29th Jun 2015 07:08
LONDON (Alliance News) - Transense Technologies PLC on Monday said it is to raise a total of GBP3 million via a two-tranche placing with new institutional and other investors and said Nigel Rogers will be appointed non-executive deputy chairman following the placing.
Transense, which provides transportation sensor systems, said it has conditionally placed 135.1 million shares at 1.5 pence per share to raise GBP2 million and has proposed raising a further GBP1 million via the issue of 66.6 million shares to existing shareholders.
Transense shares were down 20% just after the open to 1.7 pence, one of the worst performers in the AIM All-Share.
"We are delighted by the support received from both existing and new investors. The funds raised will enable Translogik to enter into further contracts on a rental basis, expand our sales channels and provide general working capital. The proposed Board appointment of Nigel Rogers further strengthens the management team, bringing a wealth of growth company experience. We look forward to the future with confidence," said Chief Executive Graham Storey.
By Sam Unsted; [email protected]; @SamUAtAlliance
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