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
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+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
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