TIDMANIC
RNS Number : 2676N
Agronomics Limited
22 September 2023
22 September 2023
Agronomics Limited
("Agronomics" or the "Company")
Share Buyback Programme announced
The Board of Agronomics announce s that it will execute an
on-market Share buyback programme for an aggregate amount of up to
GBP3 million (the "Buyback Programme"). The term of the Buyback
Programme shall be 6 months, commencing on 2 October 2023. The
Company intends to cancel any repurchased Shares under the
programme unless used to cover obligations under share-based
remuneration arrangements.
The Board notes that the price of the Company's Shares is
currently significantly below the last reported net asset value per
share ("NAV Per Share") of 15.8 pence and believes that the Buyback
Programme will help reduce this discount. In particular, as
reported on 2 August 2023, the Company's unaudited NAV Per Share as
at 30 June 2023 was 15.8 pence per share (whereas the price of the
Company's shares at close of business on 19 September 2023, was 9.9
pence per share, a discount of approximately 37.3%). The Company
reports NAV Per Share on a quarterly basis within 90 days of the
end of each calendar quarter ("Quarterly NAV Statement").
The Buyback Programme will be executed within the limitations of
the existing authority in the Company's Articles of Association.
The Board will authorise each buyback transaction during the
Buyback Programme which will be undertaken by Cavendish Securities
Plc as the Company's joint broker and each such transaction will be
reported and announced once executed.
The Company has determined that in conducting the Buyback
Programme it will not rely on the safe harbour conditions for
trading set out in Article 3(2) and Article 3(3) of the Commission
Delegated Regulation (EU) 2016/1052 (which forms part of domestic
UK law pursuant to the European Union (Withdrawal) Act 2018) and,
as such, the Company may purchase on any trading day materially in
excess of 25 per cent of the average daily volume in the 20 trading
days preceding the date on which the purchase is carried out.
The terms of the Buyback Programme are set out below:
Name of Programme 2023 Share Buyback Programme
Purpose of the Programme To reduce the capital of the issuer
---------------------------------------------
Duration of the Programme 2 October 2023 to 29 March 2024
---------------------------------------------
Maximum amount allocated GBP3.0 million
to the Programme
---------------------------------------------
Maximum monthly amount GBP500,000
allocated to Programme
---------------------------------------------
Maximum price The higher of:
a) the price of the last independent trade;
and
b) the highest current independent purchase
bid on the trading venue where the purchase
is carried out,
SAVE THAT no share shall be bought back
by the Company at a price per share higher
than 75% of the last reported NAV Per Share
published in the Company's most recent
Quarterly NAV Statement.
---------------------------------------------
There is no guarantee that the Buyback Programme will be
implemented in full or that any purchases will be made.
As at the time of this announcement, the Company's total issued
share capital consists of 993,153,870 Ordinary Shares with one
voting right per share. The Company does not hold any Ordinary
Shares in treasury, therefore, the total number of Ordinary Shares
carrying voting rights is 993,153,870 .
The above figure 993,153,870 may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
About Agronomics
Agronomics is the leading listed venture capital firm with a
focus on cellular agriculture. The Company has established a
portfolio of over 20 companies at the Pre-Seed to Series C stage in
this rapidly advancing sector. It seeks to secure minority stakes
in companies owning technologies with defensible intellectual
property that offer new ways of producing food and materials with a
focus on products historically derived from animals. These
technologies are driving a major disruption in agriculture,
offering solutions to improve sustainability, as well as addressing
human health, animal welfare and environmental damage. This
disruption will decouple supply chains from the environment and
animals, as well as being fundamental to feeding the world's
expanding population.
About Cellular Agriculture
Cellular Agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is being facilitated by advances in cellular
agriculture. This change is necessary, given scientists' claims
that if we maintain existing animal protein consumption patterns,
then we will not meet the Paris Agreement's goal of limiting
warming to 1.5 .
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however, still, less than US$ 5 billion has been invested worldwide
since the industry's inception in 2016.
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 Beaumont Canaccord Cavendish Peterhouse SEC Newgate
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Joint Broker Public Relations
Broker
========== ============ ============= =============== =============================
Richard Reed Roland Andrew Giles Lucy Williams Bob Huxford
Denham Eke Cornish Potts Balleny Charles George Esmond
James Harry Rees Michael Goodfellow Anthony Hughes
Biddle Alex Aylen Johnson Alice Cho
(Head of
Equities)
========== ============ ============= =============== =============================
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0)
639396 207 628 207 523 207 397 207 469
info@agronomics.im 3396 8000 8900 0936 agronomics@secnewgate.co.uk
========== ============ ============= =============== =============================
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