News blog
Transense Technologies
- BY: Andrew Hore |
- POSTED: 16/11/2007 |
Transense Technologies has asked for its shares to be suspended after its proposal to acquire Bishop Technologies was voted down by shareholders.
Automotive IP company Transense wanted the EGM to be adjourned but the shareholders didn’t agree.
There were 13,897,095 ordinary shares voted in favour of the resolution to acquire fellow automotive IP developer Bishop Technologies and 18,432,290 against. That is a comprehensive defeat which leaves little doubt that shareholders didn’t feel it was the right move for the company.
However, Transense now needs to raise cash to carry on trying to sell its tyre pressure monitors to car makers. It has been a long slog and Transense hasn’t had much real success in generating revenues. There is little reason to think it won’t continue that way for the foreseeable future. Transense needs to show that it can change things and get nearer to producing significant revenues.
The shares were suspended at 28.25p.
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