News Archive
Issue of Equity, Board Changes and Appointment of Corporate Adviser
Issue of Equity
Eden Research, a leading UK agrochemical development company, is pleased to announce the completion of a placing of 2,694,125 ordinary shares at 20p per share to raise GBP 538,825, before expenses. The proceeds of the Placing will provide additional working capital for the Company.
The Company has additionally converted GBP 500,000 of long term and GBP 45,000 of short term debt into 2,725,000 ordinary shares, also at a price of 20p.
Following these issues, Eden Research has 61,732,399 ordinary shares in issue.
The Directors acquired a total of 694,125 ordinary shares in the placing and their holdings are now as follows:
| Director | No of shares held |
% of enlarged share capital |
| A Abrey | 115,940 | 0.19 |
| S O'Brien | 47,059 | 0.08 |
| K Brooks | 786,010 | 1.27 |
| B Gill | 240,848 | 0.39 |
| C Newitt | 107,095 | 0.17 |
The Directors are now interested in a total of 1,296,952 ordinary shares, representing 2.10 per cent of the Company's enlarged issued share capital.
Reorganisation of the Board
Having been with the company since its inception as Eden Research, Tim Griffiths has now decided to move on to a new business opportunity. The board is very grateful to Tim for all he has done in developing and partnering our core IP and for the management of the Eden portfolio through to EU registration. Tim has resigned as Chief Executive Officer with effect from 9 November 2009 but will be retained as a consultant for six months.
The Board has now been reorganised so that Clive Newitt, the Company's Marketing Director, has become the Managing Director of the Company and Alex Abrey has become the Chief Financial Officer, thus widening his role.
Appointment of Corporate Adviser
Eden also announces that it has appointed St Helens Capital Partners LLP as the Company's PLUS Corporate Adviser with immediate effect. The Directors of Eden are grateful for the assistance provided by their previous adviser, FinnCap.
St Helens Capital Partners LLP is the PLUS Corporate Adviser arm and wholly owned subsidiary of AIM listed Evolve Capital plc.
Sir Ben Gill, the Chairman of Eden Research plc, said:
"This placing will not only help to strengthen the Company's balance sheet, but, also provides the Company with funds to fully utilise the substantial bank of trial data that has been accumulated which will enable us to complete licensing agreements for a number of our pipeline products. We now look forward to progressing commercialisation."
"Given the very late stage we have reached in the registration process and the increasing number of commercial possibilities, now is a sensible time to recognise the changing roles of the Board. However, we must also recognise the founding role of Tim Griffiths without whom we would not have achieved all we have and we are thankful as a Board for all he has done and wish him well in the future."
Enquiries:
Eden Research plc
Alex Abrey, Chief Financial Officer
01993 862761
St Helens Capital Partners LLP
Mark Anwyl
020 7368 6959