Visual Summary

For those who like their information presented graphically, here are two diagrams. The first shows the Redruth Eden project using the figures and timescales given in the contractual Investors Presentation document. The second shows the project as actually conducted by Eden Land Planning Ltd. 

The Promise:

• 22 Investors raise a fund of £2.24m
• It is used to purchase land for £2.1m
• The land is sold for £3.1m
• Investor profit, £584,500  ELP profit, £250,500
• As per Shareholders Agreement, ELP's profit is taken after completion of sale.

The Reality:

• 22 Investors raise a fund of £2.24m
• It is used to purchase land for £1.475m but ELP conceals the purchase price.
• The surplus funds of £661,750 are covertly transferred from Redruth Eden to ELP.
• Eden's secret retention of 30% of the equity breeches the Entire Agreement between the Parties. 
• The land is unsold after more than 6 years. The investors have had no returns.

Shareholders' Agreement, Schedule 3 states:

No Business Plan can be materially varied without Majority Shareholder Consent. Not only did Eden conduct a completely different project from the contractual Investors' Presentation version without seeking Shareholders' Consent, they did it covertly, never once mentioning the true purchase price or their appropriation of two-thirds of a million pounds of Investors' money.

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