REG - Agronomics Limited - Net Asset Value calculation to 31 March 2020

AgronomicsAnnouncement

14/04/2020 07:00

RNS Number : 4650J
  
Agronomics Limited
  
14 April 2020
  
 

14 April 2020
Agronomics Limited
(the "Company")
Net Asset Value calculation to 31 March 2020
Richard Reed, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 March 2020 was 5.53 pence per share, including un-invested cash of £3,890,306. The portfolio is valued under IFRS at bid price. The share price of 5.25 pence at the 31 March 2020 close represents a discount of 5% to the NAV. Net Assets stand at £18.3 million, including investments of £14.5 million. This quarter's NAV per share represents an increase of 5% from the previous quarters NAV of 5.26 pence per share, which included un-invested cash of £4,669,881. No management fee is due to Shellbay Investments Limited.
During January 2020, the Company completed an additional fundraise, raising net proceeds of £5.2m. Total gross funds raised during the 2020 financial year now stand at £17.6 million. Existing funds will be deployed in line with the new investment policy. 
On 12 February 2020, the Company invested US$ 3 million into Foods United, Inc ("Foods United"). This was part of a US$ 100 million fundraise by Foods United, which was founded by Blue Horizon Corporation, a major early player in the alternative protein sector with an established portfolio of 39 seed investments. 
 
The Company completed a further US$ 1 million SAFE investment into VitroLabs, Inc ("Vitro") on 13 February 2020. Upon conversion into equity, this will equate to an estimated 6.15% equity interest in Vitro. 
 
On 27 February 2020, the Company announced that BlueNalu, Inc completed its US$ 20 million Series A funding round, with participation from major strategic investors with expertise across operations, sales, marketing, distribution and supply chain structuring.
 
On 10 March 2020, the Company completed a subscription of US$ 500,000 in GALY CO ("GALY") in the form of a SAFE. GALY is a Boston, USA, based pioneering biomaterials technology company, producing cotton grown in a lab.
 
On 31 March 2020, the Company completed a subscription of US$ 2,999,996 in Tropic Biosciences UK Limited ("Tropic"). Tropic is a leading biotechnology company based in Norwich, UK, which is utilising powerful gene-editing techniques including CRISPR-Cas9 and Tropic's own proprietary GEiGS™ platform in developing high-performing commercial varieties of tropical crops. 
 
Your board continues to evaluate a number of opportunities which show significant growth prospects".    











Unaudited to 
31 March 2020 £




Fixed Assets
















Investments


14,470,478




Current Assets
















Uninvested cash


3,890,306








Sundry Debtors


38,055




Current Liabilities
















Trade and other creditors


(66,242)












18,332,597




Capital and Reserves
















Share Capital


23








Share Premium


19,578,859








Reserves


(1,246,285)












18,332,597




Shares in Issue






331,616,661


















Net Asset Value per share






5.53 pence



 
Portfolio Details



Investments as at 31 March 2020


Value (£)


% of Total Portfolio


























AgeX Therapeutics Inc


89,914


0.62%








Regent Pacific Group Limited


83,760


0.58%








Portage Biotech Inc


215,524


1.49%








Other quoted holdings


14,972


0.10%








Other unquoted holdings


14,066,308


97.21%








Total


14,470,478


100.00%













            
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR').  Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain. 
For further information, please contact:



Agronomics Limited


Beaumont Cornish Limited


Zeus Capital Limited


Peterhouse Capital Limited


Britton Financial PR




The Company


Nomad


Joint Broker


Joint Broker


Investor Relations




Denham Eke
+44 (0) 1624 639396


Roland Cornish/James Biddle
+44 (0) 207 628 3396


Mike Seabrook/
Rupert Woolfenden
+44 (0) 161 393 1975


Lucy Williams
+44 (0) 207 469 0936
 


Tim Blackstone
+44 (0)7957 140416



ENDS


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