TIDMANIC
RNS Number : 4172R
Agronomics Limited
05 November 2021
5th November 2021
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation to 30 September 2021
Agronomics Limited (AIM:ANIC), the leading listed company
focused on the field of cellular agriculture , announces that the
unaudited Net Asset Valuation ("NAV") calculation as at closing on
30 September 2021 was 12.99 pence per share, including un-invested
cash of GBP55.1 million. Net Assets stand at GBP103.9 million,
including investments of GBP50.5 million. This quarter's NAV per
share represents an increase of 10.93% from the previous quarter's
NAV of 11.71 pence per share.
The share price of 27.5 pence at the 30 September 2021 close
represents a premium of 111.7% 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 and 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. Large and well-known
institutional investors have begun investing in our portfolio
companies, with this being a positive for both the Company and the
wider industry as a whole.
We continue to believe that there is significant intrinsic value
not yet reflected in our financial accounts which will be
recognised as our portfolio companies complete further priced
funding rounds."
During July 2021, BlueNalu, Inc, a leading innovative food
company producing a variety of seafood products directly from fish
cells, and CellX Limited, a China-based cellular agriculture
company, reached the Semi-Finals of XPRIZE's 'Feed the Next
Billion' competition, with the US $15 million competition being
aimed at reinventing how humanity will feed future generations by
incentivising the production of structured chicken breast or fish
fillet alternatives that replicate or outperform conventional
chicken and fish in access, environmental sustainability, animal
welfare, nutrition and health, as well as taste and texture.
On 16 July 2021, warrants issued by the Company as part of the
May 2021 fundraise commenced trading on the JP Jenkins trade
desk.
On 21 July 2021, Shiok Meats Pte. Ltd. ("Shiok Meats"), the
leading cell-based crustacean meat company, completed a bridge
funding round from South Korean strategic investors Woowa Brothers
Asia Holdings and CJ CheilJedang Corporation, as well as Vietnamese
seafood exporter Vinh Hoan Corporation. No material adjustments
were made to the carrying value of the Shiok Meats investment.
On 13 September 2021, Formo Bio GmbH (previously named
LegenDairy), Europe's first cellular agriculture company developing
cultivated dairy products, completed a US $50 million Series A
funding round, with Agronomics acquiring 1,191 Series A Preferred
Shares for a EUR3.15 million investment. Agronomics now holds a
total of 4,030 shares in Formo, representing an equity ownership of
5.94% on a fully diluted basis. Completion of the Series A funding
round resulted in a 7.5x uplift on the original investment, an IRR
of 225%, and an unrealised gain of GBP5.6 million.
On 20 September 2021, Agronomics announced that it led the
Series A funding round of VitroLabs Inc ("VitroLabs"), a
biotechnology company focused on producing leather via its
innovative and unique cell culture process, with a US $7 million
investment. The existing SAFE and CLN investments, which totaled US
$3.5 million, converted into Series A shares on completion. The
uplift resulted in an unrealised gain of US $2.25 million and an
IRR of 40%.
On 22 September 2021, Mosa Meat B.V. ("Mosa Meat"), a global
food technology company pioneering a cleaner, kinder way of making
real beef, announced that it secured funding from Leonardo
DiCaprio, who will now act as an advisor to Mosa Meat.
On 28 September 2021, Simply Foods, Inc., trading as New Age
Meats, a cultivated and plant-based meat startup in Berkeley, CA
with an initial focus on pork, closed a US $25 million Series A
funding round led by Hanwha Solutions Corporation, a South Korean
conglomerate. The Series A financing represents a 5.14x uplift on
the original cash investment by Agronomics, with an IRR of 119%,
including an unrealised gain on cost of US $2.90 million.
On 29 September 2021, Agronomics disposed of its total holding
of 40,000 shares in Oritain Global Limited for NZ $1.36 million
(approximately GBP0.7 million), representing an IRR of 74%.
Unaudited to
30 September 2021
GBP
Fixed Assets
Investments 50,476,414
Current Assets
Uninvested Cash 55,062,325
Sundry Debtors 53,068
Current Liabilities
Trade and Other Creditors (103,039)
Future investment commitment (1,592,178)
------------------------------
Net Assets 103,896,590
Capital and Reserves
Share Capital 799
Share Premium 91,458,482
Retained Earnings 12,437,309
------------------------------
Net assets 103,896,590
Shares in Issue 799,606,383
Net Asset Value per 12.99 pence
share
The quoted investments within the portfolio are valued under
IFRS at bid price.
Portfolio Details
Investments as at 30 September Value (GBP) % of Total Portfolio
2021
Quoted holdings 656,206 1.30%
Unquoted holdings 48,228,030 95.55%
Committed future investment 1,592,178 3.15%
Total 50,476,414 100%
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 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 Michael Johnson 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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