REG - Agronomics Limited - Net Asset Value calculation to 31st March 2022

AgronomicsAnnouncement

22/04/2022 07:00

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RNS Number : 9778I  Agronomics Limited  22 April 2022

22 April 2022

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation to 31st March 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 March 2022 was 15.11 pence per share,
including uninvested cash of £53.8 million. Net Assets stand at £141.8
million, including investments of £89.2 million. This quarter's NAV per share
represents an increase of 5.5% from the previous quarter's NAV of 14.32 pence
per share.

The share price of 19.2 pence at the 31 March 2022 close represents a premium
of 27% to the NAV per share. The average premium to NAV per share over the
last 12 month period was 137%. Under IFRS, the Company's unquoted investments
are carried at cost or the most recent priced funding round.

Richard Reed, Chairman of Agronomics, commented: -

"It's been an excellent start to 2022 for Agronomics .Three new companies were
added to the portfolio in this quarter: precision fermentation bio-design
company Geltor, precision fermentation egg protein company Onego, and the
UK-focused cultivated pet food company Good Dog Food - with the other
portfolio companies continuing to show strong progress . Agronomics also led
two deals at the Seed and Series A stages. The Board continues to see and
monitor new opportunities in cellular agriculture, as well as maintaining cash
reserves for follow-on investments in the existing portfolio. We are seeing
continued developments from the underlying assets for significant valuation
creation expected to occur in 2022.

The Company newsletter for Q1 2022 (Q3 for the financial reporting year) can
be found here. (https://us3.admin.mailchimp.com/reports/show?id=5170201)

Financing

During the 9-month period to 31 March 2022, the Company successfully completed
a funding round, 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 period, 615,631 new Ordinary Shares were
issued following the exercise of warrants, raising gross proceeds of £0.175
million. These funds, together with existing cash resources, will be utilised
to provide funding for opportunities within the field of cellular agriculture,
inclusive of supporting existing companies, as well as identifying new
opportunities.

Investment review

On 27 January 2022, cultivated seafood company BlueNalu Inc "BlueNalu"
announced it agreed a partnership with Food & Life Companies Ltd to supply
leading sushi brands such as Sushiro and Kyotaru with BlueNalu's cultivated
bluefin tuna product.

On 21 February 2022, the Company acquired a 2.05% in Geltor Inc "Geltor", a
company focused on producing designer proteins for use in the cosmetic
industry. The acquisition was part of a secondary transaction, with Agronomics
acquiring 1,069,593 Preferred Stock, for a total consideration of US$
9,499,525. The consideration was settled by issuing 8,676,951 new Ordinary
Shares in Agronomics (for a consideration of US$ 2,714,150), with the balance
being settled in cash totaling US$ 6,785,375. The shares issued are subject to
a lock in and orderly market agreement with a vesting schedule below:

 

-     1,084,619 shares released immediately

-     1,084,619 shares released after 18 months

-     6,507,713 shares released after 24 months

-   Shares subject to orderly market restrictions are such that the holder
shall provide the Company with notice of its intention to sell a specific
volume of shares, at a minimum price, and the Company and its brokers shall
have a period of 10 trading days to find buyers for such shares on the stated
terms

On 22 February 2022, Agronomics led the €10 million Seed funding round for
Onego Bio Ltd "Onego Bio", a company developing sustainable and animal free
egg protein. Following the €6.9 million investment, Agronomics will hold a
19.94% fully diluted interest.

On 8 March 2022, the Company co-led the Series A financing of cultivated meat
company SuperMeat The Essence of Meat Ltd "SuperMeat", with a US$ 10 million
investment for 188,158 Series A Preferred Shares. Following the purchase, the
existing SAFE investment converted into 119,551 Series A Preferred Shares.
This, together with the additional 50,774 Preferred Seed Shares acquired as
part of a secondary transaction during February 2022, results in an unrealized
gain on cost of US$ 6.5m (subject to audit).

On 14 March 2022, Agronomics announced a follow-on investment into cultivated
cotton company GALY CO "GALY", investing US$ 1 million for 364,710 Series A
Preferred Stock. Following this investment, Agronomics owns an 4.11% equity
stake in GALY.

On 21 March 2022, the Company together with Roslin Technologies Limited
("Roslin Technologies"), a food biotechnology company, announced the launch of
their first exclusive joint venture, Good Dog Food Limited "Good Dog Food".
Good Dog Food will develop a novel range of healthy, eco-friendly pet food
products made using cultivated meat.

 

                                                         Unaudited to

                                                         31 March 2022

                                                         £
 Current Assets
                            Investments                  89,262,133
                            Uninvested cash              53,838,692
                            Trade and other receivables  296,211
 Current Liabilities
                            Trade and other creditors    (1,593,824)
 Net Assets                                              141,803,212
 Capital and Reserves
                            Share capital                939
                            Share premium                124,586,144
                            Share reserve                7,394,360
                            Retained earnings            9,821,768
 Net assets                                              141,803,212

 Shares in Issue                                         938,590,207
 Net Asset Value per share                               15.11 pence

 

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

 

 

 

Portfolio Details

 Investments as at 31 March 2022  Value (£)   % of Total Portfolio

 Legacy holdings                  314,994     0.35%
 Cellular agriculture holdings    88,947,139  99.65%
 Total                            89,262,133  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              Cenkos                Peterhouse Capital    TB Cardew

 Limited              Cornish Limited       Securities Plc        Limited
 The Company          Nomad                 Joint Broker          Joint Broker          Public Relations
 Richard Reed         Roland Cornish        Giles Balleny         Lucy Williams         Ed Orlebar

 Denham Eke           James Biddle          Michael Johnson       Charles Goodfellow    Charlotte Anderson
 +44 (0) 1624 639396  +44 (0) 207 628 3396  +44 (0) 207 397 8900  +44 (0) 207 469 0936  +44 (0) 20 7930 0777

 info@agronomics.im                                                                     +44 (0) 7827 023678

                                                                                        agronomics@tbcardew.com

 

ENDS

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