Agronomics Limited Net Asset Value calculation as at 31 March 2023 (1282Y)

TIDMANIC

RNS Number : 1282Y

Agronomics Limited

02 May 2023

2 May 2023

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation as at 31 March 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 31 March 2023 was 16.14 pence per share, broadly unchanged from 16.37 pence per share at 31 December 2022. Net Assets stand at GBP160 million, including investments of GBP131 million and uninvested cash of GBP29 million.

The share price of 10.90 pence at the 31 March 2023 close represents a discount of 32% to the NAV per share. The average discount to NAV per share over the last 12-month period was 4%. 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: -

"Agronomics welcomed a new company to the portfolio this quarter, through its participation in the successful US$ 3.3 million Pre-seed financing of Wild Microbes, a company developing next-generation microbes for biomanufacturing.

This quarter also saw the second approval of a cultivated chicken product by the US Food and Drug Administration ("FDA"), with Good Meat receiving a 'No Questions letter'. The FDA is one of the most stringent regulatory bodies globally for food safety, and we still await the US Department of Agriculture to approve a cultivated meat product, allowing companies to begin commercialisation. We expect to see more regulatory approvals in the US for cultivated meat in the near term."

Corporate

On 23 February 2023, the Company announced the appointment of Marisa Drew to the Board of Directors. Marisa Drew is the inaugural Chief Sustainability Officer ("CSO") of Standard Chartered Bank Plc, responsible for setting the bank's sustainability strategy and the delivery of the firm's commitment to net zero carbon emissions by 2050 as well as overseeing the sustainable finance client-facing activities of the bank.

Financing

During the quarter ended 31 March 2023, the Company received notification of warrants being exercised. A total of 1,142 new ordinary shares were issued following the warrant exercise, for proceeds of GBP342.60. 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.

Investment review

On 25 January 2023, Liberation Labs Inc announced the acquisition of the land for its launch facility, which we believe will be the first dedicated, purpose-built, commercial, precision fermentation plant globally for food production.

On 7 February 2023, cultivated meat company CellX Limited announced the signing of a strategic partnership agreement with food manufacturing specialists Shanghai Tofflon Science and Technology Co., Ltd., aiming to accelerate the scale-up of cultivated meat in the Asian market with a new purpose-built facility.

On 23 February 2023, Agronomics participated in Wild Microbes US $3.3 million pre-Seed funding round, with a US$ 0.5 million investment. The investment was completed in the form of a Simple Agreement for Future Equity, and will provide Agronomics on conversion with an approximate equity ownership of 4.17% on a fully diluted basis. Wild Microbes' proprietary technology will allow it to genetically engineer novel microbial strains for use as host-organisms to produce proteins and other high value molecules.

 
                                                           Unaudited to 
                                                          31 March 2023 
                                                                    GBP 
 Current Assets 
  Investments                                               130,895,484 
  Uninvested cash and deposits                               29,254,287 
  Trade and other receivables                                    93,021 
 Current Liabilities 
  Trade and other creditors                                    (52,161) 
                                                        --------------- 
 Net Assets                                                 160,190,631 
 Capital and Reserves 
  Share capital                                                     992 
  Share premium                                             134,209,188 
  Retained earnings                                          25,980,451 
                                                        --------------- 
 Net assets                                                 160,190,631 
 Shares in Issue                                            992,244,668 
 Net Asset Value per                                        16.14 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 Genuity             Cenkos            Peterhouse Capital        TB Cardew 
       Limited            Cornish Limited           Limited              Securities Plc              Limited 
     The Company              Nomad               Joint Broker            Joint Broker            Joint Broker        Public Relations 
                     ======================  =====================  ======================  ======================  ==================== 
    Richard Reed          Roland Cornish          Andrew Potts           Giles Balleny           Lucy Williams           Ed Orlebar 
      Denham Eke           James Biddle            Harry Rees            Michael Johnson       Charles Goodfellow      Alistair Walker 
                                              Alex Aylen (Head of 
                                                   Equities) 
                     ======================  =====================  ======================  ======================  ==================== 
    +44 (0) 1624                                                                                                    [phone] 
        639396                                                                                                      [phone] 
   info@agronomics.                                                                                                 agronomics@tbcardew. 
          im           [phone]   [phone]    [phone]    [phone]          com 
                     ======================  =====================  ======================  ======================  ==================== 
 

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

MSCBLLFBXELXBBQ

(END) Dow Jones Newswires

May 02, 2023 06:38 ET (10:38 GMT)