Transense Technologies plc (LON:TRT), the provider of sensor systems for the transportation and industrial markets, is holding a General Meeting at 12.00 p.m. today. At the meeting David Ford, Chairman of the Company, will make the following statement:
“Subject to Shareholder approval, the Placing and Offer for Subscription have raised in aggregate GBP2.6m, providing the Company with a significantly strengthened balance sheet. In addition, we look forward to Nigel Rogers joining our Board tomorrow, as Non-Executive Deputy Chairman.
We expect to report trading for the financial year ended 30 June 2015 in line with management expectations, with full year sales, subject to audit, of approximately GBP1.6m.
The Board remains in discussions with a number of interested parties regarding a possible sale of the IntelliSAW business. Discussions with potential purchasers to date have been encouraging, but there is no guarantee that a sale will be agreed. Further announcements will be made in due course, as and when appropriate.”
Result of Offer for Subscription
Further to the announcement on 29 June 2015, the Company has, subject to the General Meeting and Admission, finalised the Offer for Subscription raising GBP0.6m through the issue of 41,580,000 new Ordinary Shares (the “Offer Shares”) at a price of 1.5 pence per Ordinary Share. The Offer follows the Placing raising GBP2 million from new institutional and other investors, as announced on 29 June 2015.
Capitalised terms in this announcement have the same meaning as in the Circular published on 30 June 2015 except where otherwise indicated.