REG - Transense Technlgy - Share Repurchase Programme

Transense TechnologiesAnnouncement

27/09/2022 07:16

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RNS Number : 7146A  Transense Technologies PLC  27 September 2022

 

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 which is part of UK law by virtue of the European Union (withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

27 September 2022

 

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 £650,000 (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The Company confirms that it currently has no unpublished inside information.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, 27 September 2022, and will continue until
30 November 2023 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 2023.
Purchases under the Programme prior to the Annual General Meeting of the
Company to be held on 1 December 2022 will be restricted to an aggregate of
£150,000, and the balance of the Programme will continue after the Annual
General Meeting subject to renewal of the appropriate authority by the
shareholders.

 

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 & Corporate Broking)
 Walbrook PR                                        Tel: +44 (0)20 7933 8780

 Tom Cooper / Nick Rome                             Transense@walbrookpr.com

 

Notes to Editors:

Transense is a developer of specialist wireless sensor systems used to
enable real-time data gathering and monitoring.  Products include the
patent protected Surface Acoustic Wave (SAW) sensor technology, used to
improve equipment power, performance, reliability and efficiency; iTrack,
Transense 's Tyre Pressure Monitoring System, licensed to Bridgestone
Corporation, the world's largest tyre producer, under a ten-year deal in June
2020; and a range of intelligent tyre monitoring equipment under the
Translogik brand. Target sectors include aerospace, electric motors &
drives, industrial machinery and performance automotive.

The Company's strategy is to maximise shareholder value through the delivery
of sustained revenue growth from all three principal technologies - SAW,
iTrack and Translogik probes - through leveraging excellence in innovation,
know-how in commercialising technologies, industry partnerships and exposure
to global growth markets.

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.  www.transense.com (http://www.transense.com/) .

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

 

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