REG - Agronomics Limited - Net Asset Value calculation at 31 December 2022

AgronomicsAnnouncement

25/01/2023 07:00

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RNS Number : 7491N  Agronomics Limited  25 January 2023

25 January 2023

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation at 31 December 2022

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 December 2022 was 16.37 pence per
share, broadly unchanged from 16.51 pence per share at 30 September 2022. Net
Assets stand at £162 million, including investments of £133 million and
uninvested cash was £30 million.

The share price of 11.75 pence at the 31 December 2022 close represents a
discount of 28% to the NAV per share. The average premium to NAV per share
over the last 12-month period was 8%. 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 maintained its investment activity in cellular agriculture this
quarter through its support in the successful US$ 20 million seed fundraise of
its portfolio company, Liberation Labs, the contract manufacturer for food
technology precision fermentation. Liberation Labs has recently announced the
selection of its first commercial site in the United States and expects to
have the facility online by the end of 2024.

The approval of UPSIDE Foods by the FDA, one of the most stringent regulatory
bodies globally for food safety, was an enormous step forward for the field of
cellular agriculture and the path to commercialisation and we believe we can
expect more approvals of cellular agriculture products in the near future.
     This, alongside the regulatory approval by the Singapore Food Agency
(SFA) of Agronomics' portfolio company, Solar Foods Oy, indicates regulatory
approval and commercial launches in the next 12-18 months may be on the
horizon for a number of Agronomics' portfolio companies."

Financing

During the quarter ended 31 December 2022, the Company received notification
of warrants being exercised. A total of 6,889 new ordinary shares were issued
following the warrant exercise, for proceeds of £2,016.28. These funds,
together with existing cash resources, will be utilised to provide backing 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 20 October 2022
(https://www.londonstockexchange.com/news-article/ANIC/investment-in-liberation-labs-us-20m-fundraise/15679719)
, Agronomics co-led the seed investment round of precision fermentation
contract manufacturer Liberation Labs Holdings Inc ("Liberation Labs
(https://liberationlabs.com/) "). The final tranche of the committed US$ 7
million was completed on 5 December 2022
(https://www.londonstockexchange.com/news-article/ANIC/further-investment-in-liberation-labs-seed-round/15742973)
and, on 30 December 2022, the Company announced the close of Liberation Labs'
$20 million seed funding round. Upon completion of the financing, Agronomics
now holds an equity stake of 38.5% on a fully diluted basis. The investment
was co-led with Siddhi Capital, a prominent and highly respected investor in
innovative food products and technologies. New Agrarian Company Limited, an
affiliate of Agronomics, also participated in Liberation Labs' funding
round on identical terms and tranching as Agronomics.

On 26 October 2022
(https://www.londonstockexchange.com/news-article/ANIC/portfolio-company-solar-foods-update/15688552)
, the Company announced that Solar Foods Oy ("Solar Foods
(https://solarfoods.com/) "), its Finnish food technology portfolio company
focused on commercialising its sustainable protein, Solein, received its first
regulatory approval in Singapore for its novel protein by the Singapore
Food Agency. On 23 December 2022
(https://www.londonstockexchange.com/news-article/ANIC/solar-foods-receives-euro34-million-in-grant/15770762)
, the Company also announced that Solar Foods had received a €34
million grant to support the build of their first fermentation facility and
start preparations for their full-scale facility.

On 5 December 2022
(https://www.londonstockexchange.com/news-article/ANIC/investee-company-update-clean-food-group/15743943)
, Agronomics announced that portfolio company Clean Food Group Limited
("Clean Food Group (https://cleanfood.group/) ") has received investment
from Doehler Ventures (https://www.doehler-ventures.com/) , the venture arm
of Doehler Group (https://www.doehler.com/en/)  GmbH
(https://www.doehler.com/en/) , a global producer, marketer and provider of
technology-based natural ingredients and ingredient systems for the food and
beverage industries.

 

                                                          Unaudited to

                                                          31 December 2022

                                                          £
 Current Assets
                            Investments                   132,691,338
                            Uninvested cash and deposits  29,825,250
                            Trade and other receivables   106,734
 Current Liabilities
                            Trade and other creditors     (175,763)
 Net Assets                                               162,447,559
 Capital and Reserves
                            Share capital                 992
                            Share premium                 134,208,846
                            Retained earnings             28,237,721
 Net assets                                               162,447,559

 Shares in Issue                                          992,243,526*
 Net Asset Value per share                                16.37 pence

 

The quoted investments within the portfolio are valued under IFRS at bid
price.

* Based on the TVR figure notified on 4 January 2023 excluding the 1,142
Ordinary Shares issued pursuant to an exercise of warrants announced then.

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

                                                                                                                                                     agronomics@tbcardew.com (mailto:agronomics@tbcardew.com)

 

 

 

 

ENDS

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