TIDMANIC

RNS Number : 0820W

Agronomics Limited

21 April 2021

21 April 2021

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation to 31 March 2021

Agronomics Limited (AIM:ANIC), a leading London listed company in alternative proteins with a focus on cellular agriculture and cultivated meat, announces that its unaudited Net Asset Valuation ("NAV") calculation as at closing on 31 March 2021 was 6.22 pence per share, including un-invested cash of GBP0.5 million. Net Assets stand at GBP31.2 million, including investments of GBP32.4 million. This quarter's NAV per share represents an increase of 11.9% from the previous quarter's NAV of 5.56 pence per share, which included un-invested cash of GBP2.5 million.

The share price of 28.3 pence at the 31 March 2021 close represents a premium of 352.8% to the NAV per share. Under IFRS, the Company's unquoted investments are carried at cost or the most recent priced funding round.

Richard Reed, Chairman of Agronomics, commented: -

"Our assets have continued to perform well, with NAV growth of 11.9% in the quarter. The broader developments across our holdings in the period have further strengthened our position as the largest listed company focused on the field of cellular agriculture."

In January 2021, portfolio company BlueNalu Inc, focused on cell-cultured seafood products, closed a US$ 60 million convertible promissory note ("CPN") debt financing, which the Company participated in during November 2020. Upon conversion of the CPN, Agronomics will hold an equity interest of approximately 5.85%, which would value Agronomics' position at approximately GBP13.4 million.

In February 2021, the Company announced a US$ 0.5 million convertible loan note ("CLN") investment in VitroLabs Inc, an existing portfolio company focused on producing genuine leather hides from cultivating cells, without the need of the slaughter of animals. Upon conversion of the CLN and the existing SAFE investments, the Company will hold an approximate equity interest of 5.25%.

In March 2021, Agronomics completed a further EUR2 million investment in Meatable B.V. ("Meatable") for 1,197 Series A preferred shares, bringing the total amount invested in Meatable to EUR5 million. The Company now holds 4,752 preferred shares, representing a fully diluted equity interest of 5.7%. Following the investment, Agronomics has recognised an unrealised gain of EUR2.95 million, and an IRR of 95%. This Series A round closed in March 2021, with Meatable raising US$ 47 million from leading life science and food investors including Section 32, DSM Venturing, Dr. Rick Klausner and Dr. Jeffrey Leiden, as well as participation from existing investors.

In March 2021, the LIVEKINDLY Collective completed a US$ 335 million Series B raise, inclusive of the US$ 135 million convertible loan note raised and announced in October 2020. Following this, the Company recognised an unrealised gain of US$ 2.55 million and an IRR of 73%. The Series B round was led by The Rise Fund and joined by Rabo Corporate Investments, S2G Ventures as well as other existing and mission-aligned investors.

 
                                                        Unaudited to 
                                                       31 March 2021 
                                                                 GBP 
Fixed Assets 
 Investments                                              32,407,635 
Current Assets 
 Uninvested Cash                                             516,710 
 Sundry Debtors                                               22,745 
Current Liabilities 
 Trade and Other Creditors                                 (146,150) 
 Future investment commitment                            (1,592,178) 
                                                      -------------- 
                                                          31,208,762 
Capital and Reserves 
 Share Capital                                                   501 
 Share Premium                                            29,003,940 
 Retained Earnings                                         2,204,321 
                                                      -------------- 
                                                          31,208,762 
Shares in Issue                                          501,879,109 
 
Net Asset Value per                                       6.22 pence 
 share 
 

The quoted investments within the portfolio are valued under IFRS at bid price.

Portfolio Details

 
 Investments as at 31 December   Value (GBP)  % of Total Portfolio 
  2020 
 
 Quoted holdings                     818,281                 2.82% 
 Unquoted holdings                29,997,176                91.27% 
 Committed future investment       1,592,178                 5.91% 
 
 Total                            32,407,635                  100% 
 

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 
                        ------------------  ---------------  ---------------------  ------------------------ 
                                                                                        +44 (0) 20 7930 
                                                                                              0777 
      +44 (0) 1624                                                                      +44 (0) 7738 724 
         639396             +44 (0) 207        +44 (0) 207         +44 (0) 207                 630 
   info@agronomics.im         628 3396           397 8900            469 0936        agronomics@tbcardew.com 
                        ------------------  ---------------  ---------------------  ------------------------ 
 

ENDS

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END

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April 21, 2021 02:00 ET (06:00 GMT)

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