Business
Net Asset Value calculation to 30 June 2022
Net Asset Value calculation to 30 June 2022.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n 22nd July 2022\n \n Agronomics Limited\n \n (\"Agronomics\" or the \"Company\")\n \n Net Asset Value calculation to 30 June 2022\n \n Agronomics 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 2022 was 15.27 pence per share, including uninvested cash of £51.5 million. Net Assets stand at £148 million, including investments of £98 million.\n The share price of 16 pence at the 30 June 2022 close represents a premium of 5.75% to the NAV per share. The average premium to NAV per share over the last 12-month period was 62.22%. Under IFRS, the Company's unquoted investments are carried at cost or the most recent priced funding round.\n Richard Reed, Chairman of Agronomics, commented: -\n \"Agronomics has continued its investment activity in cellular agriculture this quarter, as well as having formed a new company, Liberation Labs Holdings Inc. - a contract manufacturer for food technology precision fermentation.\n \n We already have what we believe are sector leaders in cultivated meat and seafood production, where cell culture is the best suited technology to produce industrial quantities of meat at a much greater efficiency when compared with conventional agriculture. We will continue to support these cell culture companies but, moving forward, we intend to further increase our exposure in precision fermentation and its enabling technologies given the near-term commercial opportunities, coupled with limited technology risks.\n \n \n Whilst global venture funding aggregated across all areas has experienced a 23% decline quarter on quarter in Q2 2022, reflecting the slow-down given volatile market conditions, cellular agriculture as a sector remains promising because of the significant ESG tailwinds, intrinsic excitement and near-term uplifts, all of which will benefit the Agronomics portfolio.\"\n \n The Company newsletter for Q2 2022 (Q4 for the financial reporting year), can be found here.\n \n Financing\n \n During the financial year ended 30 June 2022, the Company successfully completed a funding round in December 2021, raising gross proceeds of £31,824,684 and issuing 138,368,193 new Ordinary Shares. Following share issue commissions and professional fees, net cash proceeds of a...