REG - Agronomics Limited - Net Asset Value calculation at 30 June 2023

AgronomicsAnnouncement

02/08/2023 07:00

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RNS Number : 9709H  Agronomics Limited  02 August 2023

2 August 2023

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation at 30 June 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 30 June 2023 was 15.80 pence per share, a
2% decrease from 16.14 pence per share at 31 March 2023. Net Assets stand at
£157 million, including investments of £129 million and uninvested cash of
£28 million.

The share price of 10.40 pence at the 30 June 2023 close represents a discount
of 34% to the NAV per share. The average discount to NAV per share over the
last 12-month period was 20%. 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: -

"We are pleased to report that the Net Asset Value of our portfolio has
remained relatively stable in the past three months, given the macro-economic
backdrop. This reflects the quality of our portfolio companies, as well as
increasing global investment into the cellular agriculture sector led by major
food companies seeking reduced price volatility and nation states seeking food
security. This is a trend we expect to continue, further boosted by regulatory
developments, such as the recent approval of cultivated chicken for sale in
the US."

Financing

During the quarter ended 30 June 2023, the Company received notification of
warrants being exercised. A total of 905,184 new ordinary shares were issued
following the warrant exercise, for proceeds of £272,177.07. 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.

On 1 June 2023, the Company announced a 12-month extension for the final
exercise date of those unexercised warrants granted on 1 June 2021 and 8
December 2021. These warrants will now expire on 1 June 2024 and 8 December
2024, respectively.

Investment review

On 12 April 2023, the Company announced that Liberation Labs Holdings Inc
("Liberation Labs"), the large-scale precision fermentation contract
manufacturer, secured $30 million in equipment funding for the first
dedicated, purpose-built, commercial precision fermentation plant globally for
food production.

On 4 May 2023, the Company completed a £1 million investment in Good Dog Food
Limited ("GDF") as part of its £3.6 million Seed financing round. Agronomics
acquired 8,768 shares in GDF representing 42.4% of the company. Investors that
participated in this latest round of financing include Siddhi Capital, a
prominent and highly respected investor in innovative food products and
technologies, and Pets at Home, UK's leading pet retailer. Jim Mellon, an
Executive Director of Agronomics and a 2.99% shareholder in GDF, also
participated in the fundraise, with a £300,000 investment.

On 15 June 2023, the Company invested AUD 2.5 million in HydGene Renewables
Pty Ltd ("HydGene"), a developer of synthetic biology to engineer
microorganisms for use in hydrogen production. The investment is part of
HydGene's AUD 6 million Seed financing round. The investment is in line with
Agronomics' wider focus on investing in opportunities seeking to minimise the
irreversible damage to the natural environment and will result in Agronomics
holding 188,239 Series Seed Preferred Shares and owning, on a fully diluted
basis, 12.50% of HydGene.

On 22 June 2023, the Company announced that CellX Limited ("CellX") raised US$
6.5 million in new funding from third parties to accelerate the development of
its cultivated meat products as they near commercialisation. Agronomics has an
equity ownership of 4.98% on a fully diluted basis in CellX.

                                                          Unaudited to

                                                          30 June 2023

                                                          £
 Current Assets
                            Investments                   128,758,644
                            Uninvested cash and deposits  28,280,418
                            Trade and other receivables   57,146
 Current Liabilities
                            Trade and other creditors     (224,718)
 Net Assets                                               156,871,491
 Capital and Reserves
                            Share capital                 993
                            Share premium                 134,481,365
                            Retained earnings             22,389,133
 Net assets                                               156,871,491
 Shares in Issue                                          993,152,034
 Net Asset Value per share                                15.80 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    SEC Newgate

 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         Bob Huxford

 Denham Eke           James Biddle          Harry Rees                      Michael Johnson       Charles Goodfellow    George Esmond

                                            Alex Aylen (Head of Equities)                                               Anthony Hughes

                                                                                                                        Alice Cho
 +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

ENDS

 

 

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