Business
Net Asset Value - 30 June 2020
Net Asset Value - 30 June 2020.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n RNS Number : 4087T\n Agronomics Limited\n 20 July 2020\n \n \n \n \n 20 July 2020\n \n \n Agronomics Limited\n \n \n (the \"Company\")\n \n \n Net Asset Value calculation to 30 June 2020\n \n \n Richard Reed, Chairman, commented: -\n \n \n \"The Net Asset Value (\"NAV\") calculation for the Company as at closing on 30 June 2020 was 5.68 pence per share, including un-invested cash of £2,789,097. The portfolio is valued under IFRS at bid price. The share price of 5.25 pence at the 30 June 2020 close represents a discount of 7.5% to the NAV. Net Assets stand at £18.8 million, including investments of £16.1 million. This quarter's NAV per share represents an increase of 2.7% from the previous quarters NAV of 5.53 pence per share, which included un-invested cash of £3,890,306. No management fee is due to Shellbay Investments Limited.\n \n \n During April 2020, the Company completed a Series A Preferred Stock subscription in Seattle Food Tech, Inc. (trading as Rebellyous Foods) for US$99,999.43. Following the conversion of the original SAFE investment made in October 2019, the Company holds 323,534 Series A Preferred Stock in Rebellyous Foods for a 1.23% stake. \n \n \n \n \n \n During April 2020, it was also announced that Galy Co. won a €300,000 prize at the H&M Global Change Award for its innovative biotechnology to grow high quality cotton within a laboratory environment. \n \n \n \n \n \n During June 2020, the Company announced that it co-led Meatable B.V.'s (\"Meatable\") Seed 2 financing round of approximately €6 million, of which Agronomics investment €1 million for 997 Seed 2 Preferred Shares. Following the subscription, the existing convertible loan note investment converted into 2,558 Seed 2 Preferred Shares at a 20% discount to the subscription price. Following the conversion, Agronomics holds 3,555 Seed 2 Preferred Shares in Meatable for a 6.46% interest. \n \n \n \n \n \n Since the start of January 2020, the outbreak of Covid-19 has adversely impacted global commercial activities. It is interesting to note that there appears to be a general acceptance that the initial transfer of the virus was by zoonosis: that is, from animals to humans via the food chain. Clearly, our business case seeks to minimise any adverse effect of pathogens in the human diet. \n \n \n The rapid development an...