Business
NAV Statement, Warrant Exercise, TVR
NAV Statement, Warrant Exercise, TVR.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n \n8 August 2024\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nNet Asset Value calculation as at 30 June 2024, Warrant Exercise and TVR\n \nAgronomics Limited (AIM:ANIC), a leading listed company focused on the field of cellular agriculture, announces that its unaudited Net Asset Valuation (\"NAV\") calculation as at closing on 30 June 2024 was 16.42 pence per share, a 3.3% decrease from 16.98 pence per share at 31 March 2024. Net Assets stand at £166 million, including investments of £154 million and uninvested cash and short-term deposits of £12 million.\nThe share price of 6 pence at 30 June 2024 close represents a discount of 63% to the 30 June 2024 NAV per share. The average discount to NAV per share over the last 12-month period was 43%. Under IFRS, the Company's unquoted investments are carried at cost or the most recent priced funding round.\nJim Mellon, Executive Chair of Agronomics, commented: -\n\"Despite persistent challenges in the venture capital environment and difficult macroeconomic headwinds, our portfolio has continued to demonstrate notable progress this quarter, achieving multiple new financings.\nHighlights included a €40 million funding round for cultivated meat company Mosa Meat and an €8 million second close of Solar Foods' Series B round. Agronomics also invested a further US$ 10 million into Liberations Labs which aims to address the critical bottleneck faced by the industry and enable precision fermentation at commercial scale. The sustained investment activity across a number of companies reflects the steady technical and commercial progress being made within the portfolio.\nAgronomics continues to have a strong cash balance and has no intention to raise capital while trading at a discount to NAV.\" \nFinancing\nDuring the quarter ending 30 June 2024, the Company received notification of warrants being exercised. A total of 1,833 new ordinary shares were issued following the warrant exercise, for proceeds of £523.03.\nDuring the period, no fees were payable or accrued relating to the Shellbay Investments Limited Agreement.\nInvestment review\nDuring the 3-month period, four of Agronomics' portfolio companies raised additional funding:\n· On 5 April 2024, the Comp...