Transense Technologies Interim Loss Narrows; Raises GBP2.5 Million (ALLISS)

LONDON (Alliance News) - Transense Technologies PLC on Wednesday said it has raised GBP2.6 ...

Alliance News 13 March, 2019 | 4:04PM
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LONDON (Alliance News) - Transense Technologies PLC on Wednesday said it has raised GBP2.6 million through a share placing to invest in research and development of its iTrack product.

The company said it issued 4.3 million shares at a price of 60 pence each.

Transense shares were trading 0.6% higher on Wednesday at 66.40p each, giving it a market capitalisation of GBP8.0 million.

The company intends to use the proceeds for working capital to grow and develop its iTrack trade, including the funding of further research and development, which will drive the future growth in iTrack sales.

The placing will comprise the placing of separate tranches of new share. The first tranche of 537,622 shares to be admitted to trading on the AIM market on Tuesday next week.

The second tranche of 1.8 million shares to be admitted to trading on AIM shortly following receipt by the company of advance assurance from the HM Revenue & Customs regarding enterprise investment scheme tax relief.

The third tranche of 950,049 shares to be admitted to trading on AIM conditional on the passing of resolutions to be put to shareholders at the general meeting.

The fourth tranche of 656,666 shares to be admitted to trading on AIM following receipt of HMRC EIS advance assurance and also conditional on the passing of the resolutions.

The fifth tranche of 266,666 shares to be admitted to trading on AIM no earlier than April 8.

"We are pleased by support shown by existing and new institutional and other shareholders in this Placing, highlighting significant investor confidence in our technology," said Executive Chair David Ford.

Separately, the provider of sensor systems reported pretax loss of GBP906,000 for the six months to the end of December 2018 compared to GBP922,000 loss reported a year earlier, despite revenue slipping to GBP933,000 from GBP1.1 million.

"I believe that Transense has experienced a step change in recent months as our technology gains wide acceptance for the first time. Whilst this is not yet reflected in these reported financial results I believe the outlook for the company is extremely encouraging," said Ford.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Transense Technologies PLC 62.00 GBX -0.80 -
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