Agronomics Limited Announces Net Asset Value Calculation as at 31 March 2024
Agronomics announced an unaudited Net Asset Valuation per share of 16.98 pence, a 0.5% increase from the previous quarter. The company's Net Assets were £171 million, with a 48% discount to the share price. Agronomics made progress in funding rounds and partnerships, marking positive revaluations and acquisitions within their portfolio.
Agronomics saw a 0.5% increase in Net Asset Valuation per share from the previous quarter.
The company's Net Assets totaled £171 million, including investments of £153 million.
Agronomics successfully closed funding rounds for portfolio companies like Meatable and Clean Food Group.
The company's portfolio companies formed strategic partnerships and received government support.
The share price represented a 48% discount to the Net Asset Valuation per share.
There is uncertainty surrounding a significant write-down for the holding in VitroLabs Inc, impacting potential future valuations.
DOUGLAS, ISLE OF MAN / ACCESSWIRE / May 7, 2024 / 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 31 March 2024 was 16.98 pence per share, a
The share price of 8.80 pence at the 31 March 2024 close represented a discount of
Jim Mellon, Chair 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. UK-based Clean Food Group also completed a £2.5 million funding round to commercialise its fermentation-derived palm oil. In addition, Liberation Labs is also making significant progress in securing the further US
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 period, 1,659 new ordinary shares were issued following the exercise of warrants. Gross proceeds of £498 were received by the Company.
During the period, no fees were payable or accrued relating to the Shellbay Investments Limited Agreement.
Investment review
During the 3-month period, the Company had two positive revaluations and saw the portfolio companies receive government support and form new strategic partnerships:
6 February 2024 - Bond Pet Foods, the US-based company that produces animal proteins through precision fermentation, delivered two metric tons of animal protein to one of the most popular pet food providers in the US, Hill's Pet Nutrition Inc - a division of the Colgate-Palmolive Company.
14 February 2024 - California Cultured Inc. reached a partnership agreement with the Japanese company Meiji Co., Ltd, Japan's largest chocolate manufacturer, involving a 10-year-long arrangement for the supply and integration of California Cultured's cell-cultured flavanol cocoa powder into an array of products tailored for both the US and Japanese markets.
13 March 2024 - Shiok Meats Pte. Ltd. was acquired by UMAMI Bioworks Pte. Ltd. in a share-for-share transaction, and subject to audit, this position will be carried forward at a book value of £0.378 million.
18 March 2024 - Good Dog Food Ltd created the world's first cans of pet food that use cultivated chicken as a protein source.
20 March 2024 - Formo Bio GmbH partnered with Those Vegan Cowboys, a Belgium-based company focusing on precision fermentation-derived caseins.
21 March 2024 - SuperMeat The Essence of Meat Ltd announced the conclusions from a Life Cycle Assessment, projecting a carbon footprint
26 March 2024 - Clean Food Group Ltd received a further £2.5 million in funding from Clean Growth Fund Management LLP.
27 March 2024 - Onego Bio Ltd completed a Series A financing round, successfully raising €27 million and led by NordicNinja VC, a Japanese-Nordic VC backing companies in climate and deep tech. In addition, Onego Bio secured a further €9.5 million in non-dilutive funding from Business Finland, a government organisation offering grant funding for innovative Finnish companies that address significant global needs and challenges. Subject to audit, Agronomics' position in Onego Bio, including the Subscription, will be carried at £11.1 million (€12.9 million), including an unrealised gain of £3.8 million.
The Board notes that VitroLabs Inc, currently held at £7.6 million, is now undertaking a substantial restructuring and fund raising. Whilst the outcome of this is uncertain at the moment, pursuant to AIM Rule 11, we consider that it is probable that the holding in VitroLabs Inc will require a significant write-down and we will inform shareholders in due course once this is quantified. Meanwhile, a number of the Company's other holdings have experienced positive gains post-period, and it is therefore unlikely that the overall NAV will decline materially.
Unaudited to 31 March 2024 £ | ||
| Current Assets | ||
| Investments | 153,061,704 | |
| Uninvested cash and deposits | 19,685,863 | |
| Trade and other receivables | 125,116 | |
| Current Liabilities | ||
| Trade and other creditors | (1,475,919) | |
| Net Assets | 171,396,764 | |
| Capital and Reserves | ||
| Share capital | 1,009 | |
| Share premium | 136,168,841 | |
| Retained earnings | 35,226,914 | |
| Net assets | 171,396,764 | |
| Shares in Issue | 1,009,409,750 | |
| Net Asset Value per share | 16.98 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 |
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 | +44 (0) 207 628 3396 | +44 (0) 207 523 8000 | +44 (0) 207 397 8900 | +44 (0) 207 469 0936 |
ENDS
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Agronomics Limited
View the original press release on accesswire.com
FAQ
What was Agronomics 's Net Asset Valuation per share as at 31 March 2024?
What was the total Net Assets of Agronomics as at 31 March 2024?
What funding rounds did Agronomics successfully close during the period?
Did Agronomics form any strategic partnerships during the period?
What is the current discount of the share price to the Net Asset Valuation per share?
