Net Asset Value as at 30 June 2026
10 July 2026
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value as at 30 June 2026
Agronomics Limited (AIM: ANIC), a leading listed company focused on clean food, announces that its unaudited Net Asset Value per share ("NAV") as at close of business on 30 June 2026 was 12.93 pence per share, a 1.5% decrease from 13.12 pence per share at 31 March 2026. Net assets stood at £140 million, including investments of £138 million and uninvested cash and short-term deposits of £1.6 million.
The Company's share price of 5.64 pence at 30 June 2026 represented a 56% discount to NAV per share on the same date. The average discount to NAV per share over the previous 12 months was 49%. Under IFRS, the Company's unquoted investments are generally carried at cost or at the value of the most recent priced funding round.
The Board notes the c. £1.5 million increase in the Company's NAV during the quarter, which primarily reflects the following:
- A US$ 5 million investment into the series A4 financing of SuperMeat The Essence of Meat Ltd. ("SuperMeat"), being fully settled by the issue of £3.7 million worth of Agronomics shares;
- An unrealised fair value downward adjustment to Good Dog Food Limited, trading as Meatly ("Meatly"), following close of its Series A1 funding round of £1.2 million;
- An unrealised FX loss of £0.8 million following the revaluation of investments to the month-end spot rate where the Company holds certain investments in USD, EUR and AUD, due to movements in these currencies against the Company's reporting currency of Pound Sterling during the quarter;
- An unrealised fair value gain on the investment held in Solar Foods Oy, whose shares are traded on the Nasdaq First North Growth Exchange, of £0.1 million;
- Cash balances reduced by £0.3 million relating to ongoing running costs. This is offset by interest income earned during the quarter, with £12k cash interest received and £43k loan note interest income accrued.
- Cash and deposit balances at 30 June 2026 were £1.6 million (31 March 2026: £1.9 million).
- During the period, no fees were payable or accrued in accordance with the Shellbay Investments Limited Agreement. Shellbay's fees are only payable when there is an annual increase in the NAV; further details are included in the 2025 annual report.
As noted above, the NAV increased by c £1.5 million during the quarter, with the NAV per share decreasing by 1.5% due to the issue of 26,805,903 ordinary shares to settle the US$ 5 million investment into portfolio company Supermeat.
Investment Portfolio review
During the three-month period to 30 June 2026, three portfolio companies successfully completed fundraises:
· 15 April 2026 - Clean Food Group Limited ("CFG") secured a new £4.5 million investment led by Clean Growth Fund and New Agrarian Company Limited ("New Agrarian"), an affiliated company. CFG also secured a £0.7 million non-dilutive grant from Innovate UK, further strengthening the Company's financial position.
· 07 May 2026 - Good Dog Food Limited, trading as Meatly ("Meatly") completed a £10.4 million Series A funding round. Participants included Clean Growth Fund, Oyster Bay, JamJar Ventures, Jim Mellon and existing investors. The financing follows £7.1 million of seed funding from Agronomics and Pets at Home, bringing total funding raised by Meatly to £17.5 million.
· 12 May 2026 - SuperMeat The Essence of Meat Ltd. ("SuperMeat") completed an initial closing of its Series A-4 financing round, raising US$ 6 million from Agronomics and New Agrarian. Milk & Honey Ventures and other existing investors have also subscribed as part of a targeted US$ 10 million financing.
The following key milestones were achieved by portfolio companies during the three-month period:
· 1 April 2026 - All G Co Holdings Pty Limited ("All G") completed the US Food and Drug Administration's ("FDA") Generally Recognized as Safe ("GRAS") notification process for its precision fermented bovine lactoferrin, receiving the "no questions" letter from the FDA, confirming that the agency has no questions at this time regarding All G's conclusion that its recombinant lactoferrin is safe for use in food.
· 14 April 2026 - Tropic Biosciences UK Limited ("Tropic") received regulatory approval in Japan and Brazil for its world-first non-browning banana variety, clearing the way for Tropic's non-browning banana to be imported, sold and consumed in both countries.
· 04 June 2026 - Bond Pet Foods Inc ("Bond") received a Letter of No Objection from the US Food and Drug Administration's Center for Veterinary Medicine ("FDA") in respect of its Lamb Protein Yeast ingredient for use in pet food. Developed in collaboration with Hill's Pet Nutrition, Inc, Lamb Protein Yeast is, to the company's knowledge, the first animal protein produced via precision fermentation to complete the FDA's GRAS review process for use in pet food for healthy adult dogs.
· 04 June 2026 - HydGene Renewables Pty Ltd ("HydGene") was selected for the 'Greentown Go Make 2026' cohort, an open-innovation programme run by Greentown Labs in collaboration with Shell Catalysts & Technologies Limited and Technip Energies NV. The programme focuses on catalytic solutions for industrial decarbonisation and the energy transition. HydGene was one of five companies selected globally from 148 applicants across 35 countries.
· 25 June 2026 - Tropic Biosciences UK Limited ("Tropic") acquired Rahan Meristem (1998) Limited ("Rahan"), one of the world's leading banana propagation businesses, for US$ 20 million. Rahan has operated for more than 50 years and has an established presence in Colombia, Costa Rica, Ecuador, the Philippines and Israel. The business has capacity to propagate more than 30 million plants per year and is recognised for its tissue culture and propagation expertise, principally in Cavendish banana seedlings as well as other crops including pineapple and avocado.
Jim Mellon, Executive Chair of Agronomics, commented:
"The second quarter demonstrated continued commercial and regulatory progress across a number of our portfolio companies, notwithstanding a selective funding environment for clean food. During the period, All G completed the FDA's 'no questions' process for its precision fermented lactoferrin, while Tropic secured regulatory approvals for its non-browning banana in Japan and Brazil. We were also pleased to lead SuperMeat's Series A-4 financing and, through New Agrarian, to support Clean Food Group's latest raise as it completes the scale-up of its one-million-litre facility in Knowsley. The quarter closed with Tropic's acquisition of Rahan Meristem, establishing it as a fully integrated banana genetics business with direct access to growers in major producing regions. These developments reinforce our view that the companies best positioned to lead this sector are those translating scientific capability into commercial execution."
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Unaudited to 30 June 2026 £ |
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Current Assets |
|
|
|
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Investments |
138,512,102 |
|
|
Uninvested cash and deposits |
1,593,359 |
|
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Trade and other receivables |
59,829 |
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Current Liabilities |
|
|
|
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Trade and other creditors |
(135,128) |
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Net Assets |
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140,030,162 |
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Capital and Reserves |
|
|
|
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Share capital |
1,083 |
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Share premium |
146,819,830 |
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Retained earnings |
(6,790,751) |
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Net assets |
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140,030,162 |
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Shares in Issue |
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|
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Net Asset Value per share |
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12.93 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 UK version of Regulation (EU) No. 596/2014, which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.
About Agronomics
Agronomics is a leading London-listed company focusing on investment opportunities within the field of clean food. 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:
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Agronomics Limited |
Beaumont Cornish Limited |
Canaccord Genuity Limited |
Cavendish Capital Markets Limited |
33Seconds Limited
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The Company
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Nomad |
Joint Broker |
Joint Broker |
Public Relations |
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Jim Mellon Denham Eke |
Roland Cornish James Biddle |
Andrew Potts Harry Pardoe
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Giles Balleny Michael Johnson
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Jack Ferris Amber Carr
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+44 (0) 1624 639396 info@agronomics.im |
+44 (0) 207 628 3396 |
+44 (0) 207 523 8000 |
+44 (0) 207 397 8900 |
Nominated Adviser Statement
Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated Adviser and is authorised and regulated in the United Kingdom by the Financial Conduct Authority. 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 the announcement or any matter referred to in it.
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