News blog
Transense Technologies
- BY: Andrew Hore |
- POSTED: 15/11/2007 |
Transense Technologies appears to have admitted defeat in its attempt to acquire Bishop Technologies.
Proxy votes indicate that there is a majority against the transaction. That means that Transense will need to raise cash in the near future in order to continue trading. Shareholders have indicated that they are willing to invest £3m at 23p a share. This is just a proposal and Transense intends to adjourn the EGM on Friday 16 November until the following Friday. It will then try to finalise the fundraising.
There is still a possibility that if the fundraising isn’t agreed by the 23 November that some of the shareholders might have a change of heart and vote for the Bishop transaction. At this point it doesn’t seem likely.
There doesn’t appear to be any inducement fee payable to Bishop if the transaction doesn’t go ahead.
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