
approvals on the horizon.

                                                          Unaudited to 31 March 2025

                                                          £
 Current Assets
                            Investments                   145,718,770
                            Uninvested cash and deposits  3,811,502
                            Trade and other receivables   89,739
 Current Liabilities
                            Trade and other creditors     (128,950)
 Net Assets                                               149,491,061
 Capital and Reserves
                            Share capital                 1,009
                            Share premium                 136,171,078
                            Retained earnings             13,318,974
 Net assets                                               149,491,061
 Shares in Issue                                          1,009,417,295
 Net Asset Value per share                                14.81 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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