Agronomics makes further investment in portfolio company Meatable
Agronomics, a London-listed investor in alternative proteins with a focus on cellular agriculture and cultivated meat, has invested a further EUR2 million for 1,197 Preferred shares in existing investee company Meatable.
The Subscription will be paid using cash from the Company’s own resources and will take Agronomics’ total cash investment in Meatable to EUR5 million.
Following the Subscription, Agronomics will hold 4,752 preferred shares in Meatable, representing an equity ownership, on a fully diluted basis, of 5.70 per cent. Subject to audit, Agronomics will now carry this position in its accounts at a book value of EUR7.95 million, representing an unrealised gain on cost of EUR2.95 million and an IRR of 95 per cent.
Richard Reed, Chairman of Agronomics, says: “We are delighted to further support Meatable as one of the leading companies in the field of cultivated meat and a major holding in the Agronomics’ portfolio. We maintain our enthusiasm for Meatable, as they continue to scale-up production, achieve their scientific milestones, and move towards commercialisation.”