Eden Research plc - Results of General Meeting & Open Offer
("Eden" or "Company")
Results of General Meeting & Open Offer
Furthermore, the Open Offer closed for acceptances at
Accordingly, the Company will raise a total of approximately
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 Sustaineä, 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
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
For further information contact:
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01285 359 555
Cenkos Securities plc (Nominated advisor and broker)
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020 7397 8900
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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.
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.
Mevalone is a foliar fungicide which has been authorised for sale in
Cedroz is a nematicide which has been authorised for sale in
Eden was admitted to trading on AIM on
This information is provided by RNS, the news service of the
Quick facts: Eden Research PLC
Market Cap: £28.53 m
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