9 February
2024
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation as at 31 December
2023
Agronomics Limited (AIM:ANIC), the leading listed
company focused on the field of cellular agriculture, announces
that its unaudited Net Asset Valuation ("NAV") per share
calculation as at closing on 31 December 2023 was 16.90 pence per share, a 2.5% increase
from 16.48 pence per share at 30 September 2023. Net Assets were
£168 million, including investments of £146 million and uninvested
cash and short-term deposits of £22 million. During the period, no
fees were payable or accrued relating to the Shellbay Investments
Limited Agreement.
The share price of 9.50 pence at the 31 December 2023
close represented a discount of 44% to the 31 December 2023 NAV per
share. The average discount to the prevailing NAV per share over
the last 12-month period was 34%. Under IFRS, the Company's
unquoted investments are generally carried at cost or the most
recent priced funding round.
Jim
Mellon, Chair of Agronomics, commented:
Agronomics has a
healthy balance sheet entering into 2024 and intends to preserve
the majority of its capital for follow-on investments into its
existing portfolio companies to assist with the achievement of
major milestones such as regulatory approvals, product launches, or
building out their commercial facilities. The Company continues to
monitor and review new and emerging technologies within the field
of cellular agriculture and will also look to expand the portfolio
for further diversification should the opportunity
arise.
Financing
During the period, 2,210 new ordinary shares were
issued following the exercise of warrants. Gross proceeds of £660
were received by the Company.
The Board approved a share buyback programme for an
aggregate amount of up to £3m for a period of 6 months commencing
on 2nd October 2023. To the period ending 31 December 2023,
the Company has yet to initiate any buybacks.
Investment review
During the 3-month period, the Company had two
positive revaluations and saw the portfolio companies receive
government support and form new strategic partnerships:
·
9 October 2023, portfolio company BlueNalu closed a US$
33.5 million Series B round led by NEOM with a US$ 20 million
investment. The investment was accompanied by the signing of a
Memorandum of Understanding with BlueNalu for the
commercialisation, marketing and distribution of BlueNalu's
cultured seafood.
·
16 November 2023, portfolio company Solar Foods closed
an €8 million Series B financing round through the Finnish-based
investment organiser Springvest.
·
1 December 2023, portfolio company Liberation Labs
secured a US$ 25 million loan for its biomanufacturing facility in
Richmond, Indiana. The loan was awarded by Ameris Bank which
received a loan guarantee from the USDA as part of its "Business
and Industry" loan guarantee program.
·
5 December 2023, portfolio company Clean Food Group was
awarded government funding towards a £1 million project to
accelerate novel low-emission food production systems.
|
|
Unaudited to 31 December 2023
£
|
Current
Assets
|
|
|
|
Investments
|
145,879,692
|
|
Uninvested cash and deposits
|
22,007,344
|
|
Trade and other receivables
|
142,258
|
Current
Liabilities
|
|
|
|
Trade and other creditors
|
(203,046)
|
Net
Assets
|
|
167,826,248
|
Capital and
Reserves
|
|
|
|
Share capital
|
993
|
|
Share premium
|
134,482,024
|
|
Share reserve
|
1,686,336
|
|
Retained earnings
|
31,656,895
|
Net
assets
|
|
167,826,248
|
Shares in
Issue
|
|
993,154,244
|
Net Asset Value per
share
|
|
16.90 pence
|
The quoted investments within the portfolio
are valued under IFRS at bid price.
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.
ENDS
For further
information please contact:
Agronomics
Limited
|
Beaumont Cornish
Limited
|
Canaccord Genuity
Limited
|
Cavendish Securities
Plc
|
Peterhouse Capital
Limited
|
SEC Newgate
|
The
Company
|
Nomad
|
Joint
Broker
|
Joint
Broker
|
Joint
Broker
|
Public
Relations
|
Jim
Mellon
Denham
Eke
|
Roland
Cornish
James
Biddle
|
Andrew
Potts
Harry
Pardoe
Alex
Aylen (Head of Equities)
|
Giles
Balleny
Michael
Johnson
|
Lucy
Williams
Charles
Goodfellow
|
Bob
Huxford
Anthony
Hughes
|
+44 (0)
1624 639396
info@agronomics.im
|
+44 (0)
207 628 3396
|
+44 (0)
207 523 8000
|
+44 (0)
207 397 8900
|
+44 (0)
207 469 0936
|
agronomics@secnewgate.co.uk
|