General Meeting Statement

RNS Number : 3484I

Transense Technologies PLC

02 July 2013

 

Transense Technologies PLC

("Transense" or "the Company")

2 July 2013

 

General Meeting Statement

At the Company's General Meeting to be held at 10 a.m. today, the Chairman will make the following statement.  Capitalised terms in this announcement have the same meaning as in the Circular dated 7 June 2013 except where otherwise indicated.

"Transense has been delighted by the extremely strong response of Shareholders to the Offer, which has been substantially oversubscribed.  The full gross Offer amount of £1.05 million will therefore be raised from the issue of 14,000,000 Offer Shares.

Due to this, and in order not to disappoint any existing investors seeking to invest, the Board intends to approach a number of the larger applicants with a view to scaling back their application, and then meeting the excess applications in a further placing to be completed shortly at the Issue Price (7.5 pence per new Ordinary Share).  This further placing (the "Further Placing") would be made pursuant to the authority under resolutions 3 and 7 of today's meeting and is anticipated to be no more than £850,000 in gross value.

The Further Placing should result in shareholders who have subscribed for excess shares in the Offer being satisfied in full or with modest scale back, across the combination of the Offer and the Further Placing.  A further announcement is expected to be made in a few days' time.

Subject to the passing of the resolutions at today's General Meeting to give effect inter alia to the Placing and the Offer, the Company is pleased to be able to have the opportunity to augment its fundraising plans, which will provide additional growth capital for the business."

For more information, please contact:

Transense Technologies plc	Tel: [phone]
Graham Storey, Chief Executive
N+1 Singer - Nominated Adviser and Broker Shaun Dobson, Aubrey Powell	Tel: [phone]
Newgate Threadneedle	Tel: [phone]
Caroline Evans-Jones, Robyn McConnachie

 

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