Publication of Admission Document

RNS Number : 8206C

Eden Research plc

08 May 2012

 



GB0001646941/GBP/PLUS-exn

8 May 2012

EDEN RESEARCH PLC

("Eden" or "Company")

Publication of Admission Document

Eden Research plc, the agrochemical and encapsulation development company, announces that it has published its Admission document ahead of its admission to trading on AIM.

It is expected that withdrawal from trading of the Ordinary Shares on PLUS will take place at 4.30pm on 10 May 2012 and that Admission will become effective and dealings in the Ordinary Shares on AIM will commence at 8.00am on 11 May 2012 under the trading symbol EDEN.

Zeus Capital Limited is acting as Nominated Adviser and Broker in relation to the Admission and the market capitalisation of the Company at Admission is expected to be c. £20.54m.

About Eden

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. 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.

Eden's encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by  plants and also can be used with hydrophobic compounds both natural and synthetic. Work to date has focussed on the antimicrobial properties of terpenes which are naturally occurring low-toxicity botanical substances, produced by most plants as part of their defence mechanisms. 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 (2010: £172,000; 2011: £91,000) whilst the Company has concentrated on securing patent protection for its intellectual property, identifying suitable industrial partners and entering into licence agreements.

Advantages of moving to AIM

The Directors now believe that additional advantages can be achieved through a move to AIM; notably in the areas of share liquidity, visibility of the business within its industry and greater investor interest.

The Directors of Eden are responsible for the contents of this announcement.

Eden Research plc	www.edenresearch.com
Clive Newitt, Managing Director	Tel: [phone]
Alex Abrey, Chief Financial Officer
Zeus Capital Limited	Tel: [phone]
Ross Andrews, Andrew Jones, Brian Stockbridge
Walbrook PR Ltd	Tel: [phone]
Paul McManus (Media Relations)	Mob: [phone] or [e-mail]
Paul Cornelius (Investor Relations)	Mob: [phone] or [e-mail]

Capitalised terms in this announcement are as defined in the Company's Admission document, which is available on the Company's website: www.edenresearch.com

Admission Statistics

Number of Ordinary Shares in issue	111,044,161
Number of Warrants in issue at Admission	6,901,875
Number of Options in issue	6,845,000
Approximate market capitalisation of the Company at Admission*	£20.54 million
AIM symbol	EDEN
ISIN number	GB0001646941

*This is based on the middle market price of 18.5p at the close of business on 3 May 2012, the latest practicable date prior to the publication of this document and on the assumption that neither the Warrants nor the Options will be exercised. If the Warrants and Options were exercised in full then the market capitalisation at Admission would be approximately £23.09 million.

Expected timetable

Publication of Admission Document	4 May 2012
Admission and commencement of dealings in the Ordinary Shares on AIM	8.00 a.m. on 11 May 2012

Notes:

Eden has developed a terpene-based encapsulation technology which uses yeast cells to deliver a slow release of natural compounds for agricultural and non-agricultural uses.

Terpenes are natural compounds which function as defence mechanisms in many plant groups and are released in response to infection, attack by pests, stress or mechanical injury. 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.

The next-generation encapsulation technology, licensed from University of Massachusetts Medical School ("UMMS") recently, provides significant additional benefits to the original system as it allows release to be controlled by environmental factors rather than relying solely upon the chemistry of the substances used. This means that there is more control over the timing of the release of the active compound being carried allowing for further reduction in chemicals applied whilst ensuring maximum effectiveness.

The UMMS license also significantly expands the potential use of the Eden technology in non-agricultural applications such as health and beauty, cosmetics and animal health.

For more information about Eden, please visit www.edenresearch.com 

 

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