Agronomics Limited NAV calculation as of 30 September 2023 (2567S)

TIDMANIC

RNS Number : 2567S

Agronomics Limited

03 November 2023

3 November 2023

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as of 30 September 2023

Agronomics Limited (AIM:ANIC), the leading listed company focused on the field of cellular agriculture, announces that its unaudited Net Asset Valuation ("NAV") per share calculation as at closing on 30 September 2023 was 16.48 pence per share, a 4% increase from 15.80 pence per share on 30 June 2023. Net Assets were GBP164 million, including investments of GBP140 million and uninvested cash and short-term deposits of GBP24 million.

The share price of 9.80 pence at the 30 September 2023 close represented a discount of 40% to the 30 September 2023 NAV per share. The average discount to the prevailing NAV per share over the last 12-month period was 39%. Under IFRS, the Company's unquoted investments are generally carried at cost or the most recent priced funding round.

Richard Reed, Chairperson of Agronomics, commented:

"We are delighted by the significant progress made by our portfolio during the quarter, successfully closing a number of funding rounds at a time when wider venture capital funding is challenging as the result of macro-economic uncertainty.

Highlights included a EUR30 million funding round for cultivated meat company Meatable, led by Agronomics alongside a new investor, Invest-NL. The UK-based Clean Food Group also completed a GBP2.3 million funding round to commercialise its fermentation-derived palm oil. In addition, Liberation Labs is also making significant progress in its US$ 75 million fundraise to help construct its facility, enabling precision fermentation at a commercial scale.

These successes highlight the industry-leading quality of the companies within our portfolio, and we look forward to their continued growth and commercial development.

Agronomics continues to have a strong cash balance and has no intention to raise capital, while trading at a discount to NAV."

Financing

During the quarter ended 30 September 2023, the Company received notification of warrants being exercised. A total of 1,836 new ordinary shares were issued following the warrant exercise, for proceeds of GBP547.11. 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 22 September 2023, the Company announced that it will execute a discretionary on-market share Buyback Programme for an aggregate amount of up to GBP3 million, with the Buyback Programme having a term of 6 months commencing on 2 October 2023. The Company intends to cancel repurchased shares, unless used to cover obligations under share-based remuneration arrangements.

Investment review

On 9 August 2023, portfolio company Meatable completed a successful EUR30 million Series B financing round, with Agronomics investing EUR4 million. Agronomics also received 200 warrants, exercisable at any time in the next five years. The funding round was co-led with New Agrarian Company Limited. Subject to audit, Agronomics' total investment in Meatable will be carried at GBP11.8 million, including an unrealised gain of GBP3.9 million, which represents a gross IRR of 22.31%.

On 14 August 2023, the Company invested GBP0.7 million in fermentation-derived palm oil company Clean Food Group Limited ("CFG"), as part of their GBP2.3 million Pre-Series A funding round. Notable co-investors include industrial food specialists Doehler Group and Alianza Team. Subject to audit, Agronomics will carry this position in its accounts at a book value of GBP6.97 million, including an unrealised gain on cost of GBP5.37 million, an IRR of 385%. Capital raised from this pre-series round will enable CFG to accelerate the scale-up of its technology platform, ahead of the planned completion of its Series A funding next year to further develop its technology for production at a commercial scale, with the funds supporting the construction of a new manufacturing facility in the UK.

 
                                                         Unaudited to 30 
                                                          September 2023 
                                                                     GBP 
 Current Assets 
  Investments                                                139,970,567 
  Uninvested cash and deposits                                23,643,167 
  Trade and other receivables                                    257,475 
 Current Liabilities 
  Trade and other creditors                                    (154,339) 
                                                        ---------------- 
 Net Assets                                                  163,716,870 
 Capital and Reserves 
  Share capital                                                      993 
  Share premium                                              134,481,912 
  Retained earnings                                           29,233,965 
                                                        ---------------- 
 Net assets                                                  163,716,870 
 Shares in Issue                                             993,153,870 
 Net Asset Value per                                         16.48 pence 
  share 
 

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         Beaumont      Canaccord         Cavendish      Peterhouse            SEC Newgate 
         Limited           Cornish    Genuity Limited     Securities       Capital 
                           Limited                           Plc           Limited 
      The Company          Nomad       Joint Broker         Joint           Joint           Public Relations 
                                                            Broker          Broker 
                        ==========  =================  =============  ===============  =========================== 
      Richard Reed         Roland      Andrew Potts         Giles       Lucy Williams          Bob Huxford 
       Denham Eke          Cornish      Harry Rees         Balleny         Charles            George Esmond 
                            James       Alex Aylen         Michael        Goodfellow          Anthony Hughes 
                           Biddle        (Head of          Johnson                              Alice Cho 
                                         Equities) 
                        ==========  =================  =============  ===============  =========================== 
      +44 (0) 1624        +44 (0)                          +44 (0)         +44 (0) 
         639396            207 628       +44 (0)           207 397         207 469 
   [e-mail]       3396       207 523 8000          8900            0936      [e-mail] 
                        ==========  =================  =============  ===============  =========================== 
 

ENDS

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NAVKZMGMNZLGFZM

(END) Dow Jones Newswires

November 03, 2023 03:05 ET (07:05 GMT)