Transense Regulatory News (TRT)

21 Nov 2007 07:30

Transense Technologies PLC21 November 2007 Transense Technologies plc ("Transense" or the "Company") Further update Further to the Company's announcement on 16 November 2007, the Company has nowcompleted its assessment of its position and is pleased to announce that it hastoday entered into a subscription agreement with Peter Lobbenberg, an existingshareholder in the Company, for the subscription (either by himself or throughconnected persons) of 1,043,500 Ordinary Shares in the Company at 23 pence pershare, raising a total of £240,005 for the Company. The proposed subscriptiondoes not require shareholder approval, is unconditional and is expected tocomplete within the next 10 business days. Peter Lobbenberg has notified theCompany that (excluding the Ordinary Shares to be acquired pursuant to thissubscription) he is currently interested in 2,625,936 Ordinary Shares in theCompany, representing 4.62% of its issued share capital. The Directors believethat this subscription will mean that, in the absence of unforeseencircumstances, the Company will have sufficient working capital until the end ofFebruary 2008. The Company is now seeking to undertake an additional fundraising before theyear end. To this end, discussions with certain shareholders of the Company(including Peter Lobbenberg), who have indicated they would support afundraising for in excess of £3 million of Ordinary Shares at a minimum of 23pence per Ordinary Share, are progressing well. The Company is working tofinalise this expeditiously although final legal documentation has yet to beagreed and the details have not yet been discussed with the Company's financialadvisers. Shareholder approval by way of a special resolution will be requiredfor such fundraising. Failure to effect such an additional fundraising beforethe end of February 2008 could result in the Company having to cease operations. The Company is now focusing on securing this fundraising and on its currenttrading activities. A further update on the fundraising will be announced indue course and the Company expects that trading in its shares will recommenceimmediately. Enquiries: Transense Technologies plc 01869 238 380Jim Perry / Peter Woods Noble & Company Limited 020 7763 2200John Llewellyn-Lloyd / Graeme Bayley This information is provided by RNS The company news service from the London Stock Exchange