NAV Statement, Warrant Exercise, TVR
8 August 2024
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation as at 30 June 2024, Warrant Exercise and TVR
Agronomics Limited (AIM:ANIC), a 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 2024 was 16.42 pence per share, a 3.3% decrease from 16.98 pence per share at 31 March 2024. Net Assets stand at £166 million, including investments of £154 million and uninvested cash and short-term deposits of £12 million.
The share price of 6 pence at 30 June 2024 close represents a discount of 63% to the 30 June 2024 NAV per share. The average discount to NAV per share over the last 12-month period was 43%. Under IFRS, the Company's unquoted investments are carried at cost or the most recent priced funding round.
Jim Mellon, Executive Chair of Agronomics, commented: -
"Despite persistent challenges in the venture capital environment and difficult macroeconomic headwinds, our portfolio has continued to demonstrate notable progress this quarter, achieving multiple new financings.
Highlights included a €40 million funding round for cultivated meat company Mosa Meat and an €8 million second close of Solar Foods' Series B round. Agronomics also invested a further US$ 10 million into Liberations Labs which aims to address the critical bottleneck faced by the industry and enable precision fermentation at commercial scale. The sustained investment activity across a number of companies reflects the steady technical and commercial progress being made within the portfolio.
Agronomics continues to have a strong cash balance and has no intention to raise capital while trading at a discount to NAV."
Financing
During the quarter ending 30 June 2024, the Company received notification of warrants being exercised. A total of 1,833 new ordinary shares were issued following the warrant exercise, for proceeds of £523.03.
During the period, no fees were payable or accrued relating to the Shellbay Investments Limited Agreement.
Investment review
During the 3-month period, four of Agronomics' portfolio companies raised additional funding:
· On 5 April 2024, the Company announced that it invested US$ 10 million in Liberation Labs Holding Inc. ("Liberation Labs") as part of a larger US$ 12.5 million round. The investment was made in the form of a Secured Convertible Promissory Note ("SCPN"), a form of convertible debt, for the continued construction of the facility in Richmond Indiana in advance of Liberation Labs' Series A round. Including the SCPN, Agronomics has invested US$ 17.6 million in Liberation Labs which, subject to audit, is currently carried at a book value of £25.8 million. Agronomics now holds 37.5% of Liberation Labs on a fully diluted basis.
· On 17 April 2024, the Company announced that Mosa Meat B.V ("Mosa Meat") had successfully raised €40 million in new capital to help finance the further scaling up of its production process and prepare its products for market entry. This new financing had no impact on Agronomics' carrying value and the Company holds an equity ownership of ~1.68% on a fully diluted basis.
· On 26 April 2024, the Company announced that Solar Foods Oy ("Solar Foods") raised an additional €8 million via Finish investment organiser Springvest Oyj. The additional funding is a subsequent close to Solar Foods' Series B round which took place in November 2023, bringing the total raise to €16 million. Following the first close of the Series B, Agronomics position was carried at £11.4 million. This subsequent close remained on the same terms as those set in November and there was no change to the value of Agronomics position.
· On 23 May 2024, the Company announced that Meatable B.V. ("Meatable") appointed Jeff Tripician as its new CEO. Mr Tripician succeeds Meatable's co-founder Krijn de Nood, who will continue to serve and advise the company on the Board of Directors. An industry veteran with over 25 years of experience in the organic and natural meat industry, Mr Tripician will lead Meatable as it prioritizes US market expansion.
The Board notes that VitroLabs Inc. ("VitroLabs") closed a US$ 3.5 million fundraise led by a climate tech focused venture capital firm. Following the close of this financing, the write down to Agronomics position has been quantified and, subject to audit, Agronomics will carry this position forward at a book value of £418.6k
|
|
|
Unaudited to 30 June 2024 £ |
|
Current Assets |
|
|
|
|
Investments |
153,589,370 |
|
|
Uninvested cash and deposits |
12,235,215 |
|
|
Trade and other receivables |
56,630 |
|
Current Liabilities |
|
|
|
|
Trade and other creditors |
(168,299) |
|
Net Assets |
|
165,712,916 |
|
Capital and Reserves |
|
|
|
|
Share capital |
1,009 |
|
|
Share premium |
136,169,364 |
|
|
Retained earnings |
29,542,543 |
|
Net assets |
|
165,712,916 |
|
Shares in Issue |
|
1,009,411,583 |
|
Net Asset Value per share |
|
16.42 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.
Warrant Exercise August 2024
Agronomics Limited announces that pursuant to the receipt of notices for the exercise of warrants, it is issuing 1 Ordinary Share with a nominal value of £0.000001 each in the capital of the Company ("Share") at a subscription price of 30p per Share. The Company has received gross proceeds of £0.30.
Application has been made for 1 Share to be admitted to trading on AIM ("Admission"), with Admission expected to occur on or around 14 August 2024.
The Share will rank pari passu with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared after the date of their issue.
Following Admission of the Share, the Company will have 1,009,411,584 ordinary shares with a nominal value of £0.000001 each in issue with voting rights and admitted to trading on AIM. This figure may then be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
About Agronomics
Agronomics is a leading London-listed company focusing on investment opportunities within the field of cellular agriculture. The Company has established a portfolio of over 20 companies in this rapidly advancing sector. It seeks to invest in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. This disruption will decouple supply chains from the environment and animals and improve food security for the world's expanding population. A full list of Agronomics' portfolio companies is available at https://agronomics.im/.
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 |
Nominated Adviser
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
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