REG - Agronomics Limited - Net Asset Value calculation to 30 June 2022

AgronomicsAnnouncement

22/07/2022 07:00

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RNS Number : 3724T  Agronomics Limited  22 July 2022

22nd July 2022

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation to 30 June 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 30 June 2022 was 15.27 pence per share,
including uninvested cash of £51.5 million. Net Assets stand at £148
million, including investments of £98 million.

The share price of 16 pence at the 30 June 2022 close represents a premium of
5.75% to the NAV per share. The average premium to NAV per share over the last
12-month period was 62.22%. Under IFRS, the Company's unquoted investments are
carried at cost or the most recent priced funding round.

Richard Reed, Chairman of Agronomics, commented: -

"Agronomics has continued its investment activity in cellular agriculture this
quarter, as well as having formed a new company, Liberation Labs Holdings Inc.
- a contract manufacturer for food technology precision fermentation.

We already have what we believe are sector leaders in cultivated meat and
seafood production, where cell culture is the best suited technology to
produce industrial quantities of meat at a much greater efficiency when
compared with conventional agriculture.  We will continue to support these
cell culture companies but, moving forward, we intend to further increase our
exposure in precision fermentation and its enabling technologies given the
near-term commercial opportunities, coupled with limited technology risks.

Whilst global venture funding aggregated across all areas has experienced a
23% decline quarter on quarter in Q2 2022, reflecting the slow-down given
volatile market conditions, cellular agriculture as a sector remains promising
because of the significant ESG tailwinds, intrinsic excitement and near-term
uplifts, all of which will benefit the Agronomics portfolio."

The Company newsletter for Q2 2022 (Q4 for the financial reporting year), can
be found here (https://mailchi.mp/agronomics/agronomics-q2-update-5238929) .

Financing

During the financial year ended 30 June 2022, the Company successfully
completed a funding round in December 2021, raising gross proceeds of
£31,824,684 and issuing 138,368,193 new Ordinary Shares. Following share
issue commissions and professional fees, net cash proceeds of approximately
£31 million were retained by the Company. During the 3-month period to 30
June 2022, 184,712 new Ordinary Shares were issued following the exercise of
warrants. In total, 800,343 Ordinary Shares have been issued following the
exercise of warrants, raising gross proceeds of £0.231 million. 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 4 May 2022, the Company announced that cultivated leather company
VitroLabs, Inc. completed a successful Series A financing round, and has now
raised a total of US$ 46 million. Agronomics led the Series A financing, with
a US$ 7 million investment completed in September 2021.

On 6 May 2022, the Company completed a US$ 2 million investment into Chinese
cultivated meat company CellX Limited, subscribing for 857,363 preferred
shares. Following this, the existing SAFE investment converted to 230,681
preferred shares, resulting in an unrealised gain on the original investment
of US$ 0.5 million.

On 20 June 2022, Agronomics completed a US$ 0.6 million founders round
investment into Liberation Labs Holdings, Inc. ("Liberation Labs"). Agronomics
and CPT Capital LLP (https://cptcap.com/) have come together with Liberation
Labs' co-founders Mark Warner, CEO, and Etan Bendheim, CBO, to address the
pressing need for modern full-scale precision fermentation facilities.

                                                         Unaudited to

                                                         30 June 2022

                                                         £
 Current Assets
                            Investments                  98,040,773
                            Uninvested cash              51,482,501
                            Trade and other receivables  31,260
 Current Liabilities
                            Trade and other creditors    (1,574,555)
 Net Assets                                              147,979,979
 Capital and Reserves
                            Share capital                947
                            Share premium                131,916,054
                            Retained earnings            16,062,978
 Net assets                                              147,979,979

 Shares in Issue                                         969,269,715*
 Net Asset Value per share                               15.27 pence

*The stated Shares in Issue figure is lower than the last reported figure
stated by the Company on 25 April 2022 given a timing issue due to shares
being issued in the secondary purchase in Geltor, Inc, announced 21(st)
February 2022.

 

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

 

 

Portfolio Details

 Investments as at 30 June 2022  Value (£)   % of Total Portfolio

 Cellular agriculture holdings   97,718,648  99.67%
 Legacy holdings                 322,125     0.33%
 Total                           98,040,773  100%

 

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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