REG - Transense Technlgy - Share Repurchase Programme

Transense TechnologiesAnnouncement

22/02/2022 07:15

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RNS Number : 3474C  Transense Technologies PLC  22 February 2022

 

This announcement contains inside information for the purposes of the UK
version of the Market Abuse Regulation 596/2014/EU (which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018)

 

 

Transense Technologies plc

("Transense" or "the Company")

 

Share Repurchase Programme

 

Transense Technologies plc (AIM: TRT), the developer of specialist sensor
systems, is pleased to announce that it will commence a programme to conduct
market purchases of ordinary shares of 10 pence each in the Company ("Ordinary
Shares") up to a maximum aggregate purchase price of £300,000 (the
"Programme").

 

The Company has entered into an arrangement with Shard Capital Stockbrokers
("Shard") in relation to the Programme where Shard will make the trading
decisions concerning the timing of the market purchases of Ordinary Shares
independently of and uninfluenced by the Company, with such trading decisions
being in accordance with the terms of the Programme. Purchases may continue
during any periods during the term of the Programme when the Company itself
would be prohibited from dealing by the UK version of the Market Abuse
Regulation 596/2014/EU (which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018) ("UK MAR").  The Company reserves the right to
terminate the programme if at any time it deems this to be appropriate and
would make an announcement in advance of so doing.

 

The Company confirms that it currently has no unpublished inside information.

 

The Programme will commence today, 22 February 2022, and will continue until
31 October 2022 unless terminated earlier.

 

The Programme will be conducted by the Company in accordance with and under
the terms of the general authority granted by the Company's shareholders at
the Company's Annual General Meeting on 23 November 2021 to purchase up to
1,643,774 Ordinary Shares. This authority will expire at the earlier of the
end of the next Annual General Meeting of the Company or 23 February 2024.

 

Any market purchases will be conducted in compliance with the following
restrictions regarding price conditions:

·    the minimum price (exclusive of any expenses) at which any Ordinary
Share may be purchased shall be its nominal value of 10 pence

·    the maximum price (exclusive of any expenses) at which any Ordinary
Share may be purchased shall be the higher of: (i) an amount equal to 5 per
cent, above the average of the middle market quotations of an Ordinary Share
as derived from the London Stock Exchange Daily Official List for the five
business days immediately preceding the date of such purchase, and (ii) the
higher of the price of the last independent trade and the highest current
independent bid on the trading venue where the purchase is carried out.

 

Due to the limited liquidity in the Ordinary Shares, any market purchase of
Ordinary Shares pursuant to the Programme on any trading day could represent a
significant proportion of the daily trading volume in the Ordinary Shares on
AIM and could exceed 25 per cent. of the average daily trading volume.  This
means that the Company will not benefit from the exemption contained in
Article 5(1) of UK MAR.

 

The objective of the Programme is to offset the dilutive impact of share
awards to directors and employees.

 

Ordinary Shares acquired as a result of the Programme will be held by the
Company in treasury and in accordance with the Companies Act 2006, will not
have any voting rights. It is anticipated that any Ordinary Shares held in
treasury but surplus to unexercised option requirements from time to time will
be cancelled.

 

For further information please visit www.transense.com or contact:

 Transense Technologies plc                         Via Walbrook PR

 Nigel Rogers (Executive Chairman)

 Melvyn Segal (CFO)
 Allenby Capital (Nominated Adviser and Broker)     Tel: +44 (0)20 3328 5656

 Jeremy Porter / George Payne (Corporate Finance)

 Tony Quirke (Sales and Corporate Broking)
 Walbrook PR                                        Tel: +44 (0)20 7933 8780

 Tom Cooper/Nick Rome/Nicholas Johnson              Transense@walbrookpr.com

 
 Notes to Editors:

 Transense develops and supplies wireless sensor technology and systems. The
 Company has three business areas:

 ·    SAW, patent protected Surface Acoustic Wave sensor technology that
 provides real time measurement of torque, temperature, pressure and strain,
 that is used to improve efficiency, performance and safety of propulsion
 systems and machinery;

 ·    Translogik, smart, connected commercial vehicle tyre inspection
 equipment, used by vehicle fleets to more easily gather and maintain accurate
 tyre safety and condition data; and

 ·    iTrack, a tyre pressure monitoring system for off-highway machinery,
 licensed exclusively to Bridgestone Corporation, the world's largest tyre
 producer, under a ten-year deal.

 Target market sectors include automotive, aerospace and industrial machinery.
 The Group's strategy is to leverage excellence in innovation, know-how in
 wireless sensor technologies and form industry partnerships in these global
 growth sectors to maximise shareholder value through sustained revenue growth
 from all three principal technologies - SAW, iTrack and Translogik.

 Transense is headquartered in Oxfordshire, UK, and was admitted to trading on
 AIM, a market operated by the London Stock Exchange (AIM: TRT), in 1999.

 For further information please contact transense@walbrookpr.com
 (mailto:transense@walbrookpr.com)

 

 

Notes to Editors:

 

Transense develops and supplies wireless sensor technology and systems. The
Company has three business areas:

·    SAW, patent protected Surface Acoustic Wave sensor technology that
provides real time measurement of torque, temperature, pressure and strain,
that is used to improve efficiency, performance and safety of propulsion
systems and machinery;

·    Translogik, smart, connected commercial vehicle tyre inspection
equipment, used by vehicle fleets to more easily gather and maintain accurate
tyre safety and condition data; and

·    iTrack, a tyre pressure monitoring system for off-highway machinery,
licensed exclusively to Bridgestone Corporation, the world's largest tyre
producer, under a ten-year deal.

Target market sectors include automotive, aerospace and industrial machinery.
The Group's strategy is to leverage excellence in innovation, know-how in
wireless sensor technologies and form industry partnerships in these global
growth sectors to maximise shareholder value through sustained revenue growth
from all three principal technologies - SAW, iTrack and Translogik.

Transense is headquartered in Oxfordshire, UK, and was admitted to trading on
AIM, a market operated by the London Stock Exchange (AIM: TRT), in 1999.

For further information please contact transense@walbrookpr.com
(mailto:transense@walbrookpr.com)

 

 

 

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