In the Company of Mavericks

Jeremy McKeown has fascinating conversations with entrepreneurs who dared to be different.

<< Back to In the Company of Mavericks archive

May 2, 2024

This Time It’s Different with Nigel Rogers and Ryan Maughan of Transense Technologies & Laurence Hulse of Onward Opportunities

I sit on the Investment Committee of the AIM-listed Onward Opportunities investment fund managed by Dowgate Wealth. I have a personal investment in Onward. Dowgate Group owns 9.26% of Transense Technologies PLC, of which Onward Opportunities owns 6.96%.

Last year, Onward's fund manager, Laurence Hulse, proposed an investment in Transense Technologies. My initial reaction could best be described as having a Victor Meldrew moment. Those with stock market memories may recall that Transense has a history of failing to meet its ambitious plans and targets and repeatedly returned to investors to back its innovative sensor technology.

In 2007, Transense had a market cap of £60m and forecast revenue of £300,000. Its exciting disruptive technology, Surface Acoustic Wave (SAW), was destined to achieve widespread adoption in the automotive industry. However, this didn't happen, and instead, Transense developed a well-earned reputation for serial stock market underachievement.   

As Sir John Templeton said, the four most dangerous words in investing are, This Time It's Different. With these words in mind, on today's episode, I am joined by Laurence to hear how Executive Chairman Nigel Rogers and Managing Director Ryan Maughan have repositioned this failed AIM-listed, blue-sky growth stock of the early 2000s. It is a fascinating case study of how UK-listed microcap companies can become forgotten and ignored as recovery strategies are implemented and latent value is created. As Nigel mentions, the AIM market is far from perfect.

Today, Transense has a market cap of just £15m and is only now beginning to exploit SAW's true potential in areas like motorsport, EVs, aerospace and robotics. Following an innovative licensing deal with tyre giant Bridgestone that has effectively underwritten the business's foreseeable future, Transense today is led by a combination of Nigel's experienced financial nouse and Ryan's proven engineering credentials and entrepreneurial instincts.

In this episode, we learn how Transense Technologies has been right-sized and can face the future on a firm financial footing, giving it time to exploit opportunities in SAW and its tyre-measuring device business, Translogik.   

Please enjoy our conversation with Nigel and Ryan of Transense Technologies and why this time, it's different.       

Brought to you by Progressive Equity Research.     

This communication is provided for information purposes only, and is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities or units. Investors should seek advice from an Independent Financial Adviser or regulated stockbroker before making any investment decisions. Progressive Equity Research Ltd (“PERL”) does not make investment recommendations.

Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position,  and/or may perform services or solicit business from, any of the companies or related securities mentioned.

Any prices quoted in our research are as at the previous day’s close.