|
Agronomics Ltd on Tuesday noted its portfolio company All G Food Holdings Pty Ltd’s announcement of the spin out and merger of its plant-based brand into a new entity, The Aussie Plant Based Co Ptd Ltd. The Isle of Man-based venture capital firm, with investments in the cellular agriculture field, said All G Food’s plant based brand Love Buds will be merged with Fen Foods Pty Ltd’s brand Veef. As a result, All G Foods will own 49% of The Aussie Plant Based Co. Agronomics owns an 8% stake in All G Foods on a fully diluted basis. Agronomics Executive Director Jim Mellon said: ‘In splitting the two business units, All G Foods will benefit in the near term from increasing the scale of the plant-based business. In turn, this will allow the team to focus on the precision fermentation dairy business, which we believe is the longer term value driver.’ Shares in Agronomics were up 2.4% at 9.30 pence each in London on Tuesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
