Transense Technologies PLC
15 November 2007
Transense Technologies Plc ('Transense' or the 'Company')
Further update on General Meeting to be held on 16 November 2007 to approve,
inter alia, the acquisition of Bishop Technologies Group Limited ('Bishop')
Further to the Company's announcement on 12 November 2007 and following the
deadline for the submission of proxies, the Board wishes to further update the
market on the results of the proxy count for the resolution (the 'Resolution')
to be proposed at the General Meeting convened for 16 November 2007.
Out of the 29,186,530 ordinary shares for which proxies have been validly
submitted (representing 51.3 per cent. of the issued share capital of the
Company), 13,853,102 Ordinary Shares (47.47 per cent.) have voted in favour of
the Resolution, 15,309,231 Ordinary Shares (52.45 per cent.) have voted against
and 24,197 Ordinary Shares (0.08 per cent.) have directed their proxy to vote at
his or her discretion . Accordingly, if the vote at the General Meeting was
based just on proxies received, the Resolution would not be passed.
If the Resolution is not passed (which now seems likely given the proxy
position), as previously announced, the Company will need to undertake a
fund-raising in the near term to fund the Company's working capital
requirements.
As was mentioned in our announcement of 12 November 2007, the Company has been
approached by a number of shareholders in the Company who have stated that there
is shareholder support for a fundraising. They have since indicated that they
would be willing to consider subscribing for in excess of £3 million of Ordinary
Shares at a minimum of 23 pence per Ordinary Share. The Company believes that
the proposal is credible although it has not yet discussed it with its financial
advisers and no legal documentation has yet been entered into. Any such
fundraising will require shareholder approval by way of a special resolution.
Although the General Meeting will still be held at 11.00am on 16 November 2007,
the Board intends at the meeting to seek an adjournment of it until Friday, 23
November 2007. This will give the Company the opportunity to try to finalise
the fundraising referred to above expediently without prejudicing a possibility
of shareholders changing their vote and, as a consequence, the Bishop
transaction and related placing subsequently occurring. Such an adjournment can
only be done with the approval of shareholders at the General Meeting.
The Company will make a further announcement following the General Meeting.
Enquiries:
Transense Technologies Plc 01869 238 380
Jim Perry / Peter Woods
Noble & Company Limited 020 7763 2200
John Llewellyn-Lloyd / Graeme Bayley
This information is provided by RNS
The company news service from the London Stock Exchange