Agronomics Limited Net Asset Value(s) (0508P)

TIDMANIC

RNS Number : 0508P

Agronomics Limited

08 October 2019

8 October 2019

Agronomics Limited

(the "Company")

Net Asset Value calculation to 30 September 2019

Richard Reed, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 September 2019 was 5.50 pence per share, including un-invested cash of GBP3,463,359. The portfolio is valued under IFRS at bid price. I am pleased to note that the share price of 6.75 pence at 30 September 2019 close represents a premium of 22% to the NAV. Net Assets stand at GBP6.3 million, including investments of GBP2.8 million. This quarter's NAV per share represents a decrease of 23% from the previous valuation of 7.17 pence per share, which included un-invested cash of GBP417,952. The reduction is largely as a result of the increase in issued shares following the fundraise. No management fee is due to Shellbay Investments Limited.

Following completion of a successful fundraise during July 2019, the proceeds are now available for deployment in line with the new investment policy.

On 29 July 2019, the Company completed a subscription of US$ 699,999.54 for 885,739 Series Seed Preferred Shares in Simply Foods, Inc. ("Simply Foods") trading as New Age Meats, a company based in San Francisco, California, USA, that is developing pork-based cultured meat products. The Subscription was part of the first close of the Series Seed funding round to raise a minimum of US$ 2.0 million undertaken by Simply Foods, led by New York-based ff Graphite (V) Venture Capital Fund, LP. The Company was the only European based investor participating in this round, and remains the only UK quoted vehicle offering investors exposure to this rapidly growing sector.

On 29 August 2019, the Company completed a subscription of US$ 749,990 for 40,540 Series A Preferred Shares in BlueNalu, Inc. ("BlueNalu"), a global leader in cellular aquaculture. The subscription increased the Company's existing interest in BlueNalu to approximately 2.59%. The subscription was part of the Series A funding round undertaken by BlueNalu, and co-led by Stray Dog Ventures LLC, Clear Current Capital Fund, LLC, CPT Capital Fund, LLP and New Crop Capital Trust - four prominent investors in the alternative protein sector. The price per share of the subscription represented a multiple uplift of approximately 3.2x since the Company's original investment in BlueNalu of US$250,000 in August 2018.

On 5 September 2019, the Company subscribed for US $150,000 of convertible promissory notes in Bond Pets LLC ("Bond"). Bond makes laboratory-grown meat using fermentation for the pet food market. The subscription would translate to an approximate 3% to 4% equity interest in Bond, dependent on the valuation of Bond upon conversion.

Your board continues to evaluate a number of opportunities which show significant growth prospects".

 
                                                                  Unaudited to 
                                                         30 September 2019 GBP 
Fixed Assets 
 Investments                                                         2,827,203 
Current Assets 
 Uninvested cash                                                     3,463,359 
 Sundry Debtors                                                         34,355 
Current Liabilities 
 Trade and other creditors                                            (61,841) 
                                                        ---------------------- 
                                                                     6,263,076 
Capital and Reserves 
 Share Capital                                                              23 
 Share Premium                                                       6,420,142 
 Reserves                                                            (157,089) 
                                                        ---------------------- 
                                                                     6,263,076 
Shares in Issue                                                    113,795,558 
 
Net Asset Value per share                                           5.50 pence 
 

Portfolio Details

 
 Investments as at 30 September       Value  % of Total Portfolio 
  2019 
 
 AgeX Therapeutics Inc              197,193                 6.97% 
 Regent Pacific Group Limited       210,871                 7.46% 
 Portage Biotech Inc                216,845                 7.67% 
 Other quoted holdings                7,627                 0.27% 
 Other unquoted holdings          2,194,667                77.63% 
 
 Total                            2,827,203               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         Optiva Securities      Peterhouse     Britton Financial 
                               Cornish              Limited         Capital Limited          PR 
                               Limited 
     The Company               Nomad             Joint Broker        Joint Broker    Investor Relations 
                       ---------------------  ------------------  -----------------  ------------------ 
      Denham Eke        Roland Cornish/James      Jeremy King       Lucy Williams      Tim Blackstone 
  [phone]          Biddle             +44 (0) 203         +44 (0) 207        +44 (0)7957 
                               +44 (0)              137 1904           469 0936            140416 
                               207 628 
                                3396 
                       ---------------------  ------------------  -----------------  ------------------ 
 

ENDS

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October 08, 2019 02:00 ET (06:00 GMT)