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Transense Technologies

  • BY: Andrew Hore |
  • POSTED: 09/06/2013 |

Sensor systems developer Transense Technologies is raising up to £4.25m from a placing and offer for subscription at 7.5p a share. 

The placing will raise £3.2m and the offer for subscription could raise up to £1.05m. Transense has some supportive small shareholders so there should be interest in the offer. The net proceeds will be up to £4m.

The cash will be used for working capital and to finance further product development and field support for the company’s existing products. Switchgear sensors supplier IntelliSAW and tyre management sensors supplier Translogik have both been winning new orders. The latter announced what were then its two largest ever orders during May. Dunlop Japan has also put in a $450,000 order. At the same time as the fundraising, Translogik announced a £1m order from miner Anglo American, with additional recurring revenues of £500,000 a year.

There was an operating cash outflow of just over £1m in the six months to December 2012. There was £813,000 in the bank. In March, Transense raised £300,000 at 10p a share.

The share price has fallen by one-quarter to 8.25p, which values Transense at £16.6m. The share price is still higher than at the beginning of the year.

One year ago Transense raised £1.76m at 10p a share.

Transense is also seeking shareholder approval for a share incentive scheme for the employees of its US subsidiary IntelliSAW. A $450,000 Asian order for switchgear sensors was recently reported by IntelliSAW.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2013_44.pdf

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