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FAQs
Not currently, Agronomics is in a comfortable cash position with no near-term funding requirements. Management is committed to not raising capital at a discount at this stage.
Agronomics currently holds ~£12.3 million in uninvested cash (at last published NAV 31/03/2024)
The portfolio companies are in the start-up/development stage and operate in the cellular agriculture sector. Due to their nature and development stages, the Board believes that a recent share transaction cost represents the best available estimate of fair value. The price of a recent investment valuation technique, calibrated using both financial and technological milestones, is commonly used in seed, start-up or early-stage situations. Where applicable, each of the Company’s investments are valued at the price of their last funding round, adjusted where necessary if the Directors deem any revision is needed in order to determine the fair value. Where no subsequent funding rounds have occurred, the value of the investment remains at cost. The fair value of the investment may also be adjusted based on its performance against predetermined milestones.
The Board continuously monitors the performance of investments and the underlying information available in order to assess whether the valuation technique adopted and the fair value hierarchy remain appropriate. In addition, the external auditors perform extensive audit procedures over all investments and valuations as part of the yearend audit, to ensure they are fairly valued and presented in the financial statements.
Shellbay Investments Limited, which provides consultancy services to Agronomics, including procuring and coordinating due diligence in relation to prospective asset purchases, is entitled to reimbursement of costs up to a fixed amount each month. In addition, Shellbay has the right to an annual performance fee equal to the value of 15% of any increase in the Company’s net asset value per share, calculated using the annual audited financial statements. The performance fee is subject to a high-water mark and is payable either in whole or in part by the issue of new shares at a price equal to the mid-price on the 30 June of the given year.