Net Asset Value calculation to 30 June 2022

RNS Number : 3724T

Agronomics Limited

22 July 2022

 

22nd July 2022

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation to 30 June 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 June 2022 was 15.27 pence per share, including uninvested cash of £51.5 million. Net Assets stand at £148 million, including investments of £98 million.

The share price of 16 pence at the 30 June 2022 close represents a premium of 5.75% to the NAV per share. The average premium to NAV per share over the last 12-month period was 62.22%. 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, as well as having formed a new company, Liberation Labs Holdings Inc. - a contract manufacturer for food technology precision fermentation.

We already have what we believe are sector leaders in cultivated meat and seafood production, where cell culture is the best suited technology to produce industrial quantities of meat at a much greater efficiency when compared with conventional agriculture.  We will continue to support these cell culture companies but, moving forward, we intend to further increase our exposure in precision fermentation and its enabling technologies given the near-term commercial opportunities, coupled with limited technology risks.

Whilst global venture funding aggregated across all areas has experienced a 23% decline quarter on quarter in Q2 2022, reflecting the slow-down given volatile market conditions, cellular agriculture as a sector remains promising because of the significant ESG tailwinds, intrinsic excitement and near-term uplifts, all of which will benefit the Agronomics portfolio."

The Company newsletter for Q2 2022 (Q4 for the financial reporting year), can be found here.

Financing

During the financial year ended 30 June 2022, the Company successfully completed a funding round in December 2021, raising gross proceeds of £31,824,684 and issuing 138,368,193 new Ordinary Shares. Following share issue commissions and professional fees, net cash proceeds of approximately £31 million were retained by the Company. During the 3-month period to 30 June 2022, 184,712 new Ordinary Shares were issued following the exercise of warrants. In total, 800,343 Ordinary Shares have been issued following the exercise of warrants, raising gross proceeds of £0.231 million. 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 4 May 2022, the Company announced that cultivated leather company VitroLabs, Inc. completed a successful Series A financing round, and has now raised a total of US$ 46 million. Agronomics led the Series A financing, with a US$ 7 million investment completed in September 2021.

On 6 May 2022, the Company completed a US$ 2 million investment into Chinese cultivated meat company CellX Limited, subscribing for 857,363 preferred shares. Following this, the existing SAFE investment converted to 230,681 preferred shares, resulting in an unrealised gain on the original investment of US$ 0.5 million.

On 20 June 2022, Agronomics completed a US$ 0.6 million founders round investment into Liberation Labs Holdings, Inc. ("Liberation Labs"). Agronomics and CPT Capital LLP have come together with Liberation Labs' co-founders Mark Warner, CEO, and Etan Bendheim, CBO, to address the pressing need for modern full-scale precision fermentation facilities.

		Unaudited to 30 June 2022 £
Current Assets
	Investments	98,040,773
	Uninvested cash	51,482,501
	Trade and other receivables	31,260
Current Liabilities
	Trade and other creditors	(1,574,555)
Net Assets		147,979,979
Capital and Reserves
	Share capital	947
	Share premium	131,916,054
	Retained earnings	16,062,978
Net assets		147,979,979
Shares in Issue		969,269,715*
Net Asset Value per share		15.27 pence

* The stated Shares in Issue figure is lower than the last reported figure stated by the Company on 25 April 2022 given a timing issue due to shares being issued in the secondary purchase in Geltor, Inc, announced 21^st February 2022.

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

Portfolio Details

Investments as at 30 June 2022	Value (£)	% of Total Portfolio
Cellular agriculture holdings	97,718,648	99.67%
Legacy holdings	322,125	0.33%
Total	98,040,773	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	Canaccord Genuity Limited	Cenkos Securities Plc	Peterhouse Capital Limited	TB Cardew
The Company	Nomad	Joint Broker	Joint Broker	Joint Broker	Public Relations
Richard Reed Denham Eke	Roland Cornish James Biddle	Andrew Potts Harry Rees Alex Aylen (Head of Equities)	Giles Balleny Michael Johnson	Lucy Williams Charles Goodfellow	Ed Orlebar Alistair Walker
[phone] [e-mail]	[phone]	[phone]	[phone]	[phone]	[phone] [phone] [e-mail]

ENDS

 

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