Eden Research Plc
("Eden" or "Company")
Conversion of all outstanding debt
Eden Research plc (AIM: EDEN), the AIM listed natural micro-encapsulation company, announces that it has converted £2,295,192 being all of the loans of the Company at the date of this announcement, together with accrued interest and finance charges relating to the loans, into 20,865,382 new ordinary shares in the Company at a price of 11p per share.
Following this debt conversion, and once the shares have been admitted to trading on AiM, the number of shares in issue will be 154,142,880. Application will be made for the new ordinary shares to be admitted to AIM and we expect dealings to begin with effect from Thursday 4 December.
Sean Smith, Chief Executive Officer of Eden, said: "I am very pleased to report that the Company is now debt free and this, together with the recent placing which raised an additional £750,000 to fund continued development of our proprietary encapsulation technology, means that we are moving forward on a very firm footing, and we look to the future with great confidence.
In addition, the Company will save a significant amount in interest and finance charges which will allow us to invest funds in areas which will accelerate commercialisation of our GO-E technology and products."
Eden Research plc |
www.edenresearch.com |
Sean Smith, Chief Executive Officer |
Tel: 01993 862 761 |
Alex Abrey, Chief Financial Officer |
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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 |
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 both natural and synthetic hydrophobic compounds. The technology uses yeast cells that are a by-product of numerous commercial production processes 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 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 and seeking regulatory approval for products that rely upon the Company's technologies. Revenues earned by the Company have been modest whilst the Company has concentrated on securing patent protection for its intellectual property, gaining regulatory approvals, identifying suitable industrial partners, and entering into licence agreements.
In May of 2013, the three actives that comprise Eden's first commercial product, 3AEY, were approved as new ingredients for use in plant protection products. This represents a major milestone in the commercialisation of Eden's technology and is a significant accomplishment for any company. To illustrate this point, one should note that in all of 2013, Eden's approvals represented 3 of only 10 new active ingredients approved by the EC.
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
