Last checked at 14 Apr 2020 07:00
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