TIDMANIC
RNS Number : 3873W
Agronomics Limited
21 December 2021
21 December 2021
Agronomics Limited
("Agronomics" or the "Group" or the "Company")
Results of Open Offer and Additional Subscriptions
PDMR Dealing and Total Voting Rights
On 2 December 2021, Agronomics Limited ("Agronomics"), a leading
listed investor in cellular agriculture, announced the launch of an
Open Offer pursuant to which Qualifying Shareholders were able to
subscribe for 1 Open Offer Unit in the Company at a price of 23
pence each (the "Issue Price") for every 28 Ordinary Shares held at
the Record Date ("Open Offer"). Each Open Offer Unit consists of
one ordinary share and one November 2021 Warrant.
The Open Offer has now closed for acceptances and the Company
advises that valid applications, including pursuant to the Excess
Application Facility, were received in respect of a total of
14,085,651 Open Offer Units. Accordingly, the Company has raised
gross proceeds of approximately GBP 3.2 million pursuant to the
Open Offer.
Subscription Update
As noted in the announcement of 1 December 2021, the
Subscription remained open until 20 December 2021. Since that date,
the Company has received subscriptions for a further net 3,630,368
Subscription Units raising an extra GBP0.83 million, in addition to
the 18,397,369 Subscription Units subscribed at the time of the
Placing. Also noted at the time of the Placing, Directors intended
to subscribe for 10,000,000 Subscription Units raising GBP2.3
million subject to no longer being in a close period under MAR.
Following the release of the Company's results for the year ended
30 June 2021, the Directors completed the subscription in
accordance with the amounts set out below. The Company, therefore,
will issue 32,027,737 new Ordinary Shares to investors in the
Subscription, raising approximately GBP 7.4 million .
In aggregate, 138,368,193 new Ordinary Shares and 138,368,193
November 2021 Warrants have been issued in connection with the
Placing, Subscription and Open Offer, raising a total of GBP31.8
million.
Application has been made for the new Ordinary Shares to be
issued pursuant to the Open Offer and the Subscription (together
the "New Ordinary Shares") to be admitted to trading on AIM.
Admission of the New Ordinary Shares is expected to take place on
22 December 2021. The New Ordinary Shares will rank pari passu with
the existing Ordinary Shares. The November 2021 Warrants will be
delivered by the registrar directly to subscribers of Open Offer
Units and Subscription Units in accordance with instructions
received.
PDMR Dealing
The Company confirms that three directors of Agronomics
subscribed for a total of 10 million new Ordinary Shares and
November 2021 Warrants at the issue price under the Subscription as
follows:
Subscription No of Subscription No. of Ordinary
Total Units subscribed Shares to
be held on
Admission
Jim Mellon*
(Galloway Limited) GBP2,000,000 8,695,652 122,121,894
-------------- ------------------- ----------------
Richard Reed*
* GBP200,000 869,565 6,354,412
-------------- ------------------- ----------------
David Giampaolo GBP100,000 434,783 2,434,783
-------------- ------------------- ----------------
*Jim Mellon is currently interested in a total of 113,426,242
Ordinary Shares. 112,152,282 are held by Galloway Limited, which is
indirectly wholly owned by Jim Mellon and 1,273,960 Ordinary Shares
are held directly, representing in aggregate 14.2% of the current
issue share capital. Denham Eke is a director of Galloway
Limited.
** Richard Reed is currently interested in 5,484,847 Ordinary
Shares held by Reepa Limited. Reepa Limited is wholly owned by
Richard Reed, representing in aggregate 0.7% of the current issue
share capital.
Total Voting Rights
Following the issue of the New Ordinary Shares, Agronomics'
total issued share capital will comprise 938,017,323 Ordinary
Shares, each with voting rights. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, securities of the Company under the
Financial Conduct Authority's Disclosure and Transparency
Rules.
Terms and definitions used in this announcement have the meaning
ascribed to them in the Placing announcement dated 1 December 2021,
unless the context requires otherwise.
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.
###
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat. The Company
has established a portfolio of 18 companies at the Pre-Seed to
Series C stage in this rapidly advancing sector. It seeks to secure
minority stakes in companies owning 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 Cellular Agriculture
Cellular Agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter,
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is being facilitated by advances in cellular
agriculture. This change is necessary, given scientists claims that
if we maintain existing animal protein consumption patterns, then
we will not meet the Paris Agreement's goal of limiting warming to
1.5
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however still less than US$ 1 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Cenkos Securities Peterhouse TB Cardew
Limited Cornish Plc Capital Limited
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 Charles Goodfellow Joe McGregor
Johnson
---------------- ------------------- --------------------- ------------------------
+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) +44 (0) +44 (0) 7738 724
639396 207 628 207 397 +44 (0) 207 630
info@agronomics.im 3396 8900 469 0936 agronomics@tbcardew.com
---------------- ------------------- --------------------- ------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Richard Reed
------------------------------- -----------------------------------------
2 Reason for notification
--------------------------------------------------------------------------
a) Position / status Non-Executive Chairman
------------------------------- -----------------------------------------
b) Initial notification/Amendment Initial
------------------------------- -----------------------------------------
3 Details of t he issu er, e mission allow a n ce m a
r k et participan t, au ct ion plat for m, au ction
eer or auc tion monitor
--------------------------------------------------------------------------
a) Name Agronomics Limited
------------------------------- -----------------------------------------
b) LEI 21380029M8IEQ3TL31
------------------------------- -----------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
--------------------------------------------------------------------------
a) Description of the Ordinary Shares of 0.0001p each
financial instrument, ISIN IM00B6QH1J21
t ype of instrument Warrant over ordinary shares
I d entification ISIN IM00BP68CG25.
code
------------------------------- -----------------------------------------
Nature of the transaction Issued pursuant to participation
in subscription
------------------------------- -----------------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
23.0p per ordinary 869,565 Ordinary
share Shares
869,565 Warrants
------------------
------------------------------- -----------------------------------------
d) Aggregated information n/a
------------------------------- -----------------------------------------
e) Date of the transaction 21 December 2021
------------------------------- -----------------------------------------
f) Place of the transaction LSE, AIM, XLON
------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jim Mellon
------------------------------- -------------------------------------------
2 Reason for notification
----------------------------------------------------------------------------
a) Position / status Executive Director
------------------------------- -------------------------------------------
b) Initial notification/Amendment Initial
------------------------------- -------------------------------------------
3 Details of t he issu er, e mission allow a n ce m a
r k et participan t, au ct ion plat for m, au ction
eer or auc tion monitor
----------------------------------------------------------------------------
a) Name Agronomics Limited
------------------------------- -------------------------------------------
b) LEI 21380029M8IEQ3TL31
------------------------------- -------------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
----------------------------------------------------------------------------
a) Description of the Ordinary Shares of 0.0001p each
financial instrument, ISIN IM00B6QH1J21
t ype of instrument Warrant over ordinary shares
I d entification ISIN IM00BP68CG25.
code
------------------------------- -------------------------------------------
Nature of the transaction Issued pursuant to participation
in subscription
------------------------------- -------------------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
23.0p per ordinary 8,695,652 Ordinary
share Shares
8,695,652 Warrants
--------------------
------------------------------- -------------------------------------------
d) Aggregated information n/a
------------------------------- -------------------------------------------
e) Date of the transaction 21 December 2021
------------------------------- -------------------------------------------
f) Place of the transaction LSE, AIM, XLON
------------------------------- -------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Giampaolo
------------------------------- -----------------------------------------
2 Reason for notification
--------------------------------------------------------------------------
a) Position / status Non-Executive Director
------------------------------- -----------------------------------------
b) Initial notification/Amendment Initial
------------------------------- -----------------------------------------
3 Details of t he issu er, e mission allow a n ce m a
r k et participan t, au ct ion plat for m, au ction
eer or auc tion monitor
--------------------------------------------------------------------------
a) Name Agronomics Limited
------------------------------- -----------------------------------------
b) LEI 21380029M8IEQ3TL31
------------------------------- -----------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
--------------------------------------------------------------------------
a) Description of the Ordinary Shares of 0.0001p each
financial instrument, ISIN IM00B6QH1J21
t ype of instrument Warrant over ordinary shares
I d entification ISIN IM00BP68CG25.
code
------------------------------- -----------------------------------------
Nature of the transaction Issued pursuant to participation
in subscription
------------------------------- -----------------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
23.0p per ordinary 434,783 Ordinary
share Shares
434,783 Warrants
------------------
------------------------------- -----------------------------------------
d) Aggregated information n/a
------------------------------- -----------------------------------------
e) Date of the transaction 21 December 2021
------------------------------- -----------------------------------------
f) Place of the transaction LSE, AIM, XLON
------------------------------- -----------------------------------------
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END
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