14 April 2020
Agronomics Limited
(the "Company")
Net Asset Value calculation to 31 March 2020
Richard Reed, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 March 2020 was 5.53 pence per share, including un-invested cash of £3,890,306. The portfolio is valued under IFRS at bid price. The share price of 5.25 pence at the 31 March 2020 close represents a discount of 5% to the NAV. Net Assets stand at £18.3 million, including investments of £14.5 million. This quarter's NAV per share represents an increase of 5% from the previous quarters NAV of 5.26 pence per share, which included un-invested cash of £4,669,881. No management fee is due to Shellbay Investments Limited.
During January 2020, the Company completed an additional fundraise, raising net proceeds of £5.2m. Total gross funds raised during the 2020 financial year now stand at £17.6 million. Existing funds will be deployed in line with the new investment policy.
On 12 February 2020, the Company invested US$ 3 million into Foods United, Inc ("Foods United"). This was part of a US$ 100 million fundraise by Foods United, which was founded by Blue Horizon Corporation, a major early player in the alternative protein sector with an established portfolio of 39 seed investments.
The Company completed a further US$ 1 million SAFE investment into VitroLabs, Inc ("Vitro") on 13 February 2020. Upon conversion into equity, this will equate to an estimated 6.15% equity interest in Vitro.
On 27 February 2020, the Company announced that BlueNalu, Inc completed its US$ 20 million Series A funding round, with participation from major strategic investors with expertise across operations, sales, marketing, distribution and supply chain structuring.
On 10 March 2020, the Company completed a subscription of US$ 500,000 in GALY CO ("GALY") in the form of a SAFE. GALY is a Boston, USA, based pioneering biomaterials technology company, producing cotton grown in a lab.
On 31 Mar ch 2020, the Company completed a subscription of US$ 2,999,996 in Tropic Biosciences UK Limited ("Tropic"). Tropic is a leading biotechnology company based in Norwich, UK, which is utilising powerful gene-editing techniques including CRISPR-Cas9 and Tropic's own proprietary GEiGS™ platform in developing high-performing commercial varieties of tropical crops.
Your board continues to evaluate a number of opportunities which show significant growth prospects".
|
|
Unaudited to 31 March 2020 £ |
Fixed Assets |
|
|
|
Investments |
14,470,478 |
Current Assets |
|
|
|
Uninvested cash |
3,890,306 |
|
Sundry Debtors |
38,055 |
Current Liabilities |
|
|
|
Trade and other creditors |
(66,242) |
|
|
18,332,597 |
Capital and Reserves |
|
|
|
Share Capital |
23 |
|
Share Premium |
19,578,859 |
|
Reserves |
(1,246,285) |
|
|
18,332,597 |
Shares in Issue |
|
331,616,661 |
|
|
|
Net Asset Value per share |
|
5.53 pence |
Portfolio Details
Investments as at 31 March 2020 |
Value (£) |
% of Total Portfolio |
|
|
|
|
|
AgeX Therapeutics Inc |
89,914 |
0.62% |
|
Regent Pacific Group Limited |
83,760 |
0.58% |
|
Portage Biotech Inc |
215,524 |
1.49% |
|
Other quoted holdings |
14,972 |
0.10% |
|
Other unquoted holdings |
14,066,308 |
97.21% |
|
Total |
14,470,478 |
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 Cornish Limited |
Zeus Capital Limited |
Peterhouse Capital Limited |
Britton Financial PR |
The Company |
Nomad |
Joint Broker |
Joint Broker |
Investor Relations |
Denham Eke +44 (0) 1624 639396 |
Roland Cornish/James Biddle +44 (0) 207 628 3396 |
Mike Seabrook/ Rupert Woolfenden +44 (0) 161 393 1975 |
Lucy Williams +44 (0) 207 469 0936
|
Tim Blackstone +44 (0)7957 140416 |
ENDS