Transense Regulatory News (TRT)

13 Nov 2007 07:00

Transense Technologies PLC12 November 2007 Transense Technologies Plc ("Transense" or the "Company") Update on General Meeting to be held on 16 November 2007 to, inter alia, approve the acquisition of Bishop Technologies Group Limited ("Bishop") The Board of Transense would like to remind shareholders to return their proxycards in relation to the special resolution to be proposed at the GeneralMeeting of the Company to, inter alia, approve the acquisition of Bishop (the"Resolution") details of which were set out in the circular to shareholdersdated 22 October 2007. The Board is unanimously recommending that shareholdersvote in favour of the Resolution, as each Director has irrevocably undertaken todo in respect of his entire beneficial shareholding. The Board would like to make shareholders aware that, at the end of last week,they met with a group of private investors in the Company, who claim to speakfor a minority group of shareholders with sufficient votes to enable them toprevent the Resolution from being passed. The Board cannot at this stage becertain that this will in fact occur, and the Board is endeavouring to continueits dialogue with this group. In the event that the Resolution is not passed by shareholders, the Companywould need to undertake a fund-raising in the near term (to pay for the abortcosts on the Bishop transaction and to fund the Company's working capitalrequirements). Given market conditions and the position of the Company at thistime, there is no certainty that any fund-raising would be successful althoughthe minority group of shareholders which has approached the Company hasindicated that certain of them may be willing to participate in such afund-raising. If an equity fund-raising is implemented, it may well result inexisting shareholders being diluted. The Board believes that the acquisition of Bishop and its management team, thestrengthening of the Company's balance sheet from the associated fund-raisingand the synergy benefits of combining Bishop and Transense will generateincreases in shareholder value and the board urges shareholders to vote infavour of the Resolution. The Board therefore reiterates its advice to shareholders that it is in theirbest interest to vote in favour of the Resolution to be proposed at the GeneralMeeting to be held at 11.00am on 16 November 2007 at the offices of TraversSmith, 10 Snow Hill, London EC1A 2AL. The Board urges shareholders to send intheir proxy cards to the Company's registrars, Capita Registrars, The Registry,34 Beckenham Road, Beckenham, Kent BR3 4TU by no later than 11.00am on 14November 2007, or to attend the meeting in person if they are not able to returntheir proxy card in time or if they wish to change any vote that they might havealready submitted by proxy card. 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