Last checked at 5 Mar 2020 07:00
5 March 2020
Eden Research plc
("Eden" or "Company)
Director/PDMR Shareholding
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, announces that Lykele van der Broek, Non-Executive Chairman, purchased a total of 571,000 ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") on 4 March 2020 at an average price of 6.65 pence.
Following the transaction outlined above Mr van der Broek's interest in the share capital of the Company is 929,500 Ordinary Shares representing approximately 0.45 per cent. of the Company's issued share capital.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further details of the PDMR dealings set out above.
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Mr Lykele van der Broek | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Chairman | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Eden Research plc
| ||||
b)
| LEI
| 213800ZWTYTVQQSM3J85 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 1 pence each in the Company
GB0001646941
| ||||
b)
| Nature of the transaction
| Purchase of Ordinary Shares
| ||||
c)
|
Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
571,000 Ordinary Shares
6.65 pence per share
| ||||
e)
| Date of the transaction
| 4/3/20 | ||||
f)
| Place of the transaction
| London Stock Exchange
| ||||
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 |
|
Lorna Cobbett Jana Tsiligiannis Ed Curtis
| 020 3745 4960 eden@hawthornadvisors.com |
Notes:
Eden Research is an AIM listed 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 Sustaineä 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.
Mevaloneä is a foliar fungicide which has been authorised for sale in Kenya, Malta, Greece, Bulgaria,
Spain, Italy, France, Cyprus, Albania, Portugal and Macedonia.
Cedrozä 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.
For more information about Eden, please visit: www.edenresearch.com.