Issue of Equity

RNS Number : 1479B

Transense Technologies PLC

28 March 2013

 



Transense Technologies plc ("Transense" or the "Company")

Issue of equity

Further to the Interim Results released today, Transense, announces the conditional placing of 3,000,000 new ordinary shares of 1p each (the "New Ordinary Shares") at a price of 10 pence per share to raise approximately £290,000 (net of expenses) (the "Placing"). The issue price represents a premium of 25% to the closing mid market price on 27 March 2013 (being the last dealing day prior to this announcement). The placing is conditional inter alia on admission of the New Ordinary Shares.

As announced in the Interim Results released today, a significant proportion of projected sales comprise a small number of high value orders and the timing of the receipt of these orders is outside of the Company's control. The ability to predict accurately the timing of delivery of any such orders therefore remains challenging. Accordingly the level of reported sales may be materially affected in any given reporting period. Furthermore, the uncertainties around the timing of expected orders make cash flow projections more uncertain than usual.  The Board has therefore decided that it is in the best interests of the Company to raise a relatively small sum as quickly and with as little expense as possible.

Peter Lobbenberg and connected persons are currently interested in 16.63 per cent. of the issued Ordinary Share capital of the Company and are subscribing for the New Ordinary Shares. Under the AIM Rules, Peter Lobbenberg and connected persons are a related party for the purposes of the Placing. The Directors, having consulted with the Company's nominated adviser, consider the terms of the Placing to be fair and reasonable insofar as the Company's shareholders are concerned.

The Board remains greatly encouraged by the underlying trends in interest and demand for the Company's products and, assuming the anticipated orders materialise, it may become appropriate to raise further funds to fuel that success. In such a case, Transense would intend to make an appropriate offer to our existing shareholders to participate as part of any such fundraising.

Application has been made for the New Ordinary Shares to be admitted to AIM ("Admission"). It is expected that Admission will take place and dealings in the New Ordinary Shares will commence with effect from 11 April 2013.

Following Admission, the Company's issued share capital will be 201,209,524 ordinary shares representing 201,209,524 voting rights in the Company. From Admission this figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

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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