Announces Secondary Purchase of Shares in Meatable

RNS Number : 4480Y

Agronomics Limited

13 May 2021

 

13 May 2021

Agronomics Limited

("Agronomics" or the "Company")

Announces Secondary Purchase of Shares in Cultivated Pork and Beef Company Meatable

Agronomics, the leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat, is pleased to announce a purchase of 117 shares, worth €195,632, in existing portfolio company Meatable B.V ("Meatable") . Agronomics now holds 4,859 shares in Meatable, representing an equity ownership of 5.84% on a fully diluted basis. Subject to audit, the additional acquisition will allow Agronomics to carry this position in its accounts at a book value of €8.15 million, representing an unrealised gain on cost of €2.95 million, following Meatable's completion of its US$ 47 million Series A financing announced in March 2021.

About Meatable

Meatable is a Dutch cultivated meat company aiming to deliver, at scale, the new natural, cultivated meat that looks like, tastes like, and has the nutritional profile of traditional meat. Its proprietary opti-ox technology enables Meatable to produce the meat rapidly, sustainably, and without harming animals. Founded in 2018 by Krijn de Nood (CEO), Daan Luining (CTO) and Dr Mark Kotter (principal inventor of opti-ox technology), Meatable has brought together a team of experts with unique knowledge in fields including molecular biology, chemistry, tissue engineering, bioprocess development and food science, to create the new natural meat. Follow Meatable: LinkedIn, Facebook, Instagram, and Twitter. 

Since this Subscription is considered a Substantial Transaction under AIM Rule 12, this announcement requires certain disclosures under Schedule Four. Meatable is an early stage pre revenue company with operating costs of approximately €1.13 million per month, and total assets as per March 2021 of €47.5 million including cash or near cash of €44.2 million with no material liabilities.

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 16 companies at the Seed to Series B stage in this rapidly advancing sector. It seeks to secure a 5-10% initial ownership in 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 the Cultivated Meat Sector

Funding in the cultivated meat sector is growing rapidly with approximately US$ 170 million invested worldwide between 2016-2019 and over US$ 270 million raised in 2020 alone. Additional financings are anticipated as the capital requirements of these companies grows to build out and scale up manufacturing facilities.  Currently it is estimated that there are 60 companies globally within the sector. AT Kearney, a global consultancy, has predicted that Cultivated Meat's market share of meat consumption will be 35% by 2040.

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 Limited	Beaumont Cornish Limited	Cenkos Securities Plc	Peterhouse Capital Limited	TB Cardew
The Company	Nomad	Joint Broker	Joint Broker	Public Relations
Richard Reed Denham Eke	Roland Cornish James Biddle	Giles Balleny Nick Searle	Lucy Williams Charles Goodfellow	Ed Orlebar Joe McGregor
[phone] [e-mail]	[phone]	[phone]	[phone]	[phone] [phone] [e-mail]

 

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