Net Asset Value calculation to 31st March 2022
22 April 2022
Agronomics Limited
("Agronomics" or the "Company")
Net Asset Value calculation to 31st March 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 31 March 2022 was 15.11 pence per share, including uninvested cash of £53.8 million. Net Assets stand at £141.8 million, including investments of £89.2 million. This quarter's NAV per share represents an increase of 5.5% from the previous quarter's NAV of 14.32 pence per share.
The share price of 19.2 pence at the 31 March 2022 close represents a premium of 27% to the NAV per share. The average premium to NAV per share over the last 12 month period was 137%. Under IFRS, the Company's unquoted investments are carried at cost or the most recent priced funding round.
Richard Reed, Chairman of Agronomics, commented: -
"It's been an excellent start to 2022 for Agronomics .Three new companies were added to the portfolio in this quarter: precision fermentation bio-design company Geltor, precision fermentation egg protein company Onego, and the UK-focused cultivated pet food company Good Dog Food - with the other portfolio companies continuing to show strong progress . Agronomics also led two deals at the Seed and Series A stages. The Board continues to see and monitor new opportunities in cellular agriculture, as well as maintaining cash reserves for follow-on investments in the existing portfolio. We are seeing continued developments from the underlying assets for significant valuation creation expected to occur in 2022.
The Company newsletter for Q1 2022 (Q3 for the financial reporting year) can be found here.
Financing
During the 9-month period to 31 March 2022, the Company successfully completed a funding round, raising gross proceeds of £31,824,684 and issuing 138,368,193 new Ordinary Shares. Following share issue commissions and professional fees, net cash proceeds of approximately £31 million were retained by the Company. During the period, 615,631 new Ordinary Shares were issued following the exercise of warrants, raising gross proceeds of £0.175 million. These funds, together with existing cash resources, will be utilised to provide funding for opportunities within the field of cellular agriculture, inclusive of supporting existing companies, as well as identifying new opportunities.
Investment review
On 27 January 2022, cultivated seafood company BlueNalu Inc "BlueNalu" announced it agreed a partnership with Food & Life Companies Ltd to supply leading sushi brands such as Sushiro and Kyotaru with BlueNalu's cultivated bluefin tuna product.
On 21 February 2022, the Company acquired a 2.05% in Geltor Inc "Geltor", a company focused on producing designer proteins for use in the cosmetic industry. The acquisition was part of a secondary transaction, with Agronomics acquiring 1,069,593 Preferred Stock, for a total consideration of US$ 9,499,525. The consideration was settled by issuing 8,676,951 new Ordinary Shares in Agronomics (for a consideration of US$ 2,714,150), with the balance being settled in cash totaling US$ 6,785,375. The shares issued are subject to a lock in and orderly market agreement with a vesting schedule below:
- 1,084,619 shares released immediately
- 1,084,619 shares released after 18 months
- 6,507,713 shares released after 24 months
- Shares subject to orderly market restrictions are such that the holder shall provide the Company with notice of its intention to sell a specific volume of shares, at a minimum price, and the Company and its brokers shall have a period of 10 trading days to find buyers for such shares on the stated terms
On 22 February 2022, Agronomics led the €10 million Seed funding round for Onego Bio Ltd "Onego Bio", a company developing sustainable and animal free egg protein. Following the €6.9 million investment, Agronomics will hold a 19.94% fully diluted interest.
On 8 March 2022, the Company co-led the Series A financing of cultivated meat company SuperMeat The Essence of Meat Ltd "SuperMeat", with a US$ 10 million investment for 188,158 Series A Preferred Shares. Following the purchase, the existing SAFE investment converted into 119,551 Series A Preferred Shares. This, together with the additional 50,774 Preferred Seed Shares acquired as part of a secondary transaction during February 2022, results in an unrealized gain on cost of US$ 6.5m (subject to audit).
On 14 March 2022, Agronomics announced a follow-on investment into cultivated cotton company GALY CO "GALY", investing US$ 1 million for 364,710 Series A Preferred Stock. Following this investment, Agronomics owns an 4.11% equity stake in GALY.
On 21 March 2022, the Company together with Roslin Technologies Limited ("Roslin Technologies"), a food biotechnology company, announced the launch of their first exclusive joint venture, Good Dog Food Limited "Good Dog Food". Good Dog Food will develop a novel range of healthy, eco-friendly pet food products made using cultivated meat.
|
|
|
Unaudited to 31 March 2022 £ |
|
Current Assets |
|
|
|
|
Investments |
89,262,133 |
|
|
Uninvested cash |
53,838,692 |
|
|
Trade and other receivables |
296,211 |
|
Current Liabilities |
|
|
|
|
Trade and other creditors |
(1,593,824) |
|
Net Assets |
|
141,803,212 |
|
Capital and Reserves |
|
|
|
|
Share capital |
939 |
|
|
Share premium |
124,586,144 |
|
|
Share reserve |
7,394,360 |
|
|
Retained earnings |
9,821,768 |
|
Net assets |
|
141,803,212 |
|
|
|
|
|
Shares in Issue |
|
938,590,207 |
|
Net Asset Value per share |
|
15.11 pence |
The quoted investments within the portfolio are valued under IFRS at bid price.
Portfolio Details
Investments as at 31 March 2022 | Value (£) | % of Total Portfolio |
|
|
|
|
|
Legacy holdings | 314,994 | 0.35% |
|
Cellular agriculture holdings | 88,947,139 | 99.65% |
|
Total | 89,262,133 | 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 | Cenkos Securities Plc | Peterhouse Capital Limited | TB Cardew |
The Company | Nomad | Joint Broker | Joint Broker | Public Relations |
Richard Reed Denham Eke | Roland Cornish James Biddle | Giles Balleny Michael Johnson | Lucy Williams Charles Goodfellow | Ed Orlebar Charlotte Anderson |
+44 (0) 1624 639396 info@agronomics.im | +44 (0) 207 628 3396 | +44 (0) 207 397 8900 | +44 (0) 207 469 0936 | +44 (0) 20 7930 0777 +44 (0) 7827 023678 agronomics@tbcardew.com |
ENDS
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