Business
Further update
Further update.
About this update from Transense Technologies Plc
[{"type":"text","content":"\n Transense Technologies PLC\n10 December 2007\n\n\n Transense Technologies plc\n (the 'Company')\n\n Further Update\n\n\n\nAdditional fundraising\n\n\n\nFurther to the Company's announcement on 21 November 2007, the Company is very\npleased to announce that it has today entered into subscription agreements with\ncertain of its existing shareholders for the subscription of a total of\n17,895,472 Ordinary Shares at 23 pence per share. This will raise £4,115,958.56\nfor the Company (gross of expenses) in addition to the £240,005 raised via the\nsubscription agreement with Peter Lobbenberg, an existing shareholder in the\nCompany, for the subscription of 1,043,500 Ordinary Shares in the Company at 23\npence per share (as announced on 21 November 2007). The subscription agreements\nare conditional upon a special resolution being passed by the Company's\nshareholders and admission of the new Ordinary Shares to trading on AIM. There\nare no other outstanding conditions to these subscriptions. The Company has\nobtained voting undertakings from its shareholders (including all of the\nDirectors) holding an aggregate of 20,696,835 Ordinary Shares (presenting\napproximately 35.74 per cent. of the Company's issued share capital) to vote in\nfavour of the resolutions.\n\n\n\nWorking capital position\n\n\n\nThe subscription monies will be used for the Company's working capital\nrequirements. Based on the Directors' current estimates, in the absence of any\nunforeseen circumstances, following the Subscription the Company should have\nsufficient working capital for at least the next two years.\n\n\n\nBoard changes\n\n\n\nThe following changes have been made to the Board:\n\n\n\n• Peter Woods, the current Chairman of the Company, has retired as Chairman\nof the Company. David Kleeman has been appointed as the new Non-Executive\nChairman of the Company. A summary of the terms of his appointment will be set\nout in the Circular;\n\n\n\n• Jim Perry, has moved to the role of Deputy Chairman. The position of CEO\nwill temporarily be vacant until the Company finds a suitable candidate;\n\n\n\n• Tony Baldry has retired from his role as Non-Executive Director; and\n\n\n\n• Melvyn Segal has joined the Board as Executive Director. A summary of the\nterms of his appointment will be set out in the Circular.\n\n\n\nFurther details of Messers David...