Business
Net Asset Value calculation at 30 June 2023
Net Asset Value calculation at 30 June 2023.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n2 August 2023\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nNet Asset Value calculation at 30 June 2023\nAgronomics Limited (AIM:ANIC), the 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 2023 was 15.80 pence per share, a 2% decrease from 16.14 pence per share at 31 March 2023. Net Assets stand at £157 million, including investments of £129 million and uninvested cash of £28 million.\nThe share price of 10.40 pence at the 30 June 2023 close represents a discount of 34% to the NAV per share. The average discount to NAV per share over the last 12-month period was 20%. Under IFRS, the Company's unquoted investments are generally carried at cost or the most recent priced funding round.\nRichard Reed, Chairman of Agronomics, commented: -\n\"We are pleased to report that the Net Asset Value of our portfolio has remained relatively stable in the past three months, given the macro-economic backdrop. This reflects the quality of our portfolio companies, as well as increasing global investment into the cellular agriculture sector led by major food companies seeking reduced price volatility and nation states seeking food security. This is a trend we expect to continue, further boosted by regulatory developments, such as the recent approval of cultivated chicken for sale in the US.\"\nFinancing\nDuring the quarter ended 30 June 2023, the Company received notification of warrants being exercised. A total of 905,184 new ordinary shares were issued following the warrant exercise, for proceeds of £272,177.07. These funds, together with existing cash resources, will be utilised to provide finance for opportunities within the field of cellular agriculture, both by supporting existing companies, as well as identifying new opportunities in which to invest.\nOn 1 June 2023, the Company announced a 12-month extension for the final exercise date of those unexercised warrants granted on 1 June 2021 and 8 December 2021. These warrants will now expire on 1 June 2024 and 8 December 2024, respectively.\nInvestment review\nOn 12 April 2023, the Company announced that Liberation Labs Holdings Inc (\"Liberation Labs\"), the large-scale precision fermentation contract manufacturer, secured $30 million in equipment funding for the...