Smart Metering Systems PLC Issue of shares (6566T)
March 31 2016 - 2:28AM
UK Regulatory
TIDMSMS
RNS Number : 6566T
Smart Metering Systems PLC
31 March 2016
31 March 2016
Smart Metering Systems plc
("SMS" or "the Company")
Issue of shares
Smart Metering Systems plc (AIM: SMS.L), the integrated metering
services company that connects, owns, operates and maintains
current generation and new advanced metering assets and databases,
announces the payment of the first tranche of consideration for the
acquisitions of CH4 Gas Utility and Maintenance Services Limited
("CH4") and Qton Solutions Limited ("Qton Solutions") (together,
the "Acquisitions").
As announced on 21 March 2016, the initial consideration for the
acquisitions of CH4 and Qton Solutions is GBP2 million and GBP2.9
million respectively and is to be satisfied through the issue of
new ordinary shares in SMS ("New Ordinary Shares") at a price of
391.775p per New Ordinary Share. In both Acquisitions, the initial
consideration is subject to a completion accounts adjustment and,
accordingly, SMS has with effect from 29 March 2016 made the
following payments:
1. To CH4 shareholders, GBP1.6 million to be satisfied by the
issue of 408,399 New Ordinary Shares; and
2. To Qton Solutions shareholders, GBP2.6 million to be
satisfied by the issue of 663,656 New Ordinary Shares.
A second and final tranche of the initial consideration for the
Acquisitions will be made following agreement of the completion
accounts in each Acquisition.
Application has been made to the London Stock Exchange for the
1,072,055 New Ordinary Shares Shares to be admitted to trading on
AIM. It is expected that admission to AIM of the New Ordinary
Shares will become effective and that dealings will commence on 5
April 2016.
Following the issue of the New Ordinary Shares, the Company has
87,191,546 ordinary shares in issue. SMS does not currently hold
any shares in treasury. Accordingly, this figure of 87,191,546
ordinary shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
For further information:
Smart Metering Systems
plc 0141 249 3850
Alan Foy, Chief Executive
Officer
Glen Murray, Finance Director
0131 220 6939 / 0207 397
Cenkos Securities plc 8900
Neil McDonald
Nick Tulloch
Kreab 020 7074 1800
Matthew Jervois
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 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.
CH4 Gas Utility and Maintenance services Limited
CH4 currently has capacity to install over 160,000 new domestic
smart metering installations annually once the current workforce
are through full training, indeed over 40 of these engineers are
already accredited and have installed over 100,000 gas and electric
domestic smart meters for energy suppliers independently of SMS
thus far. Overall, CH4 adds 100 engineers and 60 contractors, of
which 40 are dual fuel engineers.
In addition CH4 own a domestic smart dual fuel (gas and
electricity meters) accredited training academy which will assist
in providing additional fully trained installation capacity in
support of SMS.
Qton Solutions Limited
Qton Solutions have a fully tried, tested and implemented
solution for all filed management activities involved in domestic
smart installations from shared appointment booking with installers
and energy suppliers to stock, resource scheduling, installations
management, asset registration and more; all key components for
successful delivery of customer contracts and providing confidence
for new customers to contract for their new domestic gas and
electricity smart metering requirements.
About UK Domestic Smart Meter Market
The domestic smart meters project is overseen by the Department
of Energy and Climate Change ("DECC") and aims to install smart
meters in homes and small businesses across the UK by 2020.
While DECC are responsible for the overall project management
and monitoring, Ofgem are responsible for ensuring customers are
protected during the installation phase. Capita has been appointed
as the project manager for the data communications standards and
Smart Energy GB (a Government funded body) are responsible for the
communications campaign.
This initiative requires every home and small business in the UK
to have smart or advanced meter functionality by 2020. This will
require significant investment for rolling out and replacing
approximately 22 million domestic gas meters and 27 million
electricity meters.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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