Transense Technologies (AIM:TRT) - sale of business brings money and breathing space
The owner of some very nifty patent-protected sensor systems and supporting technology has announced an agreement to sell its IntelliSAW business for US$5m, far above what many were expecting.
The acquirer is US giant Emerson who will also pay a one-off license fee as part of the transaction to secure exclusive use of Transense Technologies’ IP relating to the IntelliSAW business. The total sum payable to Transense Technologies net of all costs will be approximately £2.9m and equates to approximately 50% of the AIM quoted businesses market capitalisation before the announcement was made. The sale of IntelliSAW, plus the £2.5m raised from the recent placing and offer, provide Transense with a strong cash position, which will be used to accelerate commercial developments in the two remaining divisons, Translogik and…