Smart Metering Systems PLC New Banking Arrangements (1759R)
March 07 2016 - 2:00AM
UK Regulatory
TIDMSMS
RNS Number : 1759R
Smart Metering Systems PLC
07 March 2016
Smart Metering Systems plc
("SMS" or "the Company")
New Banking Arrangements
Smart Metering Systems plc (AIM: SMS.L), is pleased to announce
that it has agreed a new GBP150 million revolving credit facility
(the "RCF") with a club of banks which comprises Barclays Bank PLC,
Bank of Scotland PLC and Santander UK PLC. The RCF replaces the
Group's existing GBP105 million facility, which was announced in
March 2014 and subsequently amended in November 2014, and is also
on improved terms.
This increased funding will provide SMS with significant
additional financial flexibility as it seeks to accelerate growth
and increase investment in its asset base, both in the industrial
and commercial ("I&C") market and with the domestic smart meter
rollout, which is now underway.
Alan Foy, Chief Executive Officer of SMS, commented:
"I am delighted that our lenders continue to show such great
support for SMS and its strategy. The improvement to an already
competitive facility will provide SMS with a significant additional
source of finance."
For Further Information:
Smart Metering Systems
plc 0141 249 3850
Alan Foy, Chief
Executive Officer
Glen Murray, Finance
Director
Cenkos Securities
plc 0131 220 6939 / 0207 397 8900
Neil McDonald
Nick Tulloch
Kreab 020 7074 1800
Matthew Jervois
Natalie Biasin
Chris Philipsborn
Daniel Holgersson
Notes to Editors
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc, based in
Glasgow, connects, owns, operates and maintains metering systems
and databases on behalf of major energy companies. The Company
provides a fully integrated service from beginning to end to cover
the installation of a gas/electricity supply/connection to the
procurement, installation and management of a gas or electricity
meter asset to the collection and management of customer data and
ongoing energy management services.
The Company has further applications for gas with its ADM(TM)
device which allows "smart" functions such as remote reading and
half-hourly consumption data to be offered to customers in addition
to the normal metering services. The Company was admitted to the
AIM market in July 2011 and is now part of the FTSE AIM 50 index.
For more information on SMS please visit the Company's website:
www.sms-plc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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