Agronomics Limited Announces Further Investment in Meatable (4994P)
February 18 2021 - 1:00AM
UK Regulatory
TIDMANIC
RNS Number : 4994P
Agronomics Limited
18 February 2021
18th February 2021
Agronomics Limited
("Agronomics" or the "Company")
Announces Further Investment in Portfolio Company Meatable
Agronomics, the leading London-listed investor in alternative
proteins with a focus on cellular agriculture and cultivated meat,
is pleased to announce it has today invested a further EUR 2
million (the "Subscription") for 1,197 Preferred shares in existing
investee company Meatable B.V. ("Meatable"). The Subscription will
be paid using cash from the Company's own resources and will take
Agronomics' total cash investment in Meatable to EUR 5 million.
Following the Subscription, Agronomics will hold 4,752 preferred
shares in Meatable, representing an equity ownership, on a fully
diluted basis, of 5.70%. Subject to audit, Agronomics will now
carry this position in its accounts at a book value of EUR 7.95
million, representing an unrealised gain on cost of EUR 2.95
million and an IRR of 95%.
Commenting on the investment, Richard Reed, Chairman of
Agronomics, noted:-
"We are delighted to further support Meatable as one of the
leading companies in the field of cultivated meat and a major
holding in the Agronomics' portfolio. We maintain our enthusiasm
for Meatable, as they continue to scale-up production, achieve
their scientific milestones, and move towards
commercialisation."
About Meatable
Meatable is a Dutch cultivated meat company aiming to deliver at
scale cultivated meat that looks like, tastes like, and has the
nutritional profile of real meat. Their proprietary Opti-Ox
technology enables them to produce the cells needed to make
cultivated meat rapidly, in a sustainable manner, and without
harming animals. Founded in 2018 by Krijn de Nood (CEO), Daan
Luining (CTO) and Dr Mark Kotter (principal inventor of the Opti-Ox
technology), Meatable has a strong team of scientists with unique
expertise in fields ranging from tissue mechanics and high-density
cell culturing to bioengineering and business strategy.
Since this Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. Meatable is an early-stage pre revenue company
with operating costs of approximately EUR 440,000 per month, and
total assets as at 30 November 2020 of EUR 10,320,215 including
cash or near cash of EUR 8,029,242 with no material
liabilities.
About Agronomics
Agronomics is a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat. The
Company has established a portfolio of 16 companies at the Seed to
Series B stage in this rapidly advancing sector. It seeks to secure
a 5-10% initial ownership in technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/ .
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with c
US$ 170 million invested globally between 2016-2019 and over US$
270 million raised in 2020 alone. Additional financings are
anticipated as the capital requirements of these companies grows to
build out and scale up manufacturing facilities. Currently, it is
estimated that there are 60 companies globally within the sector.
AT Kearney, a global consultancy, has predicted that Cultivated
Meat's market share of meat consumption will be 35% by 2040.
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 Beaumont Cenkos Peterhouse TB Cardew
Limited Cornish Limited Securities Capital
Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
------------------ --------------- --------------------- ------------------------
Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Nick Searle Charles Goodfellow Joe McGregor
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+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) 7738
639396 +44 (0) 207 +44 (0) 207 +44 (0) 207 724 630
info@agronomics.im 628 3396 397 8900 469 0936 agronomics@tbcardew.com
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