Agronomics Limited Net Asset Value - 30 June 2020 (4087T)

TIDMANIC

RNS Number : 4087T

Agronomics Limited

20 July 2020

20 July 2020

Agronomics Limited

(the "Company")

Net Asset Value calculation to 30 June 2020

Richard Reed, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 June 2020 was 5.68 pence per share, including un-invested cash of GBP2,789,097. The portfolio is valued under IFRS at bid price. The share price of 5.25 pence at the 30 June 2020 close represents a discount of 7.5% to the NAV. Net Assets stand at GBP18.8 million, including investments of GBP16.1 million. This quarter's NAV per share represents an increase of 2.7% from the previous quarters NAV of 5.53 pence per share, which included un-invested cash of GBP3,890,306. No management fee is due to Shellbay Investments Limited.

During April 2020, the Company completed a Series A Preferred Stock subscription in Seattle Food Tech, Inc. (trading as Rebellyous Foods) for US$99,999.43. Following the conversion of the original SAFE investment made in October 2019, the Company holds 323,534 Series A Preferred Stock in Rebellyous Foods for a 1.23% stake.

During April 2020, it was also announced that Galy Co. won a EUR300,000 prize at the H&M Global Change Award for its innovative biotechnology to grow high quality cotton within a laboratory environment.

During June 2020, the Company announced that it co-led Meatable B.V.'s ("Meatable") Seed 2 financing round of approximately EUR6 million, of which Agronomics investment EUR1 million for 997 Seed 2 Preferred Shares. Following the subscription, the existing convertible loan note investment converted into 2,558 Seed 2 Preferred Shares at a 20% discount to the subscription price. Following the conversion, Agronomics holds 3,555 Seed 2 Preferred Shares in Meatable for a 6.46% interest.

Since the start of January 2020, the outbreak of Covid-19 has adversely impacted global commercial activities. It is interesting to note that there appears to be a general acceptance that the initial transfer of the virus was by zoonosis: that is, from animals to humans via the food chain. Clearly, our business case seeks to minimise any adverse effect of pathogens in the human diet.

The rapid development and fluidity of the current situation precludes any prediction as its ultimate outcome, which may have continued consequences for economic and market conditions and trigger a period of global economic slowdown. The Directors do not believe there is any direct financial impact on the Company, but we continue to monitor any effect on both the Company and its investees."

 
                                                             Unaudited to 
                                                         30 June 2020 GBP 
Fixed Assets 
 Investments                                                   16,119,666 
Current Assets 
 Uninvested cash                                                2,789,097 
 Sundry Debtors                                                    18,208 
Current Liabilities 
 Trade and other creditors                                      (100,336) 
                                                        ----------------- 
                                                               18,826,635 
Capital and Reserves 
 Share Capital                                                         23 
 Share Premium                                                 19,578,859 
 Reserves                                                       (752,247) 
                                                        ----------------- 
                                                               18,826,635 
Shares in Issue                                               331,616,661 
 
Net Asset Value per share                                      5.68 pence 
 

Portfolio Details

 
 Investments as at 30 June 2020   Value (GBP)  % of Total Portfolio 
 
 AgeX Therapeutics Inc                 96,006                 0.60% 
 Regent Pacific Group Limited         118,511                 0.74% 
 Portage Biotech Inc                  277,190                 1.72% 
 Other quoted holdings                 14,984                 0.10% 
 Other unquoted holdings           15,612,975                96.84% 
 
 Total                             16,119,666               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            Zeus Capital         Peterhouse     Britton Financial 
                               Cornish               Limited         Capital Limited          PR 
                               Limited 
     The Company               Nomad              Joint Broker        Joint Broker    Investor Relations 
                       ---------------------  -------------------  -----------------  ------------------ 
      Denham Eke        Roland Cornish/James     Mike Seabrook/      Lucy Williams      Tim Blackstone 
  [phone]          Biddle           Rupert Woolfenden      +44 (0) 207        +44 (0)7957 
                               +44 (0)             +44 (0) 161          469 0936            140416 
                               207 628              393 1975 
                                3396 
                       ---------------------  -------------------  -----------------  ------------------ 
 

Important Notices

This announcement contains 'forward-looking statements' concerning the Company that are subject to risks and uncertainties. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.

Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company or any other person.

The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the shares. Past performance is no guide to future performance and persons who require advice should consult an independent financial adviser.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, except pursuant to an exemption from registration. No public offering of securities is being made in the United States.

The distribution of this announcement may be restricted by law. No action has been taken by the Company, Zeus Capital Limited, Peterhouse Corporate Finance Limited or Beaumont Cornish Limited that would permit distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company, Zeus Capital Limited, Peterhouse Corporate Finance Limited and Beaumont Cornish Limited to inform themselves about, and to observe, any such restrictions.

This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into Australia, Canada, Japan or the Republic of South Africa or any jurisdiction into which the publication or distribution would be unlawful. This announcement is for information purposes only and does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire shares in the capital of the Company in the United States, Australia, Canada, the Republic of South Africa or Japan or any jurisdiction in which such offer or solicitation would be unlawful or require preparation of any prospectus or other offer documentation or would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This announcement has been issued by, and is the sole responsibility of, the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Zeus Capital Limited, Peterhouse Corporate Finance Limited or Beaumont Cornish Limited or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

THE CONTENT OF THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY AN AUTHORISED PERSON WITHIN THE MEANING OF THE FINANCIAL SERVICES AND MARKETS ACT 2000. RELIANCE ON THIS ANNOUNCEMENT FOR THE PURPOSE OF ENGAGING IN ANY INVESTMENT ACTIVITY MAY EXPOSE AN INDIVIDUAL TO A SIGNIFICANT RISK OF LOSING ALL OF THE PROPERTY OR OTHER ASSETS INVESTED.

S 

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July 20, 2020 02:00 ET (06:00 GMT)