EDEN-Redruth Investment - Executive Summary
(updated, October 2024) In June/July 2018, Eden Land Planning Ltd. raised £2.24 million from 22 investors on the strength of a prospectus document called the Investors Presentation. The Investors Presentation falsely stated that the Acquisition Costs were £2.2 million. Eden used only two-thirds of the investment fund to buy land, completing the purchase in July 2018. Eden and their lawyer, ELS Legal, led the investors to believe that the entire fund (except 2% fees) was applied to the acquisition of land at Redruth, Cornwall. The effect and purpose of grossly inflating the stated acquisition costs was to make available to Eden nearly one-third of the investment fund without the investors' knowledge (Best estimate, £661,750). The investors were never informed of the true acquisition costs, nor the true purchase price, nor (of course) the large uninvested surplus. Two months later (September 2018), through ELS Legal, Eden issued a Shareholders' Agreement for signature. Eden app