TIDMSMS
RNS Number : 6401L
Smart Metering Systems PLC
14 September 2021
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
PLEASE SEE THE IMPORTANT NOTICES AT THE OF THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
14 September 2021
Smart Metering Systems plc
Results of equity raise
Smart Metering Systems plc (AIM: SMS.L) ("SMS" or the "Group")
announced yesterday details of a conditional fundraising to raise
approximately GBP175 million (before expenses) (the "Fundraising")
pursuant to a placing with institutional shareholders (the
"Placing") and a subscription by certain directors of the Group
(the "Subscription").
The Placing was conducted by way of an accelerated bookbuild
process (the "Bookbuild") which was managed by Cenkos Securities
plc ("Cenkos"), Investec Bank plc ("Investec") and RBC Capital
Markets ("RBC") (the "Joint Bookrunners").
The Group is pleased to confirm that the Bookbuild has been
completed and the Group has, conditionally, raised gross proceeds
of GBP175 million through the Fundraising by way of an
oversubscribed placing of, and subscription for, a total of
19,453,777 new Ordinary Shares (the "New Ordinary Shares") at an
issue price of 900 pence each (the "Issue Price").
The Issue Price represents a discount of 6.2 per cent. to the
volume weighted average price of the Group's shares in the 20
trading days prior to 13 September 2021 (being the last Business
Day prior to the announcement of the Fundraising). The New Ordinary
Shares will represent approximately 14.6 per cent of the Group's
issued Ordinary Shares following Admission.
The New Ordinary Shares will be issued and credited as fully
paid and will rank on Admission pari passu in all respects with
each other and with the Existing Ordinary Shares.
The Placing and the Subscription are conditional upon, amongst
other things:
-- the passing of the Resolutions without amendment to be proposed at the General Meeting;
-- the Placing Agreement having become unconditional (save for
Admission) and not having been terminated in accordance with its
terms prior to Admission; and
-- Admission taking place by no later than 8.00 a.m. on 4
October 2021 or such later date (being not later than 3.00 p.m. on
18 October 2021) as the Joint Bookrunners may agree in writing with
the Group.
Director Participation
The following Directors of the Company have entered into
Subscription Agreements with the Company to subscribe conditionally
for Subscription Shares at the Issue Price with effect from
Admission:
Director Number of Number of Number of Percentage
Existing Ordinary Subscription Ordinary Shares of enlarged
Shares Shares on Admission issued share
capital on
Admission
(%)
Miriam Greenwood 23,350 2,111 25,461 0.019
------------------- -------------- ----------------- --------------
Graeme Bisset 15,316 2,777 18,093 0.014
------------------- -------------- ----------------- --------------
Gavin Urwin Nil 2,222 2,222 0.002
------------------- -------------- ----------------- --------------
Tim Mortlock 5,263 2,222 7,485 0.006
------------------- -------------- ----------------- --------------
The notifications below, made in accordance with the
requirements of the UK Market Abuse Regulation, provide further
detail.
Next Steps
The General Meeting is expected to be held on 1 October 2021 at
9.00 a.m. for the purpose of passing the Resolutions.
The Circular, containing the Notice of the General Meeting,
which sets out the Resolutions and further details on the Placing,
is expected to be despatched to Shareholders of the Group on or
about 15 September 2021. The Circular will include a unanimous
Board recommendation that all shareholders vote in favour of the
Resolutions.
Application will be made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM. It is
currently expected that Admission will become effective, and that
dealings in the New Ordinary Shares will commence on AIM, at 8.00
a.m. on 4 October 2021. The total issued share capital of the
Group, as increased by the New Ordinary Shares, immediately
following Admission (and excluding any issues of shares pursuant to
the exercise of any employee share incentives between the date of
this announcement (the "Announcement") and Admission) will be
133,210,459 Ordinary Shares.
The expected timetable set out in the Group's announcement
regarding the proposed Fundraising released yesterday remains
unchanged and is, for reference, set out again below.
The times and dates set out below, and mentioned throughout this
Announcement, are subject to change, and may be adjusted by the
Group in consultation with the Joint Bookrunners. The timetable
below also assumes that the Resolutions are all passed at the
General Meeting without adjournment. In the event of any
significant changes from the expected timetable below, details of
the new times and dates will be notified to Shareholders by an
announcement on a Regulatory Information Service.
Posting of the Circular, the Notice 15 September 2021
of General Meeting and the Forms of
Proxy
Latest time and date for receipt of 9.00 a.m. on 29 September
Forms of Proxy 2021
Voting record date 10.00 p.m. on 29 September
2021
General Meeting 9.00 a.m. on 1 October
2021
Admission effective and dealings in 8.00 a.m. on 4 October
Placing Shares expected to commence 2021
on AIM
Notes
1. Each of the times and dates in the above timetable, and
shown elsewhere in this Announcement, are indicative only
and if any of the details contained in the timetable above
should change, the revised times and dates will be notified
to Shareholders by means of an announcement through a Regulatory
Information Service.
2. All of the above times refer to London time unless otherwise
stated.
3. All events listed in the above timetable following the
General Meeting are conditional on the passing of the Resolutions
at the General Meeting.
Capitalised terms not otherwise defined in the text of this
Announcement have the meanings given in the Group's announcement
regarding the proposed Fundraising released at 4.35 p.m. on 13
September 2021.
For further information, please contact:
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
Dilip Kejriwal, Investor Relations
Cenkos Securities plc (Joint Bookrunner 0131 220 6939 / 020 7397
and Nomad) 8900
Neil McDonald / Pete Lynch
Investec Bank plc (Joint Bookrunner) 020 7597 5970
Christopher Baird / Henry Reast
RBC Capital Markets (Joint Bookrunner) 020 7653 4000
Matthew Coakes / Duncan Smith / Evgeni
Jordanov
Instinctif Partners sms@instinctif.com
Tim Linacre / Guy Scarborough / Sarah
Hourahane
Notes to Editors
Smart Metering Systems plc (www.sms-plc.com) is the fully
integrated energy infrastructure company owning and managing meter
assets, energy data, grid-scale batteries and other carbon
reduction (CaRe) assets. The Group manages and optimises these
assets through its in-house technology and data analytical platform
"METIS".
Established in 1995, SMS provides a full end-to-end service,
from funding and installation to management and maintenance, with a
highly skilled workforce, deep engineering expertise and
well-established industrial partnerships.
SMS is leading the low carbon, smart energy revolution in the UK
and is committed to reducing its own carbon emissions to net zero
by 2030. In 2019, SMS was also awarded the London Stock Exchange
Green Economy Mark.
SMS plc is headquartered in Glasgow with a national presence
across twelve UK locations.
SMS's shares are listed on AIM.
IMPORTANT NOTICES
THIS ANNOUNCEMENT, INCLUDING THE APPICES AND THE INFORMATION
CONTAINED IN THEM, IS RESTRICTED AND IS NOT FOR PUBLICATION,
RELEASE, FORWARDING OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, ITS
TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE
DISTRICT OF COLUMBIA (COLLECTIVELY, THE "UNITED STATES") (OTHER
THAN PURSUANT TO CERTAIN EXEMPTIONS), AUSTRALIA, CANADA, SOUTH
AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH
PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. FURTHER,
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN
OFFER OF SECURITIES IN ANY JURISDICTION. THIS ANNOUNCEMENT HAS NOT
BEEN APPROVED BY THE LONDON STOCK EXCHANGE, NOR IS IT INTED THAT IT
WILL BE SO APPROVED.
This announcement or any part of it does not constitute or form
part of any offer to issue or sell, or the solicitation of an offer
to acquire, purchase or subscribe for, any securities in the United
States, Canada, Australia, South Africa, Japan or any other
jurisdiction in which the same would be unlawful. No public
offering of the Placing Shares is being made in any such
jurisdiction.
No action has been taken by the Company, Cenkos Securities plc
("Cenkos"), Investec Bank plc ("Investec"), RBC Europe Limited
("RBC and, together with Cenkos and Investec, the "Bookrunners") or
any of their respective affiliates, or any person acting on its or
their behalf that would permit an offer of the Placing Shares or
possession or distribution of this announcement or any other
offering or publicity material relating to such Placing Shares in
any jurisdiction where action for that purpose is required. Persons
into whose possession this announcement comes are required by the
Company and the Joint Bookrunners to inform themselves about, and
to observe, such restrictions.
No prospectus, offering memorandum, offering document or
admission document has been or will be made available in connection
with the matters contained in this announcement and no such
prospectus is required (in accordance with Regulation (EU) No
2017/1129 (as amended) (the "Prospectus Regulation") or the UK
version of the Prospectus Regulation as it forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018 (the "UK
Prospectus Regulation")) to be published.
The Placing Shares have not been and will not be registered
under the US Securities Act of 1933, as amended (the "Securities
Act"), or with any securities regulatory authority of any State or
other jurisdiction of the United States, and may not be offered,
sold, or transferred, directly or indirectly, in or into the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and in compliance with the securities laws of any State or any
other jurisdiction of the United States. Accordingly, the Placing
Shares will be offered and sold only (i) outside of the United
States in "offshore transactions" (as such term is defined in
Regulation S under the Securities Act ("Regulation S")) pursuant to
Regulation S and otherwise in accordance with applicable laws; and
(ii) in the United States to persons who are "qualified
institutional buyers" (as defined in Rule 144A under the Securities
Act) ("QIBs") and who have delivered to the Company and the Banks a
US Investor Letter substantially in the form provided to it, in
each case, pursuant to an exemption from, or in a transaction not
subject to, registration under the Securities Act. No public
offering of the Securities will be made in the United States or
elsewhere.
The Placing has not been approved or disapproved by the US
Securities and Exchange Commission, any state securities commission
in the United States or any US regulatory authority, nor have any
of the foregoing authorities passed upon or endorsed the merits of
the Placing, or the accuracy or adequacy of this presentation. Any
representation to the contrary is a criminal offence in the United
States.
This announcement has not been approved by the Financial Conduct
Authority (the "FCA") or the London Stock Exchange.
In member states of the European Economic Area (the "EEA"), this
announcement is directed at and is only being distributed to
"qualified investors" within the meaning of Article 2(e) of the
Prospectus Regulation ("Qualified Investors"). In the United
Kingdom, this announcement is directed at and is only being
distributed to "qualified investors" within the meaning of Article
2(e) of the UK Prospectus Regulation who are also (i) persons
having professional experience in matters relating to investments
who fall within the definition of "investment professional" in
Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order"); or (ii)
high net worth companies, unincorporated associations and
partnerships and trustees of high value trusts as described in
Article 49(2)(a) to (d) of the Order; or (iii) other persons to
whom it may otherwise lawfully be communicated (all such persons
together being "Relevant Persons"). Any investment or investment
activity to which this announcement relates is available only to
(i) in any member state of the EEA, Qualified Investors; and (ii)
in the United Kingdom, Relevant Persons, and will be engaged in
only with such persons. This announcement must not be acted on or
relied on (i) in any member state of the EEA, by persons who are
not Qualified Investors; and (ii) in the United Kingdom, by persons
who are not Relevant Persons.
The relevant clearances have not been, nor will they be,
obtained from the securities commission of any province or
territory of Canada, no prospectus has been lodged with, or
registered by, the Australian Securities and Investments Commission
or the Japanese Ministry of Finance; the relevant clearances have
not been, and will not be, obtained for the South Africa Reserve
Bank or any other applicable body in South Africa in relation to
the Placing Shares and the Placing Shares have not been, nor will
they be, registered under or offering in compliance with the
securities laws of any state, province or territory of Australia,
Canada, South Africa or Japan. Accordingly, the Placing Shares may
not (unless an exemption under the relevant securities laws is
applicable) be offered, sold, resold or delivered, directly or
indirectly, in or into Australia, Canada, South Africa, or Japan or
any other jurisdiction in which such activities would be
unlawful.
By participating in the Bookbuild and the Placing, each person
who is invited to and who chooses to participate in the Placing
(each a "Placee") by making an oral or written and legally binding
offer to acquire Placing Shares will be deemed to have read and
understood this announcement in its entirety, to be participating,
making an offer and acquiring Placing Shares on the terms and
conditions contained in Appendix 1 to this announcement and to be
providing the representations, warranties, indemnities,
acknowledgements and undertakings contained in Appendix 1 to this
announcement.
Certain statements contained in this announcement constitute
"forward-looking statements" with respect to the financial
condition, results of operations and businesses and plans of the
Company and its subsidiaries (the "Group"). Words such as
"believes", "anticipates", "estimates", "expects", "intends",
"plans", "aims", "potential", "will", "would", "could",
"considered", "likely", "estimate" and variations of these words
and similar future or conditional expressions, are intended to
identify forward-looking statements but are not the exclusive means
of identifying such statements. These statements and forecasts
involve risk and uncertainty because they relate to events and
depend upon future circumstances that have not occurred. There are
a number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements and forecasts. As a result, the Group's
actual financial condition, results of operations and business and
plans may differ materially from the plans, goals and expectations
expressed or implied by these forward-looking statements. No
representation or warranty is made as to the achievement or
reasonableness of, and no reliance should be placed on, such
forward-looking statements. No statement in this announcement is
intended to be, nor may it be construed as, a profit forecast or be
relied upon as a guide to future performance. The forward-looking
statements contained in this announcement speak only as of the date
of this announcement. The Company, its directors, the Joint
Bookrunners, their respective affiliates and any person acting on
its or their behalf each expressly disclaim any obligation or
undertaking to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required to do so by applicable law or
regulation, the FCA or the London Stock Exchange.
Cenkos Securities plc is authorised and regulated in the United
Kingdom by the FCA. Each of Investec Bank plc and RBC Europe
Limited are authorised by the Prudential Regulation Authority
("PRA") in the United Kingdom and regulated in the United Kingdom
by the PRA and FCA. Investec Europe Limited (trading as Investec
Europe) ("Investec Europe"), acting as agent on behalf of Investec
Bank in certain jurisdictions in the EEA (together Investec Bank
and Investec Europe hereinafter referred to as "Investec"), is
regulated in Ireland by the Central Bank of Ireland. Each
Bookrunner is acting exclusively for the Company and no one else in
connection with the Placing, the contents of this announcement and
other matters described in this announcement. No Bookrunner will
regard any other person as its client in relation to the Placing,
the content of this announcement and other matters described in
this announcement and will not be responsible to anyone (including
any Placees) other than the Company for providing the protections
afforded to their respective clients or for providing advice to any
other person in relation to the Placing, the content of this
announcement or any other matters referred to in this
announcement.
This announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by any
Bookrunner or by any of its affiliates or any person acting on
their behalf as to, or in relation to, the accuracy or completeness
of this announcement or any other written or oral information made
available to or publicly available to any interested party or its
advisers, and any liability therefore is expressly disclaimed.
This announcement does not constitute a recommendation
concerning any investor's investment decision with respect to the
Placing. Any indication in this announcement of the price at which
ordinary shares have been bought or sold in the past cannot be
relied upon as a guide to future performance. The price of shares
and any income expected from them may go down as well as up and
investors may not get back the full amount invested upon disposal
of the shares. Past performance is no guide to future performance.
The contents of this announcement are not to be construed as legal,
business, financial or tax advice. Each investor or prospective
investor should consult his, her or its own legal adviser, business
adviser, financial adviser or tax adviser for legal, financial,
business or tax advice.
Any indication in this announcement of the price at which the
Company's shares have been bought or sold in the past cannot be
relied upon as a guide to future performance. Persons needing
advice should consult an independent financial adviser. No
statement in this announcement is intended to be a profit forecast
or profit estimate for any period and no statement in this
announcement should be interpreted to mean that earnings, earnings
per share or income, cash flow from operations or free cash flow
for the Company for the current or future financial periods would
necessarily match or exceed the historical published earnings,
earnings per share or income, cash flow from operations or free
cash flow for the Company.
All offers of the Placing Shares will be made pursuant to an
exemption under the Prospectus Regulation or the UK Prospectus
Regulation from the requirement to produce a prospectus. This
announcement is being distributed and communicated to persons in
the UK only in circumstances to which section 21(1) of the
Financial Services and Markets Act 2000, as amended does not
apply.
The Placing Shares to be issued or sold pursuant to the Placing
will not be admitted to trading on any stock exchange other than
the London Stock Exchange.
Persons (including, without limitation, nominees and trustees)
who have a contractual or other legal obligation to forward a copy
of this announcement should seek appropriate advice before taking
any action.
Neither the content of the Company's website (or any other
website) nor the content of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into or forms part of this announcement.
This announcement has been prepared for the purposes of
complying with applicable law and regulation in the United Kingdom
and the information disclosed may not be the same as that which
would have been disclosed if this announcement had been prepared in
accordance with the laws and regulations of any jurisdiction
outside the United Kingdom.
UK Product Governance Requirements
Solely for the purposes of the product governance requirements
of Chapter 3 of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "UK Product Governance Requirements"),
and disclaiming all and any liability, whether arising in tort,
contract or otherwise, which any "manufacturer" (for the purposes
of the UK Product Governance Requirements) may otherwise have with
respect thereto, the Placing Shares have been subject to a product
approval process, which has determined that such Placing Shares
are: (i) compatible with an end target market of retail investors
and investors who meet the criteria of professional clients and
eligible counterparties, each as defined in the FCA Handbook
Conduct of Business Sourcebook; and (ii) eligible for distribution
through all permitted distribution channels (the "Target Market
Assessment"). Notwithstanding the Target Market Assessment,
"distributors" (for the purposes of the UK Product Governance
Requirements) should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment;
the Placing Shares offer no guaranteed income and no capital
protection; and an investment in the Placing Shares is compatible
only with investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to the Placing. Furthermore, it is noted that, notwithstanding the
Target Market Assessment, the Joint Bookrunners will only procure
investors who meet the criteria of professional clients and
eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of Chapters 9A or 10A respectively of the FCA
Handbook Conduct of Business Sourcebook; or (b) a recommendation to
any investor or group of investors to invest in, or purchase or
take any other action whatsoever with respect to the Placing
Shares. Each distributor is responsible for undertaking its own
target market assessment in respect of the Placing Shares and
determining appropriate distribution channels.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person
discharging managerial
responsibilities/person
closely associated
a) Name Miriam Greenwood
---------------------------------- -----------------------------------
2 Reason for notification
---------------------------------- -----------------------------------
a) Position/Status Chairman
---------------------------------- -----------------------------------
b) Initial notification/Amendment Initial Notification
---------------------------------- -----------------------------------
3 Details of the issuer,
emission allowance market
participant, auction platform,
auctioneer or auction
monitor
---------------------------------- -----------------------------------
a) Name Smart Metering Systems plc
---------------------------------- -----------------------------------
b) LEI 213800FGOUFSDPE33S71
---------------------------------- -----------------------------------
4 Details of the transaction(s):
section to be repeated
for (i) each type of instrument;
(ii) each type of transaction;
(iii) each date; and (iv)
each place where transactions
have been conducted
---------------------------------- -----------------------------------
a) Description of the financial 2,111 ordinary shares of 1
instrument, type of instrument pence each
Identification code
AIM: SMS
---------------------------------- -----------------------------------
b) Nature of the transaction Conditional agreement to subscribe
for ordinary shares of 1 pence
each
---------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
900p 2,111
----------
---------------------------------- -----------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
---------------------------------- -----------------------------------
e) Date of the transaction 14 September 2021
---------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, AIM
---------------------------------- -----------------------------------
1 Details of the person
discharging managerial
responsibilities/person
closely associated
a) Name Graeme Bissett
---------------------------------- -----------------------------------
2 Reason for notification
---------------------------------- -----------------------------------
a) Position/Status Non-Executive Director
---------------------------------- -----------------------------------
b) Initial notification/Amendment Initial Notification
---------------------------------- -----------------------------------
3 Details of the issuer,
emission allowance market
participant, auction platform,
auctioneer or auction
monitor
---------------------------------- -----------------------------------
a) Name Smart Metering Systems plc
---------------------------------- -----------------------------------
b) LEI 213800FGOUFSDPE33S71
---------------------------------- -----------------------------------
4 Details of the transaction(s):
section to be repeated
for (i) each type of instrument;
(ii) each type of transaction;
(iii) each date; and (iv)
each place where transactions
have been conducted
---------------------------------- -----------------------------------
a) Description of the financial 2,777 ordinary shares of 1
instrument, type of instrument pence each
Identification code
AIM: SMS
---------------------------------- -----------------------------------
b) Nature of the transaction Conditional agreement to subscribe
for ordinary shares of 1 pence
each
---------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
900p 2,777
----------
---------------------------------- -----------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
---------------------------------- -----------------------------------
e) Date of the transaction 14 September 2021
---------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, AIM
---------------------------------- -----------------------------------
1 Details of the person
discharging managerial
responsibilities/person
closely associated
a) Name Gavin Urwin
---------------------------------- -----------------------------------
2 Reason for notification
---------------------------------- -----------------------------------
a) Position/Status Chief Financial Officer
---------------------------------- -----------------------------------
b) Initial notification/Amendment Initial Notification
---------------------------------- -----------------------------------
3 Details of the issuer,
emission allowance market
participant, auction platform,
auctioneer or auction
monitor
---------------------------------- -----------------------------------
a) Name Smart Metering Systems plc
---------------------------------- -----------------------------------
b) LEI 213800FGOUFSDPE33S71
---------------------------------- -----------------------------------
4 Details of the transaction(s):
section to be repeated
for (i) each type of instrument;
(ii) each type of transaction;
(iii) each date; and (iv)
each place where transactions
have been conducted
---------------------------------- -----------------------------------
a) Description of the financial 2,222 ordinary shares of 1
instrument, type of instrument pence each
Identification code
AIM: SMS
---------------------------------- -----------------------------------
b) Nature of the transaction Conditional agreement to subscribe
for ordinary shares of 1 pence
each
---------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
900p 2,222
----------
---------------------------------- -----------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
---------------------------------- -----------------------------------
e) Date of the transaction 14 September 2021
---------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, AIM
---------------------------------- -----------------------------------
1 Details of the person
discharging managerial
responsibilities/person
closely associated
a) Name Tim Mortlock
---------------------------------- -----------------------------------
2 Reason for notification
---------------------------------- -----------------------------------
a) Position/Status Chief Operating Officer
---------------------------------- -----------------------------------
b) Initial notification/Amendment Initial Notification
---------------------------------- -----------------------------------
3 Details of the issuer,
emission allowance market
participant, auction platform,
auctioneer or auction
monitor
---------------------------------- -----------------------------------
a) Name Smart Metering Systems plc
---------------------------------- -----------------------------------
b) LEI 213800FGOUFSDPE33S71
---------------------------------- -----------------------------------
4 Details of the transaction(s):
section to be repeated
for (i) each type of instrument;
(ii) each type of transaction;
(iii) each date; and (iv)
each place where transactions
have been conducted
---------------------------------- -----------------------------------
a) Description of the financial 2,222 ordinary shares of 1
instrument, type of instrument pence each
Identification code
AIM: SMS
---------------------------------- -----------------------------------
b) Nature of the transaction Conditional agreement to subscribe
for ordinary shares of 1 pence
each
---------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
900p 2,222
----------
---------------------------------- -----------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
---------------------------------- -----------------------------------
e) Date of the transaction 14 September 2021
---------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, AIM
---------------------------------- -----------------------------------
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END
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September 14, 2021 02:00 ET (06:00 GMT)
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