Appointment of Group Executive Finance Director

RNS Number : 0446F

Transense Technologies PLC

11 June 2012

 



Transense Technologies plc (the 'Company' or 'Transense')

11 June 2012

Appointment of Group Executive Finance Director and Change of Accounting Reference Date

Transense is pleased to announce the appointment to the Board of Mr. Melvyn Segal as Executive Finance Director with immediate effect. The Board is of the view that given the increased inflow of new contracts and business opportunities, it is an appropriate time to appoint an Executive FD, further strengthening the operational capacity of the Board and Executive management team.

Mr. Segal is a chartered accountant and experienced company finance director, having previously held the position of Finance Director at various high growth private and public businesses. Prior to entering the commercial sector, Mr. Segal was a partner for 22 years at the accountancy firm Arram Berlyn Gardner (ABG).

Mr. Segal was previously the Finance Director of the Company between December 2007 and June 2010 before stepping down due to the fact that at that stage in the Company's development the Board was of the view that an executive Finance Director was not required. During his time at Transense, Mr. Segal was involved in improving the internal financial reporting, reviewing the expenditure and was part of the management team which devised and implemented the Company's current strategy which is now delivering results. Mr. Segal has kept in close contact with the Company over the last two years working in an advisory capacity.

Mr. Segal, Executive Finance Director of Transense, commented: "It is evident that Transense has made significant steps forward in recent months and I am looking forward to rejoining the Company at this exciting time."

Graham Storey, CEO of Transense, added, "I am really delighted that Melvyn has agreed to rejoin the Company as Executive FD. His longstanding knowledge and relationship with Transense as well as his wealth of business experience will no doubt prove to be a considerable asset as we drive the business forward."

Change in Accounting Reference Date

Transense also announces that it has changed its accounting reference date from 31 December to 30 June with immediate effect.

As a result of the change of accounting reference date, the Company's reporting calendar will be as follows:

·     Interim results for the 6 months and the 12 months ended 31 December 2011 (along with comparatives for the same periods in the prior year) will be published by 30 June 2012. The 12 month period results will be subject to a review opinion by the statutory auditors in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity.'

·     Audited results for the 18 month period ended 30 June 2012 will be published before 31 December 2012.

·     Thereafter, interim and annual reports will be published each year, for the 6 months to 31 December and 12 months to 30 June respectively, in accordance with the AIM rules for Companies.

For further information, please contact:

Transense Technologies plc	Tel: [phone]
Graham Storey, Chief Executive
N+1 Brewin - Nominated Adviser Aubrey Powell / Robert Beenstock	Tel: [phone]
Hybridan LLP - Broker	Tel: [phone]
Claire Noyce / Deepak Reddy
Newgate Threadneedle	Tel: [phone]
Caroline Evans-Jones / Robyn McConnachie

Information required to be disclosed pursuant to Rule 17 and Schedule 2 paragraph (g) of the AIM Rules.

Melvyn Segal (aged 57) holds the following current directorships or partnerships:

Dilligent Limited

Ramot IFM (UK) Limited

Totalbroad Limited

The directorships he has held over the five years preceding the date of this appointment are as follows:

ABG Corporate Finance Limited

ABG Marketing Consultancy Limited

British Friends of Hebrew University of Jerusalem

Glenville Limited

IL realisations Limited

Impex Glassware Limited

Bodafose Limited

Personal Style London Limited

Piezotec Limited

Transense Steering Limited

Transense Technologies plc

Transense Technologies research Limited

Translogik Limited

There are no other matters which are required to be announced as required under paragraph (g) of Schedule 2 of the AIM Rules.

Notes to Editors

 About Transense Technologies

Based in Oxfordshire, UK, Transense has developed patent-protected sensor systems for use in diverse high growth markets. Developed in conjunction with partners including McLaren Electronic Systems and General Motors, Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Via two wholly owned divisions, IntelliSAW and Translogik, Transense is targeting the high growth global electrical Smart Grid applications market and the transport industry respectively.

Transense's sensors are also being used in the wind turbine monitoring industry. The Company is part of a consortium of nine companies ("IntelWind") that has begun development on a major EU funded project to improve the efficiency of wind turbines.

Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: "TRT").

www.transense.co.uk

 

END

 

 

MSCDVLFBLQFLBBE