Agronomics Limited has issued performance shares to Shellbay Investments Limited, with certain management and advisory consultants exercising options over 6,936,977 shares. Additionally, the company has resolved to issue 16,253,847 new ordinary shares in settlement of 50% of the performance fees due to Shellbay under the Consultancy Agreement for the year to 30 June 2023. The fee shares are issued at a price equal to £0.10375 per fee share, totaling £1,686,336. Shellbay has also granted 7,763,685 fee shares for nil consideration to certain consultants, including 385,543 fee shares to Mr. Denham Eke, the Finance Director of the Company.
Following the exercise of options, transfer of fee shares, and granting of the 2024 options, Shellbay holds 2,313,647 ordinary shares of the company, of which 2,313,647 shares remain subject to the 2024 options. The interests of the directors in ordinary shares are detailed, with Jim Mellon holding 152,287,421 shares, Richard Reed holding 6,354,412 shares, David Giampaolo holding 2,434,783 shares, and Denham Eke holding 1,551,824 shares.
Application has been made for the 16,253,847 fee shares to be admitted to trading on AIM, with admission expected to occur on or around 14 February 2024. Following the issue of the fee shares, the company's total issued share capital will comprise 1,009,409,750 ordinary shares, each with voting rights.
Agronomics is a leading London-listed company focusing on investment opportunities within the field of cellular agriculture. The company has established a portfolio of over 20 companies in this rapidly advancing sector, seeking to invest in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials historically derived from animals. This disruptive technology aims to improve sustainability, human health, animal welfare, and environmental damage, decoupling supply chains from the environment and animals, and improving food security for the world's expanding population.
Cellular agriculture, the focus of Agronomics, is the production of agriculture products directly from cells, encompassing cell culture to produce cultivated meat and materials.