Leading law firm Pitmans has acted on behalf of AIM broker Hybridan LLP in connection with its successful £2 million fundraising for niche sensor and monitoring developer Transense Technologies plc.
The fundraising completed on 1 July 2010 and saw the placing of 45,288,887 new Ordinary Shares on AIM at a price of 4.5 pence per share, raising £2,038,000 (before expenses) together with 1 warrant for every 1 new ordinary share placed.
Hybridan specialises in raising capital for companies in the most efficient manner possible, whether by straight equity or otherwise, with areas of expertise including equity placing, structured finance, private equity, management buy-outs and take privates.
Janice Wall, corporate partner and head of the London Office at Pitmans, comments: “It was a pleasure to work with Claire and Stephen again on their successful fundraising for Transense Technologies plc in what was a difficult market. Hybridan is a very accomplished, specialised small cap AIM broker successfully raising money for small and micro cap AIM-listed plcs.”
Listed on the Alternative Investment Market (AIM) of the London Stock Exchange, Transense Technologies is a technology transfer company that develops surface acoustic wave (SAW), wireless, batteryless, sensor systems for the automotive and industrial markets. Current applications including tyre pressure monitoring systems and torque systems for electrical power-assisted steering and driveline management.
Claire Noyce, joint managing partner of Hybridan LLP, comments: “Having worked with Pitmans on previous fundraisings, we knew that the firm had the expertise and experience to provide the service and advice we needed for this placing. With all placings it is absolutely imperative to assemble the best team possible and Pitmans was an integral part of the fundraising’s success.”
September 2nd, 2010 at 4:03 pm
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