Agronomics Limited Investment in Oritain Global Limited (5358W)
December 11 2019 - 6:00AM
UK Regulatory
TIDMANIC
RNS Number : 5358W
Agronomics Limited
11 December 2019
11 December 2019
Agronomics Limited
("Agronomics" or the "Company")
Investment in Oritain Global Limited
The board of Agronomics is pleased to announce it has today
completed a subscription for NZ$ 500,000 for 40,000 Ordinary Shares
(the "Subscription") in Oritain Global Limited ("Oritain"). Oritain
is a forensic science and data technology company offering a
solution to prevent fraud in food and other supply chains. They use
world-leading forensic science to trace the origin of products,
increasing accountability throughout supply chains. The
Subscription will give Agronomics an expected 1.1% interest, on a
fully diluted basis, in Oritain. The Subscription will be paid
using cash from the Company's own resources.
Oritain is headquartered in New Zealand, with offices also
located in London, Switzerland, Australia and the U.S. They partner
with some of the world's largest companies in the food,
pharmaceutical and textile industries, including COTTON USA,
Kering, Foodbuy, Supima, and GE Healthcare amongst others. The
company was founded in 2008 and markets itself as the global leader
in scientifically proving the origin of products. Origin
verification underpins brands' claims around product quality and
sustainability, giving them the confidence to communicate these
benefits to stakeholders and consumers alike.
Richard Reed, Chairman of Agronomics, commented: -
"Oritain complements Agronomics' existing portfolio as a later
stage, revenue generating opportunity while maintaining our focus
on impact investments. We are looking forward to working with
Oritain as it continues to expand globally and build its customer
base."
Grant Cochrane, CEO and co-founder of Oritain provided comment:
-
"Agronomics boasts a truly innovative investment portfolio. Many
of their current holdings are on the cutting edge of food and
technology and include some of the food industry's biggest
disruptors. As a forensic science and data company working within
the food industry, we feel we are a good addition to this portfolio
and are excited by the opportunity to work with such quality
investors as Agronomics."
About Oritain Global Limited
Oritain analyses the actual product itself, tracing it back to
its true origin using advanced science. With its team of experts in
forensic science and data analysis, Oritain creates Origin
Fingerprints to match products back to their claimed origin from
any point in the supply chain. They work with some of the largest
producers, manufacturers and retailers across the fashion, food,
and pharmaceutical industries. For the year-end 31 March 2019,
Oritain reported revenue of NZ$ 2,660,106 and a loss before tax of
NZ$ 2,177,223. As at 31 March 2019 the Company reported net assets
of NZ$ 8,471,369.
About Agronomics Limited
Agronomics is an investment company focused on opportunities
within the nascent industry of modern foods, which are
environmentally friendly alternatives to the traditional production
of meat and plant-based sources of nutrition. It established its
investment policy in April 2019, with a board of directors
including Richard Reed, Jim Mellon, David Giampaolo, Denham Eke and
Anderson Whamond. The Agronomics team are highly experienced
entrepreneurs, investors and advisors with a track record of
success.
Agronomics believes that the recent developments within cellular
agriculture and alternative protein space will provide valuable
contributions to meet the demands of increased global population
growth and meat consumption in the future. The company sees
cellular agriculture and aquaculture (also called cell-based or
"clean meat") as a viable solution to relieve the pressure on
arable farming and land usage.
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 Jamie Peel Lucy Williams Tim Blackstone
+44 (0) 1624 639396 Biddle +44 (0) 161 +44 (0) 207 +44 (0)7957
+44 (0) 393 1976 469 0936 140416
207 628
3396
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ENDS
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END
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