Share Name Share Symbol Market Type Share ISIN Share Description
Eden LSE:EDEN London Ordinary Share GB0001646941 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.10p -0.83% 12.00p 0 07:43:05
Bid Price Offer Price High Price Low Price Open Price
11.50p 12.50p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 1.88 -0.76 -0.33 24.9

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Date Time Title Posts
18/7/201807:48Eden Research4,237
15/7/201806:28Eden Research; novel encapsulation and delivery technologies49
07/3/201713:47Eden Research- The Natural Solution172
27/2/201611:20Eden Research- The Natural Solution3
18/5/201202:24Eden Research6

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2018-07-17 10:32:4111.8043,7915,167.34O
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Eden Daily Update: Eden is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker EDEN. The last closing price for Eden was 12.10p.
Eden has a 4 week average price of 11.35p and a 12 week average price of 11p.
The 1 year high share price is 16.05p while the 1 year low share price is currently 7.30p.
There are currently 207,189,337 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Eden is £24,862,720.44.
investingisatrickygame: I am stupefied as to why Eden would release an RNS such as they have this morning. On the one hand, the Company writes about 'significant commercial progress', 'inflexion point', being 'very far advanced' and 'that the Company has 'shifted gears' and yet it delivers, in isolation, an RNS under the heading 'Regulatory Progress Update' that screams of jam tomorrow and therefore indicates to some that there is no reason to be invested in Eden now. Within this RPU there is nothing on Terpene Tech! I have no doubt other RNS's will follow pre the AGM as I commented recently, but If I was releasing this RNS it would be embedded in another or separately I would accompany its release with more info elsewhere, either another separate RNS or another form of communique. Who is advising Eden on the 'how to' of these announcements? It is bizarre to me. Eden needs to gear up in the way it communicates and still needs to tell its story properly. They just do not do it. Some who are absolutely converted will sit and wait forever hoping that Eden will become an extremely profitable company and player in the tech and biopesticide market, but for the majority invested here, Eden will not take a lot of their time and their belief system and price expectation will be considerably lower. In my opinion, Eden needs to deliver and communicate properly that they have delivered the kind of success that they refer to. What are our Mevalone product sales to-date (2018) When will the next Mevalone orders occur? What is the value of the Company and if we do not know it, then let's get a professional valuation done. What is going on with Terpene Tech that has 16 days left to go commercial according to Eden? What is going on with Bayer which has a similar time period as inferred by Eden (sales will occur in H2 2018) These 5 basics alone could multiply the share price, yet we don't know any of them. Eden does not do hype and good for them! Eden is not understated either Eden just doesn't communicate properly, period! This doesn't allow investors to make proper investment decision in the Eden share price. Consequently, some poor individuals might be selling shares when Eden could, in theory, be much higher very soon. Much more clarity and far better execution is needed if Eden is going to see their share price rise and for the share price rise to be...…..sustainable!!!! Forgive me, I couldn't help myself :)
investingisatrickygame: paulpaolo, Eden is extremely interesting to those that follow it with great interest, but I doubt their whole share register does and some will only be in it for a quick buck. There is possibly a small number of people that think Eden is the wholly grail and as such are very knowledgeable on the Company and is willing them to do well. Given that Eden is very interesting and maybe not your run of the mill investment prospect they should convey how interesting Eden is and their prospects. They totally fail to do that. There should be far more interest in Eden right now and the shares should be far more lively to the positive. How can you be a commercial company which Eden are, revenues coming in and with game changing tech for the agro-chemical industry and sit at a lowly £26 million market cap? If people read/research what Eden do and like the story the first thing they will then do is look at price and value and that will immediately raise questions as to why it is so low. They will then look at management and communications and then they might look at advisors and their role. It is very disappointing to me that Powerscourt has not had more impact on Eden given all the braggs on the Powerscourt website. They may have secured some analysts meetings, but what else? They also appear to have had little influence in 'change' with Eden. Eden's prospect base still is private investors. Some may see me/this post as moaning or being critical of the Company, but the reality is that the trend with Eden is consistent and nothing is changing for the investor or prospective investor. Investors cannot continually have faith when a Company doesn't deliver and the only delivery the investor is interested in or even invested in, is the share price. I have been invested in companies before where management keep PI's at arms length and choose to ingratiate themselves with their professional investors. The story is great, but the delivery is poor. My personal experiences of this has been that the various BoD's are uncertain around social/business media and tend to stray away from the same. The PR companies continue to do what they do historically for their monthly subscription delivering zero results. They are a very expensive, non- productive, nice to have. I was also hoping that we would have heard more from our newly appointed Chairman and ex Bayer senior employee. To-date, he has been silent with the exception of his commentary in the prelims. I appreciate that (hopefully) he is proving invaluable internally and supplier side. That said, he has a weighty CV and Eden should be using this to their advantage and to the advantage of the share price which is likely so far behind where is should be relative to commercial productivity and progression. Why has the Chairman not stepped forward in a delivery to investors (private and all)to elaborate on his appointment, decision making for the same and the immediate and mid-term prospects as he see's them. Also some discussion and opinion around value. Surely this would invigorate the share price. Equally, with all this EU chemical pesticide fuss, why is Powerscourt not promoting him to the press given his stature. To be fair, they may have done so with zero success, but I imagine that unlikely. Assuming they haven't, why did Eden not call all of the recent journalists who ran the same story and invite them to H/O or Powerscourt's office to introduce Eden to them and the tremendous headway Eden is making on a global scale. There is so much that Eden and Powerscourt could do to the positive, without egg on their face and without immense time. Allowing for the regulatory process and the time that takes, Eden must have time in their calendar to consider and employ the same. Eden is VERY interesting, it is just a shame that more people are not aware of it.
investingisatrickygame: Super, "The Tortoise and the Hare. I often wonder why Eden has not been swallowed up.. maybe were in a perfect storm where the big boys are just too busy chasing monopolistic hegemony." I used to wonder about that, but although they had innovation, they hadn't proved it commercially. 1) Proved it in commercial sales 2) Proved it in the commercial field, adopted by farmers and re-ordered for the following year (will happen in 2018) 3) Had the commercial acceptance of a strategic, world reaching partner (Sipcam) that will undoubtedly be acknowledged by other industry players The following is all personal opinion, is repetitive, but to me it is very valid to Eden absolutely being a potential takeover target now A)The Chairman said in his prelim report we are at an inflexion point. I take that to mean that commercially we are about to 'lift off' AND that in turn will have the industry pay closer attention to Eden B)The Sipcam 'very far advanced' situation in regards to Sustaine will effectively launch Sustaine into the R and D and commercial teams of Agro-Chemical players. How long for them to develop their own, can they protect existing patents under threat now, should they buy Eden for that technology or do a commercial deal for that technology C)Should Bayer come on board now, commercially for those 4 animal health care products, let alone Bayer Crop sciences having 9 products coming off patent with a value of circa $1.6 billion Eden could, as a result of B) form a company with Sipcam and put Sustaine in it and licence the same to both Sipcam and Eden in perpetuity. This would have the benefit of separating the tech and allowing it to stand-alone and perform alone. Eden quotes, to my mind, irrelevant numbers in their presentations in regards to market sizes slide 8. Eden will never penetrate that market with product, however, it could change the industries delivery of product with its tech and thus penetrate the market in a very substantial way. Think of Ford Motor Company with windscreen wipers and now every car has them. So Eden could have a decision to make; to be a product company or a tech company. Eden could be a tech company and Sipcam could be the downstream deliverer of Eden/Sipcam product, globally, for any market. Back to the point of why Eden has not been taken over or an offer made. I believe the announcement due from Eden re the development with Sipcam and the tech could be the catalyst to that and that the subsequent deal with Bayer will only further enhance Eden's credentials. There is massive potential value in Eden going forward which I doubt they will realise. So a three-year forward evaluation of revenue and P and L from 1) Mevalone 2) Cedroz 3) Bayer 4) Sipcam arrangement 5) Co-encapsulation and stand-alone encapsulation will exploit Eden and make them a target to potentially bid for. With a current share price of 11.5 pence, an offer of say 50 pence will look very attractive to most investors. I imagine Eden would then want to tell us why that is unacceptable, but I doubt they have the share register support to absolutely reject such a bid, should it come along. It would be helpful in light of where Eden now is, commercially, if Shore Capital or another would do a full evaluation of the above to ascertain a fair price/value for Eden to be trading at. This would stir up the market, Eden could talk about and endorse the same to their various markets and the share price would likely rise. At this stage, they would then have more supporters on their side, should a cheap bid come along which they wish to defend. We will see super, but I think both you and I and no doubt others, feel that a bid is definitely a potential outcome and with the pipeline announcements above (+ Terpene Tech), then that could even come this calendar year.
investingisatrickygame: Super "Shifted gears" and the share price is going backwards "The engine of future growth" "We are accelerating our collaborative work to fully demonstrate the value of our encapsulation technology" Explain these three in full and you get share price appreciation. The Company statements made today are fine. To be fair they are very positive. But, I will continue to argue about who is listening. 1) Existing shareholders that are enthusiastic about Eden....Yes 2) Existing shareholders that have lost patience with the Company and enthusiasm for the share What about all those potential investors who do not know about Eden and need it explained to them to be encouraged to make an These statements come in the context of regulatory financial PR via RNS. The broader non-invested market do not see these statements. They are not looking for them. Powerscourt is unlikely to get press coverage on this, but they will engage in the same in 6 months. Shore Capital cannot bring investment in on the back of this with Eden's market cap at £16 million + So, where do you go to get investment in Eden's share price? EXECUTION ONLY Retail Investors, Retail Investors, Retail Investors!!!!!! Use the story to mobilise their funds to get you to the next level When at the next level, try and command more interest from Private Client Brokers, Wealth Managers and HNW individuals Then, perhaps, the Brokers, Shore Capital will have a shot at bringing in investment to the Eden share price AND THEN perhaps, will a mobilised share price, someone may grant Powerscourt a story in the press, a national newspaper. Again, this is not investor communications, but a good news story that may gain some traction. Moving the share price up will get people's attention. The "Outlook" and other statements are fine for those currently invested. But they have likely invested enough and will not make further commitments (risk) without some commitment to the share price from the Company. If the Company makes a solid commitment to do better in this respect, then others will likely follow.
investingisatrickygame: PaulPaolo, The Company will now be in a closed period for sure meaning Director buys are not possible. However, as Northwick has pointed out, this is not always so and therefore Directors could have purchased shares in the past. This of course requires 1) personal funds and 2) belief that they will make money. They earn good money, but I never assume, to be fair to any Director, that they have available funds. They could still be in a closed period post results IF Terpene Tech, Bayer or any other news is still due, not yet released and thought to be significant enough to move the share price. I have to laugh a bit at this last statement because although it is fact, nothing ever moves the Eden share price!!!!! I wonder why:) ? A downside to Director purchases in the sometimes misplaced timing and generosity of the Remuneration Committee who award options to Directors of Plc Companies, particularly small AIM listed companies where roles often overlap. The option awards, nearly always adjusted by new options if the old options are not or do not look like being 'in the money' are a deterrent from Directors purchasing shares as they are nearly always over generous and the milestones of achievement very rarely are in line with share price performance. So the award structure and catalyst to exercise are wrong. All Directors of listed companies should be exposed to share price and capital risk. This should be mandatory, once again, so they are truly aligned with investors. Until that is so, there will never be a level playing field.
investingisatrickygame: Paulpaolo, It is a concern isn't it, little or no trading in Eden and the question of why. To be honest, I think the answer is very simple and can be split as follows:- 1) Long standing shareholders in at much higher prices probably feel they have little more to lose so their shares sit redundant. Add this to the 'institutional' holdings as per the published share register information on Eden's website and this likely accounts for an enormous amount of the 207 million shares in issue 2) Assuming the above to be correct, this means that few new investors have come into Eden in any meaningful way 3) A primary reason for this in my opinion, is that Eden chooses not to properly communicate its story and therefore the investment proposition. As a result, few are motivated to buy in and a lot more won't even know about Eden. So, Eden's investment reach is very poor 4) Those that do know about Eden, but have not invested, possibly see it as a slow burn and again, see no impetus or corporate direction to instil an alternative belief The net and understandable result is no momentum in Eden's share price, a likely vastly undervalued Eden share price and a tremendous lack of investment eyes monitoring Eden. RNS informs us what has happened Investor Communications communicates understanding to us and reasons why we should invest and is therefore a driver for the share price Eden, sadly, only participates (because it is regulatory) in the RNS channel and defacto abandons the share price and those invested who sit on zero gains. It's morally wrong in my book. You participated in an IPO, sold your initial story, raised your money, went back to the market a few times for more money and yet you build no relationship with your investors to feel good about the prospects of making a return. So people could sell out as you say, but I expect people to stay invested and on any good news that propels the share price, I anticipate a tsunami of selling. This of course, should it happen, would require Eden to consider this eventuality and have a plan for 'others' to mop up those shares and thus have a new share register with possibly a higher floor under the share price. By the way, can someone please elaborate on one thing that Powerscourt has brought to the table or executed since their appointment 5 months ago. Massively disappointing, but all so predictable and consistent with PR firms appointed. What a waste of money!
investingisatrickygame: So we have some commentary to the positive on here. When I read that trading statement I hear Eden saying at the beginning post numbers "This was a good performance since the 2017 growing season was challenging for fungicidal products in many southern European countries due to hard frosts in April followed by high heat and drought in the summer. These well-documented conditions resulted in the smallest harvests in 60 years in key markets such as France and Italy." AND IN THEIR LAST LINE ""Despite challenging growing conditions in key territories and a shortened marketing campaign in France, we are pleased with the progress made in 2017 and we look forward to providing a further update when we report our full year results for the year ended 31 December 2017 in March." So they start on an excuse and finish on one too. Now we all know the story (presumably), but if you want to entice new money in from this RNS, where is the incentive to do so? There is no apparent need to jump in today and so there will be no northward mobilisation of the share price. EDEN do not know how to build a story or tell it. Where is their professional help, Powerscourt, in all of this? They have been on RNS's since the first of September 2017, employed since the first of October 2017 and we are now 3.5 months into their tenure, 25% in time of their annual contract. I don't think the market has heard anything from them. So what is the step-change that they have delivered since Eden removed Walbrook PR? I'm guessing Powerscourt is also more expensive per month than Walbrook. History shows that these PR companies are a waste of shareholder funds and operational funds. If Eden is a ground-breaking industrial biotech then why is Powerscourt unable to deliver a narrative? To me, this is quite remarkable. I can see that Eden has good products and potential. Biotech will also trade on excellent P/E's. Eden is looking at solving global agricultural issues. But where is the story,the building story? Where is the commitment to engage and deliver value into the share price? Where is the recognition of shareholder funds invested and the need to provide a return on invested capital? Where is the alignment between board and shareholder? To me there isn't one and so again, Eden is to blame for the share price and appears to learn nothing from the past. The RNS channel in isolation delivers no value to the Eden share price. The engagement of a hot shot communications firm has done nothing to assist the share price. Shore Capital are impotent so who cares what their broker note says. Overall, Eden is becoming very underwhelming. If the products and patents are that good, then come the commercial announcements of Bayer and TT, I wouldn't be surprised to perhaps see someone sniffing around with a very cheap offer that Eden would struggle to defend. And even if they did defend such a situation, I doubt shareholders would listen because there is no strong relationship between the two that would encourage shareholders to listen.
investingisatrickygame: Adding to that commentary, Eden share price is down 3.7% today on volume of around 400,000 shares versus shares in issue of 207 million. So one fifth of one per cent of the shares in issue have been traded. That indicates to me that no one has a reason to buy and very few wish to sell at such a low level. The result is no motivation in the stock. The longer that continues the harder it is to create and with any decent upward spike a raft of sales will occur with investors feeling relieved that they got out the right side of break even.
investingisatrickygame: Eden has clearly gone commercial and in what we hope is a successful and profitable way. With Sipcam SpA being a major distributor in this sector and product creator, their chosen alliance and investment in Eden with a clause that restricts the selling of their shares for 3 years is a welcome one. Equally, so too will be their board appointment. This all adds commercial weight and gravitas to Eden's development and is very welcome. Eden has clearly developed a niche in both its slow release system and with its management of volatile terpenes, natures own defence mechanism. In fact, the very nature of controlling volatility to enable a product to work defensively against disease is a very creative one and one that evidently the majors hadn't thought to do or were unable to do. Patent protection will now secure Eden's ability to deliver revenue through commercial agreements that should deliver substantial profits. This is one side of Eden Research Plc's business, one collective product area and although some feel it has been slow, it is now here, it is real and management definitely deserve credit for delivering the same. Successful sales of 3AEY now rest, predominately with Sipcam SpA and Sumi-Agro France. In effect this should be a collective effort, one would assume, given their relationship to Sumitomo, whom I assume, are also keeping a keen eye on developments. I imagine they will be looking at Sipcam SpA to monitor how the collaborative elements of the arrangement unfold in regards to new product development, expansive use of Eden's Sustaine technology and extended patent life of existing SpA pesticides. I wouldn't mind betting that internally, they also have a value attached to the same which easily outweighs their £2 million stock investment in Eden. They will also see additional value back to them through an increase in Eden's market capitalisation. What I now hope to see is Eden and Sipcam manage their other product in their portfolio, namely their share price. Given its volatile nature, one could easily draw a line to the management of terpenes to create an easy understanding for the need to reduce negative volatility in their share price. The share price may arguably be stable now, but it is stable at a very low price, to the negative if you will. Some simple time and strategies to complement their operational product areas will be very welcome, especially now that they have some breathing space to do the same with 3AEY over the line and funds in the bank and on the way. Successfully delivering 3AEY gives Eden breathing space to now move on to other product developments, other commercial arrangements and more (notwithstanding Eden wants 3AEY registered in other countries around the globe). If Eden and Sipcam could successfully manage Eden's share price to fair value today, it would be for the benefit of both parties, reward institutional and retail shareholders who will no doubt feel more confident in spreading the word, whilst not necessarily selling up given the greater confidence and visibility they would then have. If they can manage volatile terpenes, I'm confident with all that they have to offer that they can manage a volatile share price. It is after all, one of the fundamental reasons that they, along with others, became a listed Plc.
the prophet: Beautiful day here and a delight to read the Eden thread without the puerile rubbish on the old one. Here is a good over-view of the Shore Capital note from the Michael Walters site. This is a free article, btw, so I'm it's ok for me to post it, with due recognition. Eden - Worth More, or Much More? - (EDEN) 30/11/15 (119264) Let's face it. None of us knows what Eden Research (EDEN) is really worth, no matter how long we have been watching, wishing, and hoping. When the issued capital was much smaller, ages ago, some of us paid many times the current price of 16.25p (up 1p) today. There are still hopes that we could see those levels, and more, again - but lending logic to that set of sums has always been elusive. The latest, and much the most convincing, attempt to add substance to the dreams comes from new house broker Shore Capital, which has a highly-rated research team in the small company/ food producers area. Signed by analyst Phil Carroll, written with the shares at 15p, this suggests a fair value of 22.5p, backed by a full revenue potential analysis citing fair value at 79p by projecting revenues out to 2019 then discounting. So we have the usual analytical guesswork which sticks a finger into a range of options, and pulls out a nice number. Peer more closely at the assumptions, and you arrive at anything between 63p and 16p (Shore chooses a conservative 22p) on the 'core' Eden business depending on whether you use a discount rate of 8% or 14% and a terminal growth rate of 1% of 4%. Apply the same discount and growth boundaries to the 'full revenue potential', and you come up with anything between 58p and 223p. Shore picks a cautious 79p. Do not assume that pointing to the vast variables in the Shore valuation method is a criticism. It is not. But it is worth emphasising that we are not talking absolutes here. We have a broker doing what brokers do, and attempting to give some measure of what Eden might be worth. We should be grateful for that, especially since predicting what might happen with Eden (or, rather, when it might happen) has never been easy. Rather than attempt to wade through full 31 pages of the Shore report, it is sensible here to assume that subscribers already know the basic Eden story pretty well - it is developing a series of benign products based on using combinations of three natural terpenes, applied via a patented system of encapsulating them in yeast particles which effectively spreads the delivery time when they are sprayed. There have been long delays getting them through the regulatory system, but the first approvals are in. The most immediate applications are in agri-chem, with a vast range of other possible uses, including animal and human healthcare, food ingredients, cosmetics and home and garden products. Five products are in various stages of development, led by 3AEY, which is about to start sales as a fungicide targeting botrytis, a disease which badly damages grapes. Then there is B2Y, a nematicide targeting soil pests and being evaluated by global giant Eastman (option until next March), 2EY, tackling powdery mildew, and GO-E, the encapsulation technology. Shore expects approval for 3AEY from remaining southern EU states either before the year-end or early in 2016, allowing sales in the next growing season. Companies associated with Japanese giant Sumitomo are partners with Eden to sell in the key grape-growing countries of Italy, Spain and France, and one of them (Sipcam) is evaluating two new products - 2EY (to treat powdery mildew) and 1EY (for apple scab). The other Sumitomo company also has rights to develop other Eden plant protection products. In Kenya, at last Lachlan has approval to sell 3AEY. Eden estimates the market for botryticides like 3AEY is $300m a year. B2Y, the nematicide being evaluated by Eastman and about to undergo the registration process adresses an estimated market worth $1.3bn a year (Eastman's market leader nematicide Metam is under significant pressure, says Shore). The powdery mildew product B2Y, going through registration and backed by a Sumitomo company, tackles a market worth about $750m a year, with particularly high value in Africa. There is a pipeline of other earlier stage products, including 1EY. The broker suggests Eden has a significantly reduced risk profile now that 3AEY has reached commercial sales, and other approvals will trigger milestone payments, helping Eden move into profitability in 2016, a major positive for a biotech company. The business model has significant leverage potential, with further deal potential with other companies in the global Sumitomo network. The same applies to the current option deal with Eastman, and Eden can licence GO-E encapsulation technology for use in industries outside agri-chem. It is currently licenced for head lice treatment with TerpeneTech and with Bayer in flea, tick and shampoo animal health products. Disappointingly, the broker does not expect volume Bayer sales to begin until 2017, with some early initial sales in 2016. Intriguingly, looking at GO-E, the broker uses the example cited in earlier Eden material. That points to Trifloxystrobin, one of Bayer's best-selling agrochemicals at $400m a year. That is now off-patent, but as an example could be used with GO-E to add benefits and extend patent life if co-encapsulated. Eden has often touted the potential benefits of such co-encapsulation opportunities for extending the life of chemical products for major companies, but has yet to conclude a deal, and has never formally said there were talks on such a deal with Bayer - but it keeps coming up (we know Bayer moves at the pace of a constipated tortoise). The broker suggests that Bayer Cropscience could be a potential source of deals in the future. It all adds up, sort of, to a set of core revenue assumptions which the broker splits between current agreements and those under evaluation. Current goes from 2015 revenues of £710,000 to £680,000, then to £1.9m for 2017, £2.61m for 2018, and £3.33m for 2019. Deals under evaluation are reckoned to bring in revenue in 2015 of £21,000, rising to £990,000, then to £1.33m, £3.54m, and £5.6m for 2019. It is these core assumptions, discounted cash flow analysis applied, which support the 22.5p fair value estimate. Then we have the 'full revenue potential' model. That takes in the possible revenue streams based on products which are still being developed, such as 2EY for powdery mildew or the application of GO-E for use in animal health outside the USA. And they include products not licensed or under evaluation. This is heavily loaded with revenues from ag-chem in 2019, when they leap from £3.23m to £15.94m, and form the bulk of the projected revenues of £24.83m for 2019 (up from £11.16m). In turn, the vast bulk of these 2019 revenues - £13.78m - would be generated by products still under development. These assumptions are set against a background of an underlying costs base of £1m a year, growing at mid-single digits, so operational gearing is such that revenues quickly fall through to the bottom line with only modest deductions. Research and development spend is capitalised and then amortised through the income statement (£700,000 currently), and the broker assumes a continuing prudent approach to R & D which would allow the company to become self-sustaining on a cash basis by 2017. There are trading losses of £21m, taking out the charge for tax for a while, and the broker assumes any short term cash need would be satisfied by debt rather than equity. Free cash flow turns positive in 2017 on the core model, a year earlier on the full revenue potential basis. What else? The encapsulation process has opened up exciting opportunities in non-agricultural fields, such as medicine and dentistry, where the antimicrobial properties of terpenes can be effectively applied at controlled doses for wound healing and oral health applications. Eden is at an advanced stage in developing a series of competitive antimicrobial and invertebrate-control agents suitable for use in vineyards and greenhouse and on a variety of high value field crops. The potential for finding further applications of terpene formulations in agricultural and health care is 'vast and clearly exciting' says the broker. The collaboration and licence agreement with Intellectual Ventures protects existing patents, expands Eden's intellectual property portfolio, and using the strength of IV to provide new deal opportunities. IV has agreed to use its own capital to support Eden's objectives, and the deal should make Eden a more attractive potential partner to work with. The ag-chem market has seen a reasonable level of merger and acquisition activity in recent years, Shore says. Over the next decade, the use of biological solutions is set to record double-digit growth, and by 2030 could represent up to 10% of the global crop protection market. This is positive for Eden's prospects. Listing several deals, Shore points to Bayer's acquisition of Agraquest for Euros 340m (£230m) plus milestone payments in August 2012. Shore thinks Agraquest had revenue of $7m in 2012, so it is probably the most comparable company in the chosen deals to Eden. At 16.25p, Eden is capitalised at £26m. Shore says it could be a potential target in sector consolidation. That is a summary of the broker comments, and they point up the attractions of Eden to investors who may have been hanging on, grimly believing, while a tight financial position has brought risks galore to an otherwise enormously attractive proposition. Few shareholders would want to see Eden taken out by an early bid, given the modest share price in recent years. Medium to longer term, however, that is a clear prospect. The potential applications of terpenes, coupled with the encapsulation process, appear massively wide-ranging. The Shore note fills in some of the gaps, but must remain vague on just what might accrue from which deal. So far, the numbers have been small. But the markets Eden's products could be addressing are massive, and a big money partner could help move things fast. There is little mention in the report of opportunities in America, where the market must be vast. There appears to be general confidence that Eastman will go ahead and exercise the option next spring, pulling in a decent milestone payment, and covering some of the American opportunities. But the lack of comment about America, north and south, is surprising. Could there be big new opportunities there, and in the Far East, where Sumitomo is an obvious player. If anything, the Shore sweep of potential developments looks on the conservative side, which is where it should be. Eden itself remains constrained by a shortage of cash. It is debt free and ought to have cash in the bank after the recent TerpeneTech deal, while Lachlan will bring what will presumably be a modest milestone payment. No-one would, however, welcome a dilutive fund-raising at close to current prices. Hopefully the Shore note and marketing presence will help bring more institutional investors into Eden, perhaps reducing the volatility of the shares. The problem remains the glacial pace of regulatory approvals, despite the obvious environmental benefits of Eden's products. Even now, we are not completely clear of all of the red tape holding 3AEY back in Europe. Though the process ought to be somewhat faster for subsequent products, no-one can be sure of smooth and timely progress. As it has for so long, Eden still looks an excellent growth opportunity. No guarantees, but much of the risk has gone. Go for it. I have a holding in Eden Research.
Eden share price data is direct from the London Stock Exchange
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P:30 V: D:20180718 07:09:15