Agronomics Limited Announces NAV calculation as of 30 September 2023

Rhea-AI Summary

Agronomics Limited (AIM:ANIC) announced that its unaudited Net Asset Valuation (NAV) per share as of 30 September 2023 was 16.48 pence per share, a 4% increase from 30 June 2023. Net Assets were £164 million, including investments of £140 million and uninvested cash and short-term deposits of £24 million. The share price at the 30 September 2023 close represented a discount of 40% to the NAV per share. The average discount to the prevailing NAV per share over the last 12-month period was 39%.

Positive

• Agronomics' unaudited Net Asset Valuation (NAV) per share increased by 4% from 30 June 2023 to 30 September 2023.
• Net Assets were £164 million, including investments of £140 million and uninvested cash and short-term deposits of £24 million.
• The share price at the 30 September 2023 close represented a discount of 40% to the NAV per share.
• The average discount to the prevailing NAV per share over the last 12-month period was 39%.

Negative

• None.

Net Asset Value calculation as of 30 September 2023

DOUGLAS, ISLE OF MAN / ACCESSWIRE / November 3, 2023 / Agronomics Limited (AIM:ANIC), the leading listed company focused on the field of cellular agriculture, announces that its unaudited Net Asset Valuation ("NAV") per share calculation as at closing on 30 September 2023 was 16.48 pence per share, a 4% increase from 15.80 pence per share on 30 June 2023. Net Assets were £164 million, including investments of £140 million and uninvested cash and short-term deposits of £24 million.

The share price of 9.80 pence at the 30 September 2023 close represented a discount of 40% to the 30 September 2023 NAV per share. The average discount to the prevailing NAV per share over the last 12-month period was 39%. Under IFRS, the Company's unquoted investments are generally carried at cost or the most recent priced funding round.

Richard Reed, Chairperson of Agronomics, commented:
"We are delighted by the significant progress made by our portfolio during the quarter, successfully closing a number of funding rounds at a time when wider venture capital funding is challenging as the result of macro-economic uncertainty.

Highlights included a €30 million funding round for cultivated meat company Meatable, led by Agronomics alongside a new investor, Invest-NL. The UK-based Clean Food Group also completed a £2.3 million funding round to commercialise its fermentation-derived palm oil. In addition, Liberation Labs is also making significant progress in its US$ 75 million fundraise to help construct its facility, enabling precision fermentation at a commercial scale.

These successes highlight the industry-leading quality of the companies within our portfolio, and we look forward to their continued growth and commercial development.

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 ended 30 September 2023, the Company received notification of warrants being exercised. A total of 1,836 new ordinary shares were issued following the warrant exercise, for proceeds of £547.11. These funds, together with existing cash resources, will be utilised to provide finance for opportunities within the field of cellular agriculture, both by supporting existing companies, as well as identifying new opportunities in which to invest.

On 22 September 2023, the Company announced that it will execute a discretionary on-market share Buyback Programme for an aggregate amount of up to £3 million, with the Buyback Programme having a term of 6 months commencing on 2 October 2023. The Company intends to cancel repurchased shares, unless used to cover obligations under share-based remuneration arrangements.

Investment review
On 9 August 2023, portfolio company Meatable completed a successful €30 million Series B financing round, with Agronomics investing €4 million. Agronomics also received 200 warrants, exercisable at any time in the next five years. The funding round was co-led with New Agrarian Company Limited. Subject to audit, Agronomics' total investment in Meatable will be carried at £11.8 million, including an unrealised gain of £3.9 million, which represents a gross IRR of 22.31%.

On 14 August 2023, the Company invested £0.7 million in fermentation-derived palm oil company Clean Food Group Limited ("CFG"), as part of their £2.3 million Pre-Series A funding round. Notable co-investors include industrial food specialists Doehler Group and Alianza Team. Subject to audit, Agronomics will carry this position in its accounts at a book value of £6.97 million, including an unrealised gain on cost of £5.37 million, an IRR of 385%. Capital raised from this pre-series round will enable CFG to accelerate the scale-up of its technology platform, ahead of the planned completion of its Series A funding next year to further develop its technology for production at a commercial scale, with the funds supporting the construction of a new manufacturing facility in the UK.

		Unaudited to 30 September 2023 £
Current Assets
	Investments		139,970,567
	Uninvested cash and deposits		23,643,167
	Trade and other receivables		257,475
Current Liabilities
	Trade and other creditors		(154,339	)
Net Assets			163,716,870
Capital and Reserves
	Share capital		993
	Share premium		134,481,912
	Retained earnings		29,233,965
Net assets			163,716,870
Shares in Issue			993,153,870
Net Asset Value per share		16.48 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.

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
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	Bob Huxford George Esmond Anthony Hughes Alice Cho
+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

ENDS

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SOURCE: Agronomics Limited

View source version on accesswire.com:
https://www.accesswire.com/799218/agronomics-limited-announces-nav-calculation-as-of-30-september-2023

FAQ

What is the Net Asset Valuation (NAV) per share of Agronomics Limited as of 30 September 2023?

The NAV per share of Agronomics Limited as of 30 September 2023 was 16.48 pence per share, a 4% increase from 30 June 2023.

What were the Net Assets of Agronomics Limited as of 30 September 2023?

The Net Assets of Agronomics Limited as of 30 September 2023 were £164 million, including investments of £140 million and uninvested cash and short-term deposits of £24 million.

What was the share price at the 30 September 2023 close?

The share price at the 30 September 2023 close was 9.80 pence per share.

What was the discount of the share price to the NAV per share at the 30 September 2023 close?

The share price at the 30 September 2023 close represented a discount of 40% to the NAV per share.

What was the average discount to the NAV per share over the last 12-month period?

The average discount to the prevailing NAV per share over the last 12-month period was 39%.