Agronomics Limited Announces Net Asset Value Calculation as at 31 March 2025

Rhea-AI Summary

Agronomics Limited (AGNMF) reported its unaudited Net Asset Value (NAV) as of March 31, 2025, at 14.81 pence per share, representing a 0.80% decrease from December 2024. The company's Net Assets stand at £149 million, including £146 million in investments and £4 million in cash. The current share price of 7.15 pence represents a 52% discount to NAV.

Key portfolio developments include: Liberation Labs securing a $50.5M convertible note raise, Formo Bio obtaining a €35M EIB loan, and Solar Foods receiving €10M in government funding. Notable milestone: Good Dog Food (Meatly) became the first company to sell cultivated meat for pet food in Europe. The quarter saw a £1.2M NAV decline, mainly due to FX losses of £2.5M, partially offset by a £1.3M value increase in Solar Foods holding.

Positive

• Portfolio company Good Dog Food became first to commercialize cultivated meat for pet food in Europe
• Multiple successful fundraising events: Liberation Labs ($50.5M), Formo Bio (€35M), Solar Foods (€10M)
• £1.3M increase in Solar Foods holding value
• Portfolio companies advancing toward regulatory approvals (All G Foods, Onego, BlueNalu, Meatable)
• Strategic partnership expansion between BlueNalu and Nomad Foods for European market entry

Negative

• 0.80% decrease in NAV from December 2024
• £2.5M unrealized FX loss due to currency movements against GBP
• 52% trading discount to NAV, with 12-month average discount of 64%
• Cash balance reduction of £0.4M due to ongoing running costs

DOUGLAS, ISLE OF MAN / ACCESS Newswire / May 12, 2025 / Agronomics Limited (AIM:ANIC), a leading listed company in the field of clean food, announces that its unaudited Net Asset Value per share("NAV") calculation as at closing on 31 March 2025 was 14.81 pence per share, a 0.80% decrease from 14.93 pence per share at 31 December 2024. Net Assets stand at £149 million, including investments of £146 million and uninvested cash and short-term deposits of £4 million.

The share price of 7.15 pence at 31 March 2025 represents a discount of 52% to the NAV per share on the same date. The average discount to NAV per share over the last 12-month period was 64%. Under IFRS, the Company's unquoted investments are generally carried at cost or the most recent priced funding round.

The Board notes the c £1.2 million decline in the Company's NAV during the quarter which relates primarily to the following:

• An increase of £1.3 million in the value of the Company's holding in Solar Foods Oy ("Solar Foods") which is listed on Nasdaq First North Growth Market Finland;

• An unrealised FX loss of £2.5 million following revaluation of investments to month end spot rate where we hold certain of our investments in USD, EUR and AUD, due to negative movements in these currencies against the Company's reporting currency of Pound Sterling in the quarter; and

• Cash balances reduced by £0.4 million relating to ongoing running costs, and the cash balances at 31 December 2024 were £10.2 million. This is offset by interest income earned during the quarter, with £80,000 cash interest and £281,000 loan note interest income earned.

During the period, no fees were payable or accrued in accordance with the Shellbay Investments Limited Agreement. Shellbay's fees are solely payable when there is an annual increase in the NAV; further details are included in the 2024 annual report.

Investment Portfolio review

During the 3-month period to 31 March 2025, the following portfolio companies completed fund raising activities:

• On 21 January 2025, Formo Bio GmbH secured a EUR 35 million loan from the European Investment Bank;

• On 30 January 2025, Liberation Labs Holdings Inc closed a convertible loan note fundraise with US$ 31.5 million in new capital, which brought the total raised under this round to US$ 50.5 million. Agronomics invested a total of US $7.4 million in the convertible note raise; and

• On 4 March 2025, Solar Foods Oy was granted EUR 10 million in funding from Business Finland, the Government agency part of the Finnish Ministry of Employment and the Economy.

In addition, the following key milestone was achieved by a portfolio company during the 3-month period:

• On 7 February 2025, Good Dog Food t/a Meatly became the first company in the world to supply for sale cultivated meat for pet food, as well as the first to sell cultivated meat in Europe.

Jim Mellon, Executive Chair of Agronomics, commented:

In the first quarter of the year, the Agronomics portfolio has made fantastic commercial and operational progress.

Liberation Labs, off the back of the recent US$ 50.5 million fundraise in January 2025, announced an important manufacturing partnership with Dutch ingredients company Vivici to produce its Vivitein™ ingredient at scale for the US nutritional market. Meanwhile, Blue Nalu has expanded its strategic partnership with Nomad Foods, Europe's leading frozen food company, to support the commercialisation of its cell-cultivated seafood products in the UK and across Europe.

More and more of the portfolio continues to make progress toward achieving regulatory approval for the sale of products. The latest being All G Foods, which has received regulatory approval in China, and Onego, BlueNalu and Meatable which are expecting to receive regulatory approval by the end of the year.

The progress we have achieved during a challenging period for much of the clean food industry and a volatile global economic landscape pays testament to the quality of our portfolio and our ability to identify future category leaders. It also demonstrates how food companies are prioritising investment in scalable and sustainable clean food solutions.

We expect this level of progress to continue into the second half of the year, with several further funding rounds set to close and regulatory approvals on the horizon.

		Unaudited to 31 March 2025 £
Current Assets
	Investments	145,718,770
	Uninvested cash and deposits	3,811,502
	Trade and other receivables	89,739
Current Liabilities
	Trade and other creditors	(128,950)
Net Assets		149,491,061
Capital and Reserves
	Share capital	1,009
	Share premium	136,171,078
	Retained earnings	13,318,974
Net assets		149,491,061
Shares in Issue		1,009,417,295
Net Asset Value per share		14.81 pence

The quoted investments within the portfolio are valued under IFRS at bid price.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About Agronomics

Agronomics is a leading London-listed company focusing on investment opportunities within the field of clean food. The Company has established a portfolio of over 20 companies in this rapidly advancing sector. It seeks to invest in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. This disruption will decouple supply chains from the environment and animals and improve food security for the world's expanding population. A full list of Agronomics' portfolio companies is available at https://agronomics.im/.

For further information please contact:

Agronomics Limited	Beaumont Cornish Limited	Canaccord Genuity Limited	Cavendish Capital Markets Limited	Peterhouse Capital Limited	SEC Newgate
The Company	Nomad	Joint Broker	Joint Broker	Joint Broker	Public Relations
Jim Mellon Denham Eke	Roland Cornish James Biddle	Andrew Potts Harry Pardoe	Giles Balleny Michael Johnson Charlie Combe	Lucy Williams Charles Goodfellow	Bob Huxford Anthony Hughes
+44 (0) 1624 639396 info@agronomics.im	+44 (0) 207 628 3396	+44 (0) 207 523 8000	+44 (0) 207 397 8900	+44 (0) 207 469 0936	agronomics@secnewgate.co.uk

Nominated Adviser Statement

Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated Adviser and is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in the announcement or any matter referred to in it.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Agronomics Limited

View the original press release on ACCESS Newswire

FAQ

What is Agronomics (AGNMF) current Net Asset Value per share as of March 2025?

Agronomics' unaudited NAV per share as of March 31, 2025, was 14.81 pence, representing a 0.80% decrease from 14.93 pence in December 2024.

How much did Liberation Labs raise in their January 2025 fundraising round?

Liberation Labs closed a convertible loan note fundraise totaling US$50.5 million, with US$31.5 million in new capital raised in January 2025.

What significant milestone did Good Dog Food achieve in February 2025?

Good Dog Food (Meatly) became the first company globally to sell cultivated meat for pet food and the first to sell cultivated meat in Europe.

What caused the decline in Agronomics' NAV during Q1 2025?

The £1.2M NAV decline was primarily due to a £2.5M unrealized FX loss, partially offset by a £1.3M increase in Solar Foods holding value and interest income.

What is the current discount of AGNMF's share price to its NAV?

As of March 31, 2025, Agronomics' share price of 7.15 pence represented a 52% discount to its NAV, with the average discount over the last 12 months being 64%.