Agronomics Regulatory News (ANIC)

London, UK, 10 March 2023

Edison issues update on Agronomics (ANIC)

Agronomics invests in cellular agriculture companies. Since mid-2022 it has placed increasing emphasis on companies using precision fermentation technology or providing contract precision fermentation services, as these appear to have greater near-term commercial potential than cultivated meat and seafood. Agronomics' NAV has risen almost 100% since the inception of the current strategy in April 2019, and looks set to increase further as the company's portfolio holdings receive regulatory approval for their products and/or begin generating income. ANIC is the only UK-listed vehicle targeting cellular agriculture, thus offering investors a rare opportunity to gain exposure to this exciting and rapidly expanding, but difficult to access, sector. The company is trading at a rare discount to NAV, providing investors with a chance to gain exposure at a particularly attractive price.

ANIC's share price is trading at an uncharacteristic discount to cum-income NAV, for reasons that, arguably, have little do with the company's performance. In our view, this situation provides investors with an opportunity that is unlikely to persist for too long, due to the increasing appetite for sustainable investments and the scarcity of alternative investment options in the cellular agriculture sector. The potential of eventual valuation uplifts to ANIC's portfolio holdings should also support the share price and diminish the discount over time.

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