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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Agronomics Limited | LSE:ANIC | London | Ordinary Share | IM00B6QH1J21 | ORD 0.0001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.12 | 1.45% | 8.42 | 8.20 | 8.40 | 8.30 | 8.30 | 8.30 | 357,565 | 16:35:22 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 30.88M | 22.37M | 0.0222 | 3.74 | 83.78M |
TIDMANIC
RNS Number : 3230D
Agronomics Limited
19 October 2022
19 October 2022
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation to 30 September 2022
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 30 September 2022 was 16.51 pence per share, up 8.1% from 15.27 pence per share on 30 June. Net Assets stand at GBP160.2 million, including investments of GBP122.9 million. Uninvested cash was GBP39.4 million
The share price of 12.5 pence at the 30 September 2022 close represents a discount of 24% to the NAV per share. The average premium to NAV per share over the last 12-month period was 36%. Under IFRS, the Company's unquoted investments are carried at cost or the most recent priced funding round.
Richard Reed, Chairman of Agronomics, commented: -
"Agronomics has continued its investment activity in cellular agriculture this quarter, despite broader market conditions, and now has a comprehensive portfolio of 24 companies across cultivated meat, materials and precision fermentation technologies.
This quarter, Agronomics led two funding rounds in precision fermentation, expanding the portfolio to include cultivated palm oil in Clean Food Group, and we made our first investment in Australia in All G Foods, a leading dairy precision fermentation company. We are increasingly seeking larger equity ownerships and board representation in funding rounds, to maintain our dominant role in the field.
Notably, venture funding in Q3 2022 has reached a nine-quarter low, representing a 34% decline quarter on quarter. Whilst market conditions continue to be volatile and the pace of deal activity is declining, we continue to identify cellular agriculture as a sector with huge promise and future growth prospects.
Financing
During the quarter ended 30 September 2022, the Company received notification of warrants being exercised. A total of 32,008 new ordinary shares were issued following the warrant exercise, for proceeds of GBP9,546.90. These funds, together with existing cash resources, will be utilised to provide backing 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 1 August 2022 , the Company announced it led the seed financing round of Clean Food Group Limited (" Clean Food Group "), with an investment of GBP577,500 for 5,775,000 ordinary shares following an earlier small investment in the company. Following this, the carrying amount of the existing investment will be carried at GBP3.23 million, representing an unrealised uplift of GBP2.91m (subject to audit). Following close of the Seed round, Agronomics owns an equity stake of 35.03%, with an aggregate value of GBP3.8 million.
On 4 August 2022 , Agronomics led the Series A financing for All G Food Holding Pty Ltd (" All G Foods ") with an investment of AU$ 15 million, subscribing for 2,803,214 Series A Preferred Shares. Agronomics will own 8.01% of All G Foods on a fully diluted basis following close of the round.
On 8 September 2022 , Agronomics announced that existing portfolio company Bond Pet Foods Inc (" Bond Pets "), completed its Series A Financing Round, raising US$ 17.5 million. Agronomics invested in Bond Pet Foods in September 2019, with a US$ 150k investment in the form of a convertible promissory note ("CPN"). The CPN has now converted into 531,692 Series A Preferred Shares, representing an equity ownership of 1.85%. Subject to audit, Agronomics will now carry this position at a book value of US$ 933k, representing an unrealised gain on cost of US$ 783k. This provides a multiple on invested capital (MOIC) of 6.22 and an internal rate of return (IRR) of 84% on the initial investment.
Unaudited to 30 September 2022 GBP Current Assets Investments 122,925,485 Uninvested cash 39,406,533 Trade and other receivables 146,702 Current Liabilities Trade and other creditors (2,274,374) -------------- Net Assets 160,204,346 Capital and Reserves Share capital 969 Share premium 129,865,214 Retained earnings 30,338,163 -------------- Net assets 160,204,346 Shares in Issue 970,371,316 Net Asset Value per 16.51 pence share
The quoted investments within the portfolio are valued under IFRS at bid price.
Portfolio Details
Investments as at 30 Value (GBP) % of Total Portfolio September 2022 Cellular agriculture holdings 122,569,356 99.71% Legacy holdings 356,129 0.29% Total 122,925,485 100%
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 Cenkos Peterhouse TB Cardew Limited Cornish Genuity Limited Securities Capital Limited 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 Alistair Walker Alex Aylen Goodfellow (Head of Equities) ================ ================== ================== ================= ==================== +44 (0) 20 7930 0777 +44 (0) 1624 +44 (0) 7738 639396 724 630 info@agronomics. +44 (0) 207 +44 (0) 207 +44 (0) 207 +44 (0) 207 agronomics@tbcardew. im 628 3396 523 8000 397 8900 469 0936 com ================ ================== ================== ================= ====================
ENDS
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(END) Dow Jones Newswires
October 19, 2022 02:00 ET (06:00 GMT)
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