Business
General Meeting update
General Meeting update.
About this update from Transense Technologies Plc
[{"type":"text","content":"\n Transense Technologies PLC\n15 November 2007\n\n\n\n Transense Technologies Plc ('Transense' or the 'Company')\n\n\n Further update on General Meeting to be held on 16 November 2007 to approve,\n inter alia, the acquisition of Bishop Technologies Group Limited ('Bishop')\n\n\nFurther to the Company's announcement on 12 November 2007 and following the\ndeadline for the submission of proxies, the Board wishes to further update the\nmarket on the results of the proxy count for the resolution (the 'Resolution')\nto be proposed at the General Meeting convened for 16 November 2007.\n\nOut of the 29,186,530 ordinary shares for which proxies have been validly\nsubmitted (representing 51.3 per cent. of the issued share capital of the\nCompany), 13,853,102 Ordinary Shares (47.47 per cent.) have voted in favour of\nthe Resolution, 15,309,231 Ordinary Shares (52.45 per cent.) have voted against\nand 24,197 Ordinary Shares (0.08 per cent.) have directed their proxy to vote at\nhis or her discretion . Accordingly, if the vote at the General Meeting was\nbased just on proxies received, the Resolution would not be passed.\n\nIf the Resolution is not passed (which now seems likely given the proxy\nposition), as previously announced, the Company will need to undertake a\nfund-raising in the near term to fund the Company's working capital\nrequirements.\n\nAs was mentioned in our announcement of 12 November 2007, the Company has been\napproached by a number of shareholders in the Company who have stated that there\nis shareholder support for a fundraising. They have since indicated that they\nwould be willing to consider subscribing for in excess of £3 million of Ordinary\nShares at a minimum of 23 pence per Ordinary Share. The Company believes that\nthe proposal is credible although it has not yet discussed it with its financial\nadvisers and no legal documentation has yet been entered into. Any such\nfundraising will require shareholder approval by way of a special resolution.\n\nAlthough the General Meeting will still be held at 11.00am on 16 November 2007,\nthe Board intends at the meeting to seek an adjournment of it until Friday, 23\nNovember 2007. This will give the Company the opportunity to try to finalise\nthe fundraising referred to above expediently without prejudicing a possibility\nof shareholders changing their vote and, as a co...