Agronomics puts another EUR 2m into lab-grown meat firm Meatable

(Sharecast News) - Alternative protein and cultivated meat company Agronomics has invested a further €2m (£1.73m) in existing investee company Meatable, it announced on Thursday, for 1,197 preferred shares.
The AIM-traded firm said the subscription would be paid using cash from its own resources, and would take Agronomics' total cash investment in Meatable to €5m.

Following the subscription, Agronomics would hold 4,752 preferred shares in Meatable, representing equity ownership on a fully diluted basis of 5.7%.

Subject to audit, Agronomics said it would now carry its position in its accounts at a book value of €7.95m, representing an unrealised gain on cost of €2.95m and an internal rate of return of 95%.

"We are delighted to further support Meatable as one of the leading companies in the field of cultivated meat and a major holding in the Agronomics' portfolio," said chairman Richard Reed.

"We maintain our enthusiasm for Meatable, as they continue to scale-up production, achieve their scientific milestones, and move towards commercialisation."

At 1446 GMT, shares in Agronomics were down 7.04% at 18.78p.