AGRONOMICS LIMITED — Net Asset Value 2020

Apr 14, 2020

National Storage Mechanism | Additional information

RNS Number : 4650J

Agronomics Limited

14 April 2020

14 April 2020

Agronomics Limited

(the "Company")

Net Asset Value calculation to 31 March 2020

Richard Reed, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 March 2020 was 5.53 pence per share, including un-invested cash of £3,890,306. The portfolio is valued under IFRS at bid price. The share price of 5.25 pence at the 31 March 2020 close represents a discount of 5% to the NAV. Net Assets stand at £18.3 million, including investments of £14.5 million. This quarter's NAV per share represents an increase of 5% from the previous quarters NAV of 5.26 pence per share, which included un-invested cash of £4,669,881. No management fee is due to Shellbay Investments Limited.

During January 2020, the Company completed an additional fundraise, raising net proceeds of £5.2m. Total gross funds raised during the 2020 financial year now stand at £17.6 million. Existing funds will be deployed in line with the new investment policy.

On 12 February 2020, the Company invested US$ 3 million into Foods United, Inc ("Foods United"). This was part of a US$ 100 million fundraise by Foods United, which was founded by Blue Horizon Corporation, a major early player in the alternative protein sector with an established portfolio of 39 seed investments.

The Company completed a further US$ 1 million SAFE investment into VitroLabs, Inc ("Vitro") on 13 February 2020. Upon conversion into equity, this will equate to an estimated 6.15% equity interest in Vitro.

On 27 February 2020, the Company announced that BlueNalu, Inc completed its US$ 20 million Series A funding round, with participation from major strategic investors with expertise across operations, sales, marketing, distribution and supply chain structuring.

On 10 March 2020, the Company completed a subscription of US$ 500,000 in GALY CO ("GALY") in the form of a SAFE. GALY is a Boston, USA, based pioneering biomaterials technology company, producing cotton grown in a lab.

On 31 March 2020, the Company completed a subscription of US$ 2,999,996 in Tropic Biosciences UK Limited ("Tropic"). Tropic is a leading biotechnology company based in Norwich, UK, which is utilising powerful gene-editing techniques including CRISPR-Cas9 and Tropic's own proprietary GEiGS™ platform in developing high-performing commercial varieties of tropical crops.

Your board continues to evaluate a number of opportunities which show significant growth prospects".    

		Unaudited to 31 March 2020 £
Fixed Assets
	Investments	14,470,478
Current Assets
	Uninvested cash	3,890,306
	Sundry Debtors	38,055
Current Liabilities
	Trade and other creditors	(66,242)
		18,332,597
Capital and Reserves
	Share Capital	23
	Share Premium	19,578,859
	Reserves	(1,246,285)
		18,332,597
Shares in Issue		331,616,661
Net Asset Value per share		5.53 pence

Portfolio Details

Investments as at 31 March 2020	Value (£)	% of Total Portfolio
AgeX Therapeutics Inc	89,914	0.62%
Regent Pacific Group Limited	83,760	0.58%
Portage Biotech Inc	215,524	1.49%
Other quoted holdings	14,972	0.10%
Other unquoted holdings	14,066,308	97.21%
Total	14,470,478	100.00%

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR').  Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain. 

For further information, please contact:

Agronomics Limited	Beaumont Cornish Limited	Zeus Capital Limited	Peterhouse Capital Limited	Britton Financial PR
The Company	Nomad	Joint Broker	Joint Broker	Investor Relations
Denham Eke +44 (0) 1624 639396	Roland Cornish/James Biddle +44 (0) 207 628 3396	Mike Seabrook/ Rupert Woolfenden +44 (0) 161 393 1975	Lucy Williams +44 (0) 207 469 0936	Tim Blackstone +44 (0)7957 140416

ENDS

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