TIDMANIC
RNS Number : 4087T
Agronomics Limited
20 July 2020
20 July 2020
Agronomics Limited
(the "Company")
Net Asset Value calculation to 30 June 2020
Richard Reed, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at
closing on 30 June 2020 was 5.68 pence per share, including
un-invested cash of GBP2,789,097. The portfolio is valued under
IFRS at bid price. The share price of 5.25 pence at the 30 June
2020 close represents a discount of 7.5% to the NAV. Net Assets
stand at GBP18.8 million, including investments of GBP16.1 million.
This quarter's NAV per share represents an increase of 2.7% from
the previous quarters NAV of 5.53 pence per share, which included
un-invested cash of GBP3,890,306. No management fee is due to
Shellbay Investments Limited.
During April 2020, the Company completed a Series A Preferred
Stock subscription in Seattle Food Tech, Inc. (trading as
Rebellyous Foods) for US$99,999.43. Following the conversion of the
original SAFE investment made in October 2019, the Company holds
323,534 Series A Preferred Stock in Rebellyous Foods for a 1.23%
stake.
During April 2020, it was also announced that Galy Co. won a
EUR300,000 prize at the H&M Global Change Award for its
innovative biotechnology to grow high quality cotton within a
laboratory environment.
During June 2020, the Company announced that it co-led Meatable
B.V.'s ("Meatable") Seed 2 financing round of approximately EUR6
million, of which Agronomics investment EUR1 million for 997 Seed 2
Preferred Shares. Following the subscription, the existing
convertible loan note investment converted into 2,558 Seed 2
Preferred Shares at a 20% discount to the subscription price.
Following the conversion, Agronomics holds 3,555 Seed 2 Preferred
Shares in Meatable for a 6.46% interest.
Since the start of January 2020, the outbreak of Covid-19 has
adversely impacted global commercial activities. It is interesting
to note that there appears to be a general acceptance that the
initial transfer of the virus was by zoonosis: that is, from
animals to humans via the food chain. Clearly, our business case
seeks to minimise any adverse effect of pathogens in the human
diet.
The rapid development and fluidity of the current situation
precludes any prediction as its ultimate outcome, which may have
continued consequences for economic and market conditions and
trigger a period of global economic slowdown. The Directors do not
believe there is any direct financial impact on the Company, but we
continue to monitor any effect on both the Company and its
investees."
Unaudited to
30 June 2020 GBP
Fixed Assets
Investments 16,119,666
Current Assets
Uninvested cash 2,789,097
Sundry Debtors 18,208
Current Liabilities
Trade and other creditors (100,336)
-----------------
18,826,635
Capital and Reserves
Share Capital 23
Share Premium 19,578,859
Reserves (752,247)
-----------------
18,826,635
Shares in Issue 331,616,661
Net Asset Value per share 5.68 pence
Portfolio Details
Investments as at 30 June 2020 Value (GBP) % of Total Portfolio
AgeX Therapeutics Inc 96,006 0.60%
Regent Pacific Group Limited 118,511 0.74%
Portage Biotech Inc 277,190 1.72%
Other quoted holdings 14,984 0.10%
Other unquoted holdings 15,612,975 96.84%
Total 16,119,666 100.00%
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 Zeus Capital Peterhouse Britton Financial
Cornish Limited Capital Limited PR
Limited
The Company Nomad Joint Broker Joint Broker Investor Relations
--------------------- ------------------- ----------------- ------------------
Denham Eke Roland Cornish/James Mike Seabrook/ Lucy Williams Tim Blackstone
+44 (0) 1624 639396 Biddle Rupert Woolfenden +44 (0) 207 +44 (0)7957
+44 (0) +44 (0) 161 469 0936 140416
207 628 393 1975
3396
--------------------- ------------------- ----------------- ------------------
Important Notices
This announcement contains 'forward-looking statements'
concerning the Company that are subject to risks and uncertainties.
Generally, the words 'will', 'may', 'should', 'continue',
'believes', 'targets', 'plans', 'expects', 'aims', 'intends',
'anticipates' or similar expressions or negatives thereof identify
forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expressed in the forward-looking
statements. Many of these risks and uncertainties relate to factors
that are beyond the Company's ability to control or estimate
precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The
reader is cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
announcement. The Company does not undertake any obligation to
update or revise publicly any of the forward-looking statements set
out herein, whether as a result of new information, future events
or otherwise, except to the extent legally required.
Nothing contained herein shall be deemed to be a forecast,
projection or estimate of the future financial performance of the
Company or any other person.
The price of shares and the income from them may go down as well
as up and investors may not get back the full amount invested on
disposal of the shares. Past performance is no guide to future
performance and persons who require advice should consult an
independent financial adviser.
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933,
except pursuant to an exemption from registration. No public
offering of securities is being made in the United States.
The distribution of this announcement may be restricted by law.
No action has been taken by the Company, Zeus Capital Limited,
Peterhouse Corporate Finance Limited or Beaumont Cornish Limited
that would permit distribution of this announcement or any other
offering or publicity material relating to such shares in any
jurisdiction where action for that purpose is required. Persons
into whose possession this announcement comes are required by the
Company, Zeus Capital Limited, Peterhouse Corporate Finance Limited
and Beaumont Cornish Limited to inform themselves about, and to
observe, any such restrictions.
This announcement is not for release, publication or
distribution, in whole or in part, directly or indirectly, in or
into Australia, Canada, Japan or the Republic of South Africa or
any jurisdiction into which the publication or distribution would
be unlawful. This announcement is for information purposes only and
does not constitute an offer to sell or issue or the solicitation
of an offer to buy or acquire shares in the capital of the Company
in the United States, Australia, Canada, the Republic of South
Africa or Japan or any jurisdiction in which such offer or
solicitation would be unlawful or require preparation of any
prospectus or other offer documentation or would be unlawful prior
to registration, exemption from registration or qualification under
the securities laws of any such jurisdiction.
This announcement has been issued by, and is the sole
responsibility of, the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by Zeus
Capital Limited, Peterhouse Corporate Finance Limited or Beaumont
Cornish Limited or by any of their respective affiliates or agents
as to or in relation to, the accuracy or completeness of this
announcement or any other written or oral information made
available to or publicly available to any interested party or its
advisers, and any liability therefore is expressly disclaimed.
THE CONTENT OF THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY AN
AUTHORISED PERSON WITHIN THE MEANING OF THE FINANCIAL SERVICES AND
MARKETS ACT 2000. RELIANCE ON THIS ANNOUNCEMENT FOR THE PURPOSE OF
ENGAGING IN ANY INVESTMENT ACTIVITY MAY EXPOSE AN INDIVIDUAL TO A
SIGNIFICANT RISK OF LOSING ALL OF THE PROPERTY OR OTHER ASSETS
INVESTED.
S
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NAVGPURWMUPUGMM
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