Agronomics Limited has announced a share buyback program for up to £3 million. The program will last for 6 months, starting on October 2, 2023. The company intends to cancel any repurchased shares unless they are used to cover obligations under share-based remuneration arrangements. The board believes that the buyback program will help reduce the discount between the company's share price and its net asset value per share. The company's unaudited net asset value per share as of June 30, 2023, was 15.8 pence, while the share price on September 19, 2023, was 9.9 pence, representing a discount of approximately 37.3%.

The buyback program will be executed within the limitations of the company's Articles of Association. Each buyback transaction will be authorized by the board and executed by Cavendish Securities Plc, the company's joint broker. The company has determined that it will not rely on the safe harbor conditions for trading set out in the Commission Delegated Regulation (EU) 2016/1052.

The purpose of the buyback program is to reduce the company's capital. The program will run from October 2, 2023, to March 29, 2024, with a maximum amount allocated to the program of £3.0 million. The maximum monthly amount allocated to the program is £500,000. The maximum price at which shares can be bought back is the higher of the price of the last independent trade or the highest current independent purchase bid on the trading venue, with the exception that no share shall be bought back at a price per share higher than 75% of the last reported net asset value per share.

Agronomics is a venture capital firm focused on cellular agriculture. The company has a portfolio of over 20 companies in the sector and seeks to secure minority stakes in companies with defensible intellectual property that offer new ways of producing food and materials. Cellular agriculture is the production of agricultural products directly from cells, rather than raising animals or growing crops. The company believes that this technology will drive a major disruption in agriculture, improving sustainability and addressing issues such as human health, animal welfare, and environmental damage.