27 September 2024
Agronomics Limited
("Agronomics" or the "Company")
Shellbay Appoints New Chief Executive Officer and Change of Director's Shareholding
The Board of Agronomics announces that Shellbay Investments Limited ("Shellbay"), the adviser to the Company providing portfolio management and investment services, has appointed Dr Philip Boigner as its interim Chief Executive Officer with immediate effect.
The appointment of Dr Boigner follows a strategic review by Mr James Mellon, the non-executive chair of Agronomics, and indirectly the sole owner of Shellbay.
Mr Anthony Chow, the former Chief Executive Officer, has left Shellbay with immediate effect. Mr Chow, however, will be available to Shellbay, Dr Boigner and the Company, to ensure an orderly handover or responsibilities, and continued good relations with the Company's portfolio investee companies.
Dr Boigner serves as Director at New Agrarian Company Limited, an active investor in cell agriculture and fermentation technologies (and an affiliate of Agronomics, having a number of portfolio companies in common, also advised by Shellbay). In addition, he has managed capital for sovereign wealth funds and investment companies with a combined AUM in excess of many US$ billions. He has global experience and a successful track record of executing venture capital, private equity, and fund investments. Dr Boigner has a diverse skill set ranging from private markets and alternative assets to innovation, ecosystem building and company turn-arounds.
Shellbay is a related party of the Company, as Mr Jim Mellon is indirectly the sole owner of Shellbay and Mr Denham Eke is the sole director of Shellbay. Mr Mellon and Mr Eke are directors of Agronomics.
Commenting on the appointment of Dr Boigner, Mr Mellon noted :
"Philip is a first class executive, with years of experience identifying and realising value from great companies and technologies. I have worked with him for a number of years at New Agrarian Company and I have great confidence that he will provide the necessary skills to bring success to Shellbay, and in particular the Agronomics portfolio. The share price remains extremely disappointing notwithstanding general poor market conditions and sentiment, and the discount to the Company's net asset value is unacceptable. I would like to thank Anthony Chow for his work building the portfolio, but between Philip and I, supported by the rest of the Board, we will ensure investors understand the great value opportunity that exists currently, the enormous strides that have been made by companies in the portfolio recently, and the great potential of these technologies."
Change in Director's Shareholding
Separately, following a review of Jim Mellon's shareholding, the Company has identified an error which resulted in an understatement of those shares held by Galloway Limited. Jim Mellon's corrected interest is in a total of 156,106,552 Ordinary Shares, representing 15.46% of the total issued capital of the Company which remains at 1,009,411,584 Ordinary shares with a nominal value of
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF
About Agronomics
Agronomics is a leading
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 Alex Aylen (Head of Equities) |
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
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. 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 this announcement or any matter referred to in it.
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