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 £2 million and £2.9 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, £1.6 million to be satisfied by the issue of 408,399 New Ordinary Shares;
and 2. To Qton Solutions shareholders, £2.6 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.
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
Kreab 020 7074 1800