Transense Regulatory News (TRT)

15 Nov 2007 07:03

Transense Technologies PLC15 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 thedeadline for the submission of proxies, the Board wishes to further update themarket 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 validlysubmitted (representing 51.3 per cent. of the issued share capital of theCompany), 13,853,102 Ordinary Shares (47.47 per cent.) have voted in favour ofthe Resolution, 15,309,231 Ordinary Shares (52.45 per cent.) have voted againstand 24,197 Ordinary Shares (0.08 per cent.) have directed their proxy to vote athis or her discretion . Accordingly, if the vote at the General Meeting wasbased just on proxies received, the Resolution would not be passed. If the Resolution is not passed (which now seems likely given the proxyposition), as previously announced, the Company will need to undertake afund-raising in the near term to fund the Company's working capitalrequirements. As was mentioned in our announcement of 12 November 2007, the Company has beenapproached by a number of shareholders in the Company who have stated that thereis shareholder support for a fundraising. They have since indicated that theywould be willing to consider subscribing for in excess of £3 million of OrdinaryShares at a minimum of 23 pence per Ordinary Share. The Company believes thatthe proposal is credible although it has not yet discussed it with its financialadvisers and no legal documentation has yet been entered into. Any suchfundraising 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, 23November 2007. This will give the Company the opportunity to try to finalisethe fundraising referred to above expediently without prejudicing a possibilityof shareholders changing their vote and, as a consequence, the Bishoptransaction and related placing subsequently occurring. Such an adjournment canonly 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 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