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Agronomics Ltd on Wednesday said issued 14.3 million new shares to Shellbay Investments Ltd to partially settle their consultancy agreement.
Isle of Man-based Agronomics, a cellular agriculture investment firm, said the fee shares were priced at equal to 16.00 pence each or an aggregate £2.3 million.
This reflected the mid-market price of companies shares on June 30, corresponding to the end of the financial year in which the consultancy agreement related to.
Shares in Agronomics were up 3.5% to 12.50p each in London on Wednesday morning.
The share issue settles 50% of the total fees owed by Agronomics to Shellbay.
Agronomics will also transfer £2.3 million in cash to Shellbay to settle the remaining 50%.
Shellbay has granted around 7.1 million shares to various management and advisory consultants, including 312,500 shares to Finance Director Denham Eke, while it agreed to transfer the remaining shares to Galloway Ltd.
Both Shellbay and Galloway are indirectly owned by James Mellon, while Eke is also a director of both companies.
By Greg Rosenvinge, Alliance News reporter
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