23/04/2020

Smart Metering Systems plc (AIM: SMS, "SMS", "the Group"), which installs and manages smart meters and carbon reduction assets to facilitate effective energy management, announces that Willie MacDiarmid, the current Non-Executive Chairman, will step down from the Board and as Non-Executive Chairman immediately following the Group's next Annual General Meeting (the "AGM") in June 2020, after six years in the role.

Miriam Greenwood, the current Senior Independent Non-Executive Director, will succeed Willie as Chairman after the AGM. Miriam has been a Non-Executive Director of SMS since 2014.

Graeme Bissett will become the Senior Independent Non-Executive Director after the AGM.

SMS has also appointed Jamie Richards as a Non-Executive Director with immediate effect. Jamie will Chair the Remuneration Committee following the AGM and will also join the Audit and Risk, the IT, the Nominations and the newly-established Health and Sustainability Committee. The latter committee will be chaired by Miriam Greenwood.

Jamie is a chartered accountant and has 25 years' experience in fund management, banking and corporate recovery with a focus on the infrastructure and solar sector. He was a partner and head of infrastructure at Foresight Group for 18 years. Previously, he worked at PwC, Citibank and Macquarie, both in London and Sydney. His other current roles are as a Non-Executive director and audit committee chair for the investment trust US Solar Fund plc and as alternative Chairman of the investment committee of Community Owned Renewable Energy, an investment programme targeting UK solar farms for community ownership.

"It has been a privilege to have chaired SMS over a period of sustained growth and this together with watching the development of the senior team has given me great personal satisfaction. The sale of a portfolio of our assets and the launch of an exciting strategic path for the Group means the AGM is an appropriate time for me to step down as Chair.

"I would like to thank Miriam, Alan and the wider Board for their support and wish the Group continued success."

Willie MacDiarmid

"On behalf of the Board and everyone at SMS, I would like to thank Willie for his considerable contribution over the past six years. Throughout his tenure as Chairman he has provided the Board with wise leadership and strategic counsel.

"I would also like to welcome Jamie. He brings considerable expertise and experience in the infrastructure and solar sectors. It will be invaluable as we execute on our smart meter rollout programme and, importantly, look to grow our investment in carbon reducing assets to create value for all our stakeholders."

Miriam Greenwood
Enquiries:

Smart Metering Systems plc
Dilip Kejriwal, Head of Investor Relations
0141 249 3850

Cenkos Securities plc (Joint Broker and Nomad)
Neil McDonald / Pete Lynch
0131 220 6939 / 020 7397 8900

Investec Bank plc (Joint Broker)
Christopher Baird / Henry Reast
020 7597 5970

Instinctif Partners
Adrian Duffield / Kay Larsen / Chantal Woolcock
SMS@instinctif.com

Other Information

In relation to the appointment of Mr Richards, the Company confirms that there is no further information to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules for Companies save as disclosed below:

Full Name:
James Craig Richards

Age:
48

Current Directorships / Partnerships:

  • Foresight Solar Australia (UK) Limited
  • US Solar Fund Plc

Directorships / Partnerships in last 5 years:

  • CFP 15854 Ltd
  • Foresight Group LLP
  • Foresight Solar (UK Holdco) Limited
  • Foresight European Solar Fund CIP GP Limited
  • FS Holdco Limited
  • FS Holdco 2 Limited
  • FS Debtco Limited
  • Isotraxal Limited
  • Pinecroft Corporate Services Limited
Notes to Editors

SMS plc (www.sms-plc.com) installs smart meters and data loggers that facilitate effective energy management and a low carbon future. Established in 1995, SMS provides a full end-to-end service for metering financing, installation, management and maintenance, with a highly skilled workforce and deep engineering expertise.

SMS's asset management business had 3.7million meter and data assets under management as of 31 December 2019. SMS's smart meter expertise also enables the Company to provide consultancy services that allow organisations and corporates to enhance long term efficiency and effectiveness in the management of energy.

SMS's energy management and asset installation services also include infrastructure design, installation, consultancy and project management services for new gas, electricity, water and telecoms connections for licensed energy and telecoms suppliers, end consumers and the UK's licensed electricity Distribution Network Owners (DNOs). In addition, SMS's FlexiGrid software controls enables installed energy storage systems, renewable energy sources and electric vehicle charging to be fully integrated into the UK's energy systems shaping demand to follow renewable energy supply.

SMS employs in excess of 1,200 people across the UK who support the installation and ongoing management of metering assets.

SMS plc is headquartered in Glasgow with 12 locations across the UK.

SMS's shares are listed on AIM.

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