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So Eden has moved to the new sales model with effect from 2017. As yet, 2017 is not over. Given that 3AEY can be used as a preventative measure or at the point of harvest, it seems logical to me that Sipcam for Italy and Spain and Sumi-Agro France will or should have made stock purchases already or shortly. You cannot commit to a product as they have done and then be short of stock come sales time. These three countries represent circa 50% of the world's wine production. With a new product launch, surely orders from these three will be very healthy. If that is so, it would be good to hear what these orders are or when they occur, what they are. Furthermore, I cannot see these major players not doing their due diligence on Eden prior to signing contracts. If they have then that would be negligent, would it not. So assuming they have done their due diligence on Eden and reviewed their accounts, they will be aware of Terpene Tech, it's role, past or present and any discrepancies or not in the Balance Sheet. The same goes for Eastman Chemicals. Had they found anything improper then an RNS would have been forthcoming and ultimately these deals delayed until it was all cleared up or the contracts not signed in the first place. Therefore, it is reasonable to conclude that all is above board and in order and we now await further positive RNS's. As for the year-end accounts, they should only re-iterate financially that which has already been indicated by RNS in the year-end update so no surprises there. It will be the commentary of the Chairman and the CEO that will provide further light on Eden's expected performance as we move forward this next 6 months. All of the above aside, Eden should deliver greater communication to their shareholders given their hard earned funds invested and Eden's Plc status.

It’s time to harvest gains from the ‘agritech’ sector • ANNA BOFFETTA 13 APRIL 2017 • 9:32PM The “agritech” sector will rise to prominence over the next five years CREDIT: LUKE MACGREGOR Does a machine-controlled future await? There’s no need to be scared about robots taking our jobs says new report Read more › Sponsored Entrepreneurs, innovation and exits: as an investor in early-stage technology companies, these are the magic ingredients I look for when deciding whether an industry is worth a closer look. You want to see a maelstrom of entrepreneurial frenzy: swathes of entrepreneurs starting companies, rapid innovation, and large businesses already attempting to gobble up the upstarts. In this environment, the cream rises to the top. Farming and agriculture has very few of these fabled magic ingredients, especially in the UK and Europe. And yet, I am certain that the “agritech” sector will rise to prominence over the next five years. What is more, I believe that it is the duty of technology investors to catalyse activity in this unfairly unfashionable sector. ADVERTISING Why is agriculture different? Instead of building from a groundswell, the evolution of agritech will be driven by human necessity, climate change, and the threat of malnutrition. The UN predicts that the global population will hit 9.6 billion by 2050, and that “agricultural production will have to increase by 50pc by 2050 to meet projected demands for food and feed.” The evolution of agritech will be driven by human necessity, climate change, and the threat of malnutrition CREDIT: ALBERT GONZALEZ FARRAN This task is enormous, especially when you consider that instances of water and land scarcity are rising; that soil, land and biodiversity are degrading; and that decades of reliance on fossil fuels has led to the decimation of natural resources. The world will need more food than ever before, and worsening conditions will make it fundamentally more difficult to grow. This is where advances in technology can have a genuine impact. To increase global crop production, land needs to be used more intensively, crop yields need to be higher and easier to predict, and the entire farming process needs to be more sustainable and more efficient. At present, very few entrepreneurs are building technology companies in farming, and even fewer technology investors are backing them. The majority of new companies focus on hardware or chemicals, which often fall outside of the scope of a generalist tech investor. Nevertheless, I am optimistic, and I am not alone. Interest in the industry has grown steadily. Between 2014-16, over $10.2bn (£8.1bn) was raised by agritech companies worldwide; in the period between 2011-13, only $1.9bn was raised. But, to put this into context, fintech companies raised $17.4bn in 2016 alone. The numbers are promising, but there is a long way to go.

In November 2015, Shore cap issued a broker note with a "prudent" price target of 22.5pence. Shares at this stage were prices at 15pence. in this broker note it was cited that the Bayer evaluation was in its final stages (still no answer) and this was for the licencing of the GO-E technology. An example provided which illustrated value was a Bayer product going off patent, but using the GO-E technology it could be extended for another ten years and the product sales to Bayer were anticipated at $4 billion. In the event of a positive update by Bayer, Eden would/will receive a percentage of net sales value to Bayer. This evaluation was for pet shampoo, conditioner and ear drops. The report also discusses revenue opportunities for licencing GO-E in other markets to improve existing products and we have had no update on this. The note also mentions in some detail Intellectual Ventures who will protect and grow Eden's IP and opportunities as well as deliver new deal opportunities. Given that IV is at the fore of this worldwide, why have we heard nothing on the progress of this relationship? Shore Cap forecast income from milestone payments, royalties and net product sales is £6.21 million for this calendar and financial year, rising to £24.83 million in 2019, just two years away. the cost base of £1 million is only expected on average to grow at 5% per annum. Eden has now signed the Eastman Chemicals deal and Sumitomo (effectively) for 50% of the world's wine producing markets (Spain, Italy and France). Based on these revenue projections, the price target was 79pence based on a weighted average cost of capital (WACC) of 12% (what money is Eden borrowing?) and a "terminal growth rate" of 2%. Now that these deals are in place and the sales and income model has changed from one of royalties based on net sales to a much larger % based on sales direct to these companies, how much will Shore Capital increase this 79pence revenue based price target? I for one would expect it to rise well above 100 pence, allowing for the change in revenue model. So, when Shore Capital update this outdated broker note, it is surely incumbent upon Eden to convey this value message to the market (predominately private investors according to the shareholder register) and not just the institutions and the "city" via the distribution of this broker note. Private Investors do not get a copy of Broker notes so they are disadvantaged. What Eden can do is to take the information that is on the broker note and generally in the public domain and explain this in layman's terms, jargon free, in a way that most of their shareholders will understand, so that the trading share price can best reflect the value that Shore Cap will be telling institutions the shares are worth. I think it would also be helpful of Shore Cap to identify typical P/E ratios for company's in Eden's sector and stage of development. Ed

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