TIDMEDEN
RNS Number : 6308G
Eden Research plc
18 March 2020
18 March 2020
Eden Research Plc
("Eden" or "Company")
Results of General Meeting & Open Offer
Eden Research plc (AIM: EDEN), the AIM-quoted company that
develops and supplies breakthrough biopesticide products and
natural microencapsulation technologies to the global crop
protection, animal health and consumer products industries, is
pleased to announce that at the General Meeting held earlier today,
all resolutions proposed were duly passed by shareholders. Details
of the votes cast by proxy will be published on the Company's
website shortly.
Furthermore, the Open Offer closed for acceptances at 11.00 a.m.
on 17 March 2020 with final valid applications from Qualifying
Shareholders in respect of 4,817,558 Open Offer Shares including
1,475,496 applications under the Excess Application Facility,
representing a take-up of approximately 58.13 per cent. of the Open
Offer Shares.
Accordingly, the Company will raise a total of approximately
GBP10.4 million (before expenses) through the Placing, Subscription
and Open Offer through the issue and allotment of 173,150,892 new
Ordinary Shares. An application has been made for the 86,182,500
EIS/VCT Placing Shares to be admitted to trading on AIM, which is
expected to take place at 8.00 a.m. on 19 March 2020. A further
application has been made for the 86,968,392 Ordinary Shares being
the General Placing Shares, the Subscription Shares and the Open
Offer Shares to be admitted to trading on AIM, which is expected to
take place at 8.00 a.m. on 20 March 2020.
The Company expects to apply the net proceeds of the Fundraise
to advance the development, registration and commercialisation of
new key product categories, including new insecticide formulations
and seed treatments. The Company also plans to continue developing
the use of Sustaine ä , one of the only viable, proven solutions to
the microplastics problem in formulations requiring encapsulation,
for a broader range of products.
Following Admission, the Company's issued share capital will
comprise 380,340,229 Ordinary Shares, of which none are held in
treasury. The above figure of 380,340,229 may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the voting rights of the Company
under the FCA's Disclosure Guidance and Transparency Rules.
Unless otherwise defined herein, capitalised terms used in this
announcement shall have the same meanings as defined in the
circular sent to shareholders of the Company on 2 March 2020.
For further information contact:
Eden Research plc www.edenresearch.com
Sean Smith
Alex Abrey 01285 359 555
Cenkos Securities plc (Nominated advisor
and broker)
Giles Balleny / Cameron MacRitchie (corporate
finance)
Michael Johnson (sales) 020 7397 8900
Hawthorn Advisors (Financial PR)
Lorna Cobbett eden@hawthornadvisors.com
Jana Tsiligiannis
Notes:
Eden Research is an AIM quoted company that develops and
supplies breakthrough biopesticide products and natural
microencapsulation technologies to the global crop protection,
animal health and consumer products industries
Eden's Sustaine encapsulation technology harnesses the biocidal
efficacy of naturally occurring chemicals produced by plants
(terpenes) and can be used with both natural and synthetic
compounds to enhance their performance and ease-of-use.
Sustaine microcapsules are naturally derived, plastic-free,
biodegradable micro-spheres derived from yeast extract. They
produce stabilised aqueous suspensions which, are easy to mix and
apply, have phased release patterns, are safer for the environment
and the crops themselves.
The European Chemicals Agency (ECHA) has proposed an EU-wide
restriction on the placing on the market or use of
"intentionally-added" microplastic particles. The proposed
restriction includes the use of microplastics for agricultural and
horticultural purposes, including polymers utilized for
controlled-release fertilizers, encapsulated plant protection
products (PPPs), seed coatings, and biocides.
By 2025 in the EU, pesticides containing synthetic polymer
microplastics are likely to be banned and removed from the market.
The only acceptable alternative is the substitution with
biodegradable formulations. Reformulated products will need to be
evaluated and registered within the five-year transition
period.
Sustaine is one of the only viable, proven and immediately
registerable solutions to the microplastics problem in formulations
requiring encapsulation.
Historically, terpenes have had limited commercial use in the
agrochemical sector due to their volatility, phytotoxicity and poor
solubility. Sustaine provides a unique, environmentally friendly
solution to these problems and enables terpenes to be used as
effective, low-risk agrochemicals.
Eden 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 14m 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 commercial agreements.
In May 2013, the three actives that comprise Eden's first
commercial product, Mevalone, were approved as new ingredients for
use in plant protection products by the European Commission ("EC").
This represented 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 2013,
Eden's approvals represented 3 of only 10 new active ingredients
approved by the EC.
Mevalone is a foliar fungicide which has been authorised for
sale in Kenya, Malta, Greece, Bulgaria, Spain, Italy, France,
Cyprus, Albania, Portugal and Macedonia.
Cedroz is a nematicide which has been authorised for sale in Malta, Belgium and Mexico.
Eden was admitted to trading on AIM on 11 May 2012 and trades
under the symbol EDEN.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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