Eden Research Plc
("Eden" or "Company")
Directorate changes & share options
Eden Research plc (AIM: EDEN), the AIM listed natural micro-encapsulation company, announces the appointment of Sean M. Smith as Chief Executive Officer of Eden, with effect from 1 September 2014. At the same time, Ken Brooks, currently Executive Deputy Chairman will become Non-Executive Director and Clive Newitt, Managing Director, will become Business Development Director.
Mr Smith has extensive experience as an international business leader with a record of success and career progression over 25 years within large corporate and start-up environments. Mr Smith joins Eden Research from Intellectual Ventures having been Head of Europe, Innovation Advisor within its Invention Development Fund. Intellectual Ventures collaborates with leading inventors, partners with pioneering companies and invests both expertise and capital in the process of invention. Sean was responsible for the Invention Development Fund's efforts in Europe and secured deals across multiple channels and technology areas.
Between January 2012 and December 2013, Mr Smith was CEO for MatOx Group, a group of companies that develop and commercialise new materials technologies. During his time at MatOx, Mr Smith secured multiple high-value, long term technology commercialisation contracts, secured substantial non-dilutive funding commitments and agreed terms for the investment of up to €1.65m from US and European private equity and venture capital investors.
Mr Smith has an in-depth knowledge of the speciality chemical and biotechnology sectors Eden works in having led life sciences technology commercialisation at Bath Ventures (The University of Bath) and previously leading Ciba's business development activities in the area of bioprotection. He obtained his Bachelor of Arts (Honours) degree from the University of Kansas in Microbiology.
Tom Lupton, Non-Executive Chairman of Eden Research, said: "The restructuring of the Board and Sean's appointment as Chief Executive comes at a key inflection point for the business. In recent months we have seen the products using Eden's GO-E™ technology sold to customers for the first time and with the huge progress that has been made in gaining EU approval for the first plant protection products using our key active substances, Eden is poised to become a commercially active business with a wide range of revenue streams.
"We know we still have more to do and the opportunities available for our natural encapsulation GO-E™ technology are numerous. It is with great confidence that we look forward to taking advantage of these opportunities and benefitting from Sean's wealth of experience in leadership, corporate development, project management, as well as intellectual property licensing."
Eden Research plc |
www.edenresearch.com |
Tom Lupton , Non-Executive Chairman |
Tel: 01993 862 761 |
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W H Ireland Limited |
Tel: 0117 945 3471 |
John Wakefield / Ed Allsopp |
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Walbrook PR Ltd |
Tel: 020 7933 8780 or [email protected] |
Paul McManus |
Mob: 07980 541 893 |
Lianne Cawthorne |
Mob: 07584 391 303 |
Additional information:
Mr Sean Michael Smith, aged 47, is currently a director, or has held directorships at the following companies during the previous five years:
Current Directorships |
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MatOx Ltd |
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MatOx Oy (Finland) Oread Technologies Limited |
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Mr Smith holds no shares in Eden Research Plc, but as part of his remuneration package has been granted the following conditional shares options:
Conditional upon |
No. of shares |
Price |
Completion of six months' service |
500,000 |
At the opening offer price on 1 September 2014 |
Completion of one years' service |
1,000,000 |
At the opening offer price on 1 March 2015 |
Completion of two years' service |
1,000,000 |
At double the opening offer price on 1 September 2014 |
At any point after the first six months' service Mr Smith will also be entitled to share options over a further 1,000,000 shares at three times the opening offer price on 1 September 2014.
The options will be valid for three years while Mr Smith remains in Eden's employment or for three months after leaving Eden's employment (after the six month probation period has been satisfactorily completed).
There is no further information to be disclosed under Schedule 2(g) and Rule 17 of the AIM rules in respect of Mr Smith's appointment as Chief Executive Officer.
Directors' Share Options
The share options below, which lapsed on 19 May 2014, have been reinstated with effect from the 14 August 2014 at an exercise price of 10 pence and with an expiry date of 19 May 2019.
Director |
No. of share options |
K W Brooks |
900,000 |
A J Abrey |
450,000 |
C Newitt |
150,000 |
The grant of share options to directors is a related party transaction. The Directors who include the Chairman (who is not participating in the transaction and who chairs the Remuneration Committee) have consulted with the Company's Nominated Adviser, W H Ireland Ltd, and having done so, consider the transaction to be fair and reasonable and in the interests of shareholders.
Notes:
Eden is an early stage revenue company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions to the global agrochemicals industry, the animal health industry, and consumer products.
Eden's encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with hydrophobic compounds both natural and synthetic. The technology uses yeast cells to deliver a slow release of natural compounds for agricultural and non-agricultural uses. Terpenes are already widely used in the food flavouring, cosmetic and pharmaceutical industries.
Historically, terpenes have had limited commercial use in the agrochemical sector due to their volatility, phytotoxicity and poor solubility. Eden's platform encapsulation technology provides a unique, environmentally friendly solution to these problems and enables terpenes to be used as effective, low-risk agrochemicals.
With leading consultants in their respective fields, the Company is developing these technologies through innovative research and a series of commercial production, marketing and distribution partnerships.
The Company has a number of patents and has a pipeline of products at differing stages of development targeting specific areas of the global agrochemicals industry. To date, the Company has invested in the region of £12m in developing and protecting its intellectual property. Revenues earned by the Company have been modest whilst the Company has concentrated on securing patent protection for its intellectual property, identifying suitable industrial partners and entering into licence agreements.
Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN.
For more information about Eden, please visit www.edenresearch.com
