Transense Technologies PLC
12 November 2007
Transense Technologies Plc ('Transense' or the 'Company')
Update on General Meeting to be held on 16 November 2007 to, inter alia, approve
the acquisition of Bishop Technologies Group Limited ('Bishop')
The Board of Transense would like to remind shareholders to return their proxy
cards in relation to the special resolution to be proposed at the General
Meeting of the Company to, inter alia, approve the acquisition of Bishop (the
'Resolution') details of which were set out in the circular to shareholders
dated 22 October 2007. The Board is unanimously recommending that shareholders
vote in favour of the Resolution, as each Director has irrevocably undertaken to
do in respect of his entire beneficial shareholding.
The Board would like to make shareholders aware that, at the end of last week,
they met with a group of private investors in the Company, who claim to speak
for a minority group of shareholders with sufficient votes to enable them to
prevent the Resolution from being passed. The Board cannot at this stage be
certain that this will in fact occur, and the Board is endeavouring to continue
its dialogue with this group.
In the event that the Resolution is not passed by shareholders, the Company
would need to undertake a fund-raising in the near term (to pay for the abort
costs on the Bishop transaction and to fund the Company's working capital
requirements). Given market conditions and the position of the Company at this
time, there is no certainty that any fund-raising would be successful although
the minority group of shareholders which has approached the Company has
indicated that certain of them may be willing to participate in such a
fund-raising. If an equity fund-raising is implemented, it may well result in
existing shareholders being diluted.
The Board believes that the acquisition of Bishop and its management team, the
strengthening of the Company's balance sheet from the associated fund-raising
and the synergy benefits of combining Bishop and Transense will generate
increases in shareholder value and the board urges shareholders to vote in
favour of the Resolution.
The Board therefore reiterates its advice to shareholders that it is in their
best interest to vote in favour of the Resolution to be proposed at the General
Meeting to be held at 11.00am on 16 November 2007 at the offices of Travers
Smith, 10 Snow Hill, London EC1A 2AL. The Board urges shareholders to send in
their proxy cards to the Company's registrars, Capita Registrars, The Registry,
34 Beckenham Road, Beckenham, Kent BR3 4TU by no later than 11.00am on 14
November 2007, or to attend the meeting in person if they are not able to return
their proxy card in time or if they wish to change any vote that they might have
already submitted by proxy card.
Enquiries:
Transense Technologies Plc 01869 238 380
Jim Perry / Peter Woods
Noble & Company Limited 020 7763 2200
John Llewellyn-Lloyd / Graeme Bayley
This information is provided by RNS
The company news service from the London Stock Exchange
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