Agronomics Limited Announces Net Asset Value Calculation as at 31 March 2024

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 0.5% increase from 16.90 pence per share at 31 December 2023. Net Assets were £171 million, including investments of £153 million and uninvested cash and short-term deposits of £19 million.

The share price of 8.80 pence at the 31 March 2024 close represented a discount of 48% to the 31 March 2024 NAV per share. The average discount to the prevailing NAV per share over the last 12-month period was 38%. Under IFRS, the Company's unquoted investments are generally carried at cost or the most recent priced funding round.

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$ 55 million fundraise as announced on 5 April 2024 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 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.