Smart Metering Systems PLC New Banking Arrangements (1759R)

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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March 07, 2016 02:00 ET (07:00 GMT)

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