Net Asset Value calculation to 30 September 2022
19 October 2022
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation to 30 September 2022
Agronomics Limited (AIM:ANIC), the leading listed company focused on the field of cellular agriculture, announces that its unaudited Net Asset Valuation ("NAV") calculation as at closing on 30 September 2022 was 16.51 pence per share, up 8.1% from 15.27 pence per share on 30 June. Net Assets stand at £160.2 million, including investments of £122.9 million. Uninvested cash was £39.4 million
The share price of 12.5 pence at the 30 September 2022 close represents a discount of 24% to the NAV per share. The average premium to NAV per share over the last 12-month period was 36%. Under IFRS, the Company's unquoted investments are carried at cost or the most recent priced funding round.
Richard Reed, Chairman of Agronomics, commented: -
"Agronomics has continued its investment activity in cellular agriculture this quarter, despite broader market conditions, and now has a comprehensive portfolio of 24 companies across cultivated meat, materials and precision fermentation technologies.
This quarter, Agronomics led two funding rounds in precision fermentation, expanding the portfolio to include cultivated palm oil in Clean Food Group, and we made our first investment in Australia in All G Foods, a leading dairy precision fermentation company. We are increasingly seeking larger equity ownerships and board representation in funding rounds, to maintain our dominant role in the field.
Notably, venture funding in Q3 2022 has reached a nine-quarter low, representing a 34% decline quarter on quarter. Whilst market conditions continue to be volatile and the pace of deal activity is declining, we continue to identify cellular agriculture as a sector with huge promise and future growth prospects.
Financing
During the quarter ended 30 September 2022, the Company received notification of warrants being exercised. A total of 32,008 new ordinary shares were issued following the warrant exercise, for proceeds of £9,546.90. These funds, together with existing cash resources, will be utilised to provide backing for opportunities within the field of cellular agriculture, both by supporting existing companies, as well as identifying new opportunities in which to invest.
Investment review
On 1 August 2022 , the Company announced it led the seed financing round of Clean Food Group Limited (" Clean Food Group "), with an investment of £577,500 for 5,775,000 ordinary shares following an earlier small investment in the company. Following this, the carrying amount of the existing investment will be carried at £3.23 million, representing an unrealised uplift of £2.91m (subject to audit). Following close of the Seed round, Agronomics owns an equity stake of 35.03%, with an aggregate value of £3.8 million.
On 4 August 2022 , Agronomics led the Series A financing for All G Food Holding Pty Ltd (" All G Foods ") with an investment of AU$ 15 million, subscribing for 2,803,214 Series A Preferred Shares. Agronomics will own 8.01% of All G Foods on a fully diluted basis following close of the round.
On 8 September 2022 , Agronomics announced that existing portfolio company Bond Pet Foods Inc (" Bond Pets "), completed its Series A Financing Round, raising US$ 17.5 million. Agronomics invested in Bond Pet Foods in September 2019, with a US$ 150k investment in the form of a convertible promissory note ("CPN"). The CPN has now converted into 531,692 Series A Preferred Shares, representing an equity ownership of 1.85%. Subject to audit, Agronomics will now carry this position at a book value of US$ 933k, representing an unrealised gain on cost of US$ 783k. This provides a multiple on invested capital (MOIC) of 6.22 and an internal rate of return (IRR) of 84% on the initial investment.
|
|
|
Unaudited to 30 September 2022 £ |
|
Current Assets |
|
|
|
|
Investments |
122,925,485 |
|
|
Uninvested cash |
39,406,533 |
|
|
Trade and other receivables |
146,702 |
|
Current Liabilities |
|
|
|
|
Trade and other creditors |
(2,274,374) |
|
Net Assets |
|
160,204,346 |
|
Capital and Reserves |
|
|
|
|
Share capital |
969 |
|
|
Share premium |
129,865,214 |
|
|
Retained earnings |
30,338,163 |
|
Net assets |
|
160,204,346 |
|
|
|
|
|
Shares in Issue |
|
970,371,316 |
|
Net Asset Value per share |
|
16.51 pence |
The quoted investments within the portfolio are valued under IFRS at bid price.
Portfolio Details
|
Investments as at 30 September 2022 |
Value (£) |
% of Total Portfolio |
|
Cellular agriculture holdings |
122,569,356 |
99.71% |
|
Legacy holdings |
356,129 |
0.29% |
|
Total |
122,925,485 |
100% |
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.
For further information please contact:
|
Agronomics Limited |
Beaumont Cornish Limited |
Canaccord Genuity Limited |
Cenkos Securities Plc |
Peterhouse Capital Limited |
TB Cardew |
|
The Company |
Nomad |
Joint Broker |
Joint Broker |
Joint Broker |
Public Relations |
|
Richard Reed Denham Eke |
Roland Cornish James Biddle |
Andrew Potts Harry Rees Alex Aylen (Head of Equities) |
Giles Balleny Michael Johnson |
Lucy Williams Charles Goodfellow |
Ed Orlebar Alistair Walker |
|
+44 (0) 1624 639396 |
+44 (0) 207 628 3396 |
+44 (0) 207 523 8000 |
+44 (0) 207 397 8900 |
+44 (0) 207 469 0936 |
+44 (0) 20 7930 0777 +44 (0) 7738 724 630 |
ENDS
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