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Pin to quick picksAgronomics Regulatory News (ANIC)

Share Price Information for Agronomics (ANIC)

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Net Asset Value calculation at 30 June 2023

2 Aug 2023 07:00

RNS Number : 9709H
Agronomics Limited
02 August 2023
 

2 August 2023

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation at 30 June 2023

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 2023 was 15.80 pence per share, a 2% decrease from 16.14 pence per share at 31 March 2023. Net Assets stand at £157 million, including investments of £129 million and uninvested cash of £28 million.

The share price of 10.40 pence at the 30 June 2023 close represents a discount of 34% to the NAV per share. The average discount to NAV per share over the last 12-month period was 20%. Under IFRS, the Company's unquoted investments are generally carried at cost or the most recent priced funding round.

Richard Reed, Chairman of Agronomics, commented: -

"We are pleased to report that the Net Asset Value of our portfolio has remained relatively stable in the past three months, given the macro-economic backdrop. This reflects the quality of our portfolio companies, as well as increasing global investment into the cellular agriculture sector led by major food companies seeking reduced price volatility and nation states seeking food security. This is a trend we expect to continue, further boosted by regulatory developments, such as the recent approval of cultivated chicken for sale in the US."

Financing

During the quarter ended 30 June 2023, the Company received notification of warrants being exercised. A total of 905,184 new ordinary shares were issued following the warrant exercise, for proceeds of £272,177.07. These funds, together with existing cash resources, will be utilised to provide finance for opportunities within the field of cellular agriculture, both by supporting existing companies, as well as identifying new opportunities in which to invest.

On 1 June 2023, the Company announced a 12-month extension for the final exercise date of those unexercised warrants granted on 1 June 2021 and 8 December 2021. These warrants will now expire on 1 June 2024 and 8 December 2024, respectively.

Investment review

On 12 April 2023, the Company announced that Liberation Labs Holdings Inc ("Liberation Labs"), the large-scale precision fermentation contract manufacturer, secured $30 million in equipment funding for the first dedicated, purpose-built, commercial precision fermentation plant globally for food production.

On 4 May 2023, the Company completed a £1 million investment in Good Dog Food Limited ("GDF") as part of its £3.6 million Seed financing round. Agronomics acquired 8,768 shares in GDF representing 42.4% of the company. Investors that participated in this latest round of financing include Siddhi Capital, a prominent and highly respected investor in innovative food products and technologies, and Pets at Home, UK's leading pet retailer. Jim Mellon, an Executive Director of Agronomics and a 2.99% shareholder in GDF, also participated in the fundraise, with a £300,000 investment.

On 15 June 2023, the Company invested AUD 2.5 million in HydGene Renewables Pty Ltd ("HydGene"), a developer of synthetic biology to engineer microorganisms for use in hydrogen production. The investment is part of HydGene's AUD 6 million Seed financing round. The investment is in line with Agronomics' wider focus on investing in opportunities seeking to minimise the irreversible damage to the natural environment and will result in Agronomics holding 188,239 Series Seed Preferred Shares and owning, on a fully diluted basis, 12.50% of HydGene.

On 22 June 2023, the Company announced that CellX Limited ("CellX") raised US$ 6.5 million in new funding from third parties to accelerate the development of its cultivated meat products as they near commercialisation. Agronomics has an equity ownership of 4.98% on a fully diluted basis in CellX.

 

 

Unaudited to

30 June 2023

£

Current Assets

 

 

 

Investments

128,758,644

 

Uninvested cash and deposits

28,280,418

 

Trade and other receivables

57,146

Current Liabilities

 

 

 

Trade and other creditors

(224,718)

Net Assets

 

156,871,491

Capital and Reserves

 

 

 

Share capital

993

 

Share premium

134,481,365

 

Retained earnings

22,389,133

Net assets

 

156,871,491

Shares in Issue

 

993,152,034

Net Asset Value per share

 

15.80 pence

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

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

Limited

Beaumont

Cornish Limited

Canaccord Genuity Limited

Cenkos

Securities Plc

Peterhouse Capital

Limited

SEC Newgate

The Company

Nomad

Joint Broker

Joint Broker

Joint Broker

Public Relations

Richard Reed

Denham Eke

Roland Cornish

James Biddle

Andrew Potts

Harry Rees

Alex Aylen (Head of Equities)

Giles Balleny

Michael Johnson

Lucy Williams

Charles Goodfellow

Bob Huxford

George Esmond

Anthony Hughes

Alice Cho

+44 (0) 1624 639396

info@agronomics.im

+44 (0) 207 628 3396

+44 (0) 207 523 8000

+44 (0) 207 397 8900

+44 (0) 207 469 0936

agronomics@secnewgate.co.uk

ENDS

 

 

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