TIDMANIC
RNS Number : 3230D
Agronomics Limited
19 October 2022
19 October 2022
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation to 30 September 2022
Agronomics Limited (AIM:ANIC), the leading listed company
focused on the field of cellular agriculture, announces that its
unaudited Net Asset Valuation ("NAV") calculation as at closing on
30 September 2022 was 16.51 pence per share, up 8.1% from 15.27
pence per share on 30 June. Net Assets stand at GBP160.2 million,
including investments of GBP122.9 million. Uninvested cash was
GBP39.4 million
The share price of 12.5 pence at the 30 September 2022 close
represents a discount of 24% to the NAV per share. The average
premium to NAV per share over the last 12-month period was 36%.
Under IFRS, the Company's unquoted investments are carried at cost
or the most recent priced funding round.
Richard Reed, Chairman of Agronomics, commented: -
"Agronomics has continued its investment activity in cellular
agriculture this quarter, despite broader market conditions, and
now has a comprehensive portfolio of 24 companies across cultivated
meat, materials and precision fermentation technologies.
This quarter, Agronomics led two funding rounds in precision
fermentation, expanding the portfolio to include cultivated palm
oil in Clean Food Group, and we made our first investment in
Australia in All G Foods, a leading dairy precision fermentation
company. We are increasingly seeking larger equity ownerships and
board representation in funding rounds, to maintain our dominant
role in the field.
Notably, venture funding in Q3 2022 has reached a nine-quarter
low, representing a 34% decline quarter on quarter. Whilst market
conditions continue to be volatile and the pace of deal activity is
declining, we continue to identify cellular agriculture as a sector
with huge promise and future growth prospects.
Financing
During the quarter ended 30 September 2022, the Company received
notification of warrants being exercised. A total of 32,008 new
ordinary shares were issued following the warrant exercise, for
proceeds of GBP9,546.90. These funds, together with existing cash
resources, will be utilised to provide backing for opportunities
within the field of cellular agriculture, both by supporting
existing companies, as well as identifying new opportunities in
which to invest.
Investment review
On 1 August 2022 , the Company announced it led the seed
financing round of Clean Food Group Limited (" Clean Food Group "),
with an investment of GBP577,500 for 5,775,000 ordinary shares
following an earlier small investment in the company. Following
this, the carrying amount of the existing investment will be
carried at GBP3.23 million, representing an unrealised uplift of
GBP2.91m (subject to audit). Following close of the Seed round,
Agronomics owns an equity stake of 35.03%, with an aggregate value
of GBP3.8 million.
On 4 August 2022 , Agronomics led the Series A financing for All
G Food Holding Pty Ltd (" All G Foods ") with an investment of AU$
15 million, subscribing for 2,803,214 Series A Preferred Shares.
Agronomics will own 8.01% of All G Foods on a fully diluted basis
following close of the round.
On 8 September 2022 , Agronomics announced that existing
portfolio company Bond Pet Foods Inc (" Bond Pets "), completed its
Series A Financing Round, raising US$ 17.5 million. Agronomics
invested in Bond Pet Foods in September 2019, with a US$ 150k
investment in the form of a convertible promissory note ("CPN").
The CPN has now converted into 531,692 Series A Preferred Shares,
representing an equity ownership of 1.85%. Subject to audit,
Agronomics will now carry this position at a book value of US$
933k, representing an unrealised gain on cost of US$ 783k. This
provides a multiple on invested capital (MOIC) of 6.22 and an
internal rate of return (IRR) of 84% on the initial investment.
Unaudited to
30 September
2022
GBP
Current Assets
Investments 122,925,485
Uninvested cash 39,406,533
Trade and other receivables 146,702
Current Liabilities
Trade and other creditors (2,274,374)
--------------
Net Assets 160,204,346
Capital and Reserves
Share capital 969
Share premium 129,865,214
Retained earnings 30,338,163
--------------
Net assets 160,204,346
Shares in Issue 970,371,316
Net Asset Value per 16.51 pence
share
The quoted investments within the portfolio are valued under
IFRS at bid price.
Portfolio Details
Investments as at 30 Value (GBP) % of Total Portfolio
September 2022
Cellular agriculture
holdings 122,569,356 99.71%
Legacy holdings 356,129 0.29%
Total 122,925,485 100%
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 Canaccord Cenkos Peterhouse TB Cardew
Limited Cornish Genuity Limited Securities Capital
Limited Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Broker Public Relations
================ ================== ================== ================= ====================
Richard Reed Roland Cornish Andrew Potts Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Harry Rees Michael Johnson Charles Alistair Walker
Alex Aylen Goodfellow
(Head of Equities)
================ ================== ================== ================= ====================
+44 (0) 20
7930 0777
+44 (0) 1624 +44 (0) 7738
639396 724 630
info@agronomics. +44 (0) 207 +44 (0) 207 +44 (0) 207 +44 (0) 207 agronomics@tbcardew.
im 628 3396 523 8000 397 8900 469 0936 com
================ ================== ================== ================= ====================
ENDS
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