AGM Trading Update and Director Appointments

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

Transense Technologies plc

("Transense" or the "Company")

AGM trading update, Director appointments and

 Investor Event

Transense Technologies plc (AIM: TRT), the provider of specialist sensor systems, is pleased to provide a trading update ahead of its Annual General Meeting at noon today and to announce the appointment of two executive directors to the Board of the Company: Nick Hopkins MBA as Chief Operating Officer, and Ryan Maughan FIMechE MSc as Business Development Director. These appointments take effect from 1 December 2021.

AGM trading update

Revenues in the financial year to date are in line with the Board's expectations and ahead of the level achieved in the equivalent period last year. Trading results to 31 October 2021 were profitable and cash generative, with net cash at 31 October 2021 of £1.34m (30 June 2021: £1.05m). The Board is pleased with overall progress and optimistic about the outlook for the full year and beyond.

Nick Hopkins - Chief Operating Officer

Nick joined Transense in June 2020 as Managing Director of its Surface Acoustic Wave (SAW) business. Since his appointment, he has overseen all the commercial and operational activities of the SAW business, including cementing existing long-term relationships with key customers and suppliers, and providing leadership to the team. Before joining Transense, Nick had several years of business experience in the electronics sector using SAW for Test and Instrumentation, following a military career which included the command of an Army Air Corps operational helicopter squadron and operational and capability equipment roles with the Joint Helicopter Command. He now joins the Board of Transense as Chief Operating Officer with responsibility for the SAW business.

Ryan Maughan - Business Development Director

Ryan joins the Board as Business Development Director, a part-time executive role that represents a significant extension of his current activities as a member of the Company's SAW Commercial Advisory Panel, SAWCAP. He will lead Transense's business development, commercial and marketing activities for SAW, reporting to the Board. He will help to develop commercial opportunities in propulsion systems and complex machine control, where SAW sensor technology delivers improvements in performance, efficiency, safety and reliability.

Ryan is an award-winning engineer and business leader with more than 20 years' experience in the high-performance, heavy-duty and off-highway automotive markets. Prominent in the development of power electronics, electric motors and drives (PEMD) for these demanding applications, he has successfully founded, scaled and sold three businesses in the electric vehicle space. He is currently CEO of eTech49 Limited, an advisory business specialising in disruptive hardware technology in PEMD. In addition, he is Chairman of EV North, an industry group representing the booming electric vehicle industry in the north of England, a Board member of the North East Local Enterprise Partnership and an advisor to a number of corporations.

For the purposes of the AIM Rules for Companies, further details of Nick Hopkins and Ryan Maughan are set out further below.

Board structure and governance

In the light of these executive appointments, the Board intends to appoint an additional independent non-executive director to the Board within the next six months.

The Board is, as always, mindful of the need to maintain an appropriate cost structure for the Company whilst the SAW business is in the commercialisation phase. Accordingly, the basic fees and salaries of the Board as a whole have been agreed at levels that continue to be affordable from existing budgets.

Investor Meet Company event on Tuesday 23 November 2021 at 2pm

As previously announced, Nigel Rogers (Executive Chairman) and Melvyn Segal (Chief Financial Officer) will host an update for investors after the AGM at 2pm today using the digital platform Investor Meet Company. Nick Hopkins and Ryan Maughan will be introduced at this event, and available to answer investor questions.

To attend the event, investors can sign up to Investor Meet Company for free and select to meet Transense Technologies plc via the following link: https://www.investormeetcompany.com/transense-technologies-plc/register-investor. Investors who have already registered and selected to meet the Company will automatically be invited to the event.

Questions can be submitted before the event to transense@walbrookpr.com or in real time during the presentation via the "Ask a Question" function.

Executive Chairman, Nigel Rogers, commented:

"We are delighted to welcome Nick and Ryan to the Board of Transense. Under Nick's leadership over this past year, customer and supplier relationships have been strengthened further, and our engineering capabilities have been enhanced through key new staff appointments. Ryan has provided invaluable input to our business development capability through his involvement in SAWCAP, and we are delighted that he is joining the Board to build on this early success."

Director disclosures

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies:

Nicholas St John Hopkins (61 years of age) owns 23 ordinary shares in the Company (representing 0.00014% of the Company's issued ordinary shares). In addition, he holds 100,000 options to acquire new ordinary shares in the Company, exercisable at a price of 62 pence each between 24 June 2023 and 24 June 2030, and he has now been granted a further 25,000 options to acquire new ordinary shares in the Company, exercisable at nominal value of 10 pence per share between 22 November 2024 and 22 November 2031, all subject to the satisfaction of appropriate performance targets. 

Mr Hopkins is currently a director of Sensaw Limited and during the past five years has been a director of the following companies:

AEL Communications Ltd

Antennares Sarl (France)

Astel Communications Sarl (France)

Communication Technical Services Limited

Hilomast LLC (USA)

Hilomast Ltd

MinnsBalluns Ltd

SMC Solutions LLC (USA)

SMC Spain SL (Spain)

South Midlands Communications Ltd

South Condominium Association, Inc. (USA)

SMC Spain SL (Spain)

Ryan Ellis Maughan (42 years of age) owns 5,365 ordinary shares in the Company (representing 0.033% of the Company's issued ordinary shares). In addition, he has been granted 50,000 options to acquire new ordinary shares in the Company, exercisable at nominal value of 10 pence per share between 22 November 2024 and 22 November 2031, subject to the satisfaction of appropriate performance targets.

Mr Maughan is currently a director of eTech49 Limited and during the past five years has been a director of the following companies:

AVID TechnologyGroup Limited

AVID Technology Limited

AVID Innovation Limited

AVID Vehicles (Projects) Limited           

AVID Thermal Technology Limited

AVID Electric Vehicles Limited

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

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, automotive (high performance and off-road) and complex machine control.

The Group'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

For further information please contact transense@walbrookpr.com.