4th
February 2025
Agronomics
Limited
("Agronomics" or the
"Company")
Net Asset Value calculation
as at 31 December 2024
Agronomics Limited (AIM:ANIC),
a leading listed company in the field of clean food, announces that
its unaudited Net Asset Value ("NAV") calculation as at closing
on 31 December 2024 was 14.93 pence per share, a 5.21%
decrease from 15.73 pence per share at 30 September
2024. Net Assets stand at £151 million, including investments
of £141 million and uninvested cash and short-term
deposits of £10 million.
The share price of 3.88
pence at 31 December 2024 represents a discount of 74% to
the NAV per share on the same date. The average discount to NAV per
share over the last 12-month period was 60%. Under IFRS, the
Company's unquoted investments are generally carried at cost or the
most recent priced funding round.
The Board notes the c. £8.1 million
decline in the Company's NAV during the quarter which relates
primarily to the following:
- A
reduction of £4.3 million in the value of the Company's holding in
Solar Foods Oy ("Solar Foods") which is listed on Nasdaq First
North Growth Market Finland;
- An
unrealised FX gain of £4.3 million following revaluation of
investments to month end spot rate, where we hold certain of our
investments in USD, EUR and AUD, due to negative movements in these
currencies against the Company's reporting currency of Pound
Sterling in the quarter;
- A
write-down of Agronomics' position in Geltor Inc of £6.8 million,
following a Series A funding round that closed at a 95% discount to
the previously closed round. This write-down was recognised in the
2024 audited results as part of the year end audit procedures after
publication of the 30 September 2024 NAV which was not
restated;
- A reversal
of an unrealised gain of £0.9 million on portfolio company CellX
Limited. This reversal was recognised in the 2024 audited results
as part of the year end audit procedures after publication of the 30 September 2024 NAV
which was not restated; and
- Cash
balances reduced by £0.4 million relating to ongoing running costs,
and the cash balances at 31 December 2024 were £10.2
million.
During the period, no fees were
payable or accrued in accordance with the Shellbay Investments
Limited Agreement. These fees are solely payable when there is an
annual increase in the NAV: further details are included in the
2024 annual report.
Investment Portfolio review
During the 3-month period to 31
December 2024, one of Agronomics' portfolio companies raised
additional funding:
·
On 15 October 2024, Liberation Labs Holdings Inc
("Liberation Labs") raised a further US$ 3.5 million for the
continued development of their Richmond, Indiana site via a Secured
Promissory Note, including a US$ 2.0 million subscription from
Agronomics using its own cash resources. As announced post period end on
30 January 2025, Liberation Labs raised a further US$ 31.5 million
by way of convertible notes, bringing to total raise to US$ 50.5
million.
In addition, the following key
milestones were achieved by portfolio companies during the 3-month
period:
·
On 27 November 2024, the Company
announced that All G Co Holdings Pty Limited ("All G") became the
first company in the world to receive regulatory clearance for the
sale of recombinant bovine lactoferrin in China. This clearance
should allow initial revenue streams prior to a Series B
raise.
Finance Update
During the quarter, warrants were
exercised for a total of £1,713, with a total of 5,711 new ordinary
shares being issued.
Jim
Mellon, Executive Chair of Agronomics, commented:
-
"Since his appointment as interim
Chief Executive Officer in September of Shellbay, the
Company's adviser, Dr Philip Boigner has continued to provide his
expertise to support a number of portfolio companies with
significant fundraise closures and achieving operational
milestones.
In the first month of the year, we
have already announced an additional €35 million loan from the
European Investment Bank for our portfolio company Formo - a
significant sum which reflects the recognition of Formo's
commercial roadmap and progress to date. In addition, Liberation
Labs' recent US$ 50.5 million fundraise, which welcomed new
substantial investors, will enable the completion of construction
of the company's first biomanufacturing plant in Richmond, Indiana,
helping serve the demand for diversified and secure supply chains
from governments and large corporations alike. These are two
examples of the positive progress being witnessed across the
portfolio as many get set to begin the revenue generation we expect
to see this year.
As we informed the market in our
last update, this period has seen the expected write-downs of our
smaller portfolio holdings due to the difficult macroeconomic
headwinds and challenging fundraising environment experienced over
the last few years. This is the natural case within any diversified
investment company, and we continue to take great assurance about
the overall potential of the portfolio, which continues to go from
strength to strength with significant progress made by a growing
number of maturing assets.
Agronomics continues to have a
strong cash balance and has no intention to raise capital while
trading at a discount to NAV. We are confident of the
future."
|
|
Unaudited to 31 December
2024
£
|
Current Assets
|
|
|
|
Investments
|
140,591,025
|
|
Uninvested cash and
deposits
|
10,190,487
|
|
Trade and other
receivables
|
95,463
|
Current Liabilities
|
|
|
|
Trade and other creditors
|
(161,389)
|
Net
Assets
|
|
150,715,586
|
Capital and Reserves
|
|
|
|
Share capital
|
1,009
|
|
Share premium
|
136,171,078
|
|
Retained earnings
|
14,543,499
|
Net
assets
|
|
150,715,586
|
Shares in Issue
|
|
1,009,417,295
|
Net
Asset Value per share
|
|
14.93 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.
About
Agronomics
Agronomics is a leading
London-listed company focusing on investment opportunities within
the field of clean food. The Company has established a portfolio of
over 20 companies in this rapidly advancing sector. It seeks to
invest 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 and improve food security for the world's
expanding population. A full list of Agronomics' portfolio
companies is available at https://agronomics.im/.
For further information please
contact:
Agronomics
Limited
|
Beaumont
Cornish
Limited
|
Canaccord Genuity
Limited
|
Cavendish Capital Markets
Limited
|
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
|
Giles
Balleny
Michael
Johnson
Charlie
Combe
|
Lucy
Williams
Charles
Goodfellow
|
Bob
Huxford
Anthony Hughes
|
+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
|
Nominated Adviser Statement
Beaumont Cornish Limited
("Beaumont Cornish"), is
the Company's Nominated Adviser and is authorised and regulated in
the United Kingdom by the Financial Conduct Authority. Beaumont
Cornish's responsibilities as the Company's Nominated Adviser,
including a responsibility to advise and guide the Company on its
responsibilities under the AIM Rules for Companies and AIM Rules
for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in the announcement or any
matter referred to in it.