Net Asset Value calculation to 30 September 2021

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 £55.1 million. Net Assets stand at £103.9 million, including investments of £50.5 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 3.15 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 £5.6 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 0.7 million), representing an IRR of 74%.

		Unaudited to 30 September 2021 £
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 share		12.99 pence

The quoted investments within the portfolio are valued under IFRS at bid price.

Portfolio Details

Investments as at 30 September 2021	Value (£)	% of Total Portfolio
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 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 Michael Johnson	Lucy Williams Charles Goodfellow	Ed Orlebar Joe McGregor
[phone] [e-mail]	[phone]	[phone]	[phone]	[phone] [phone] [e-mail]

ENDS

 

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