Director/PDMR Shareholding

Smart Metering Systems PLC
23 January 2024
 

Smart Metering Systems plc

("SMS" or "the Company")

Annual Grant of Options and PDMR Dealing

As required by Article 19 Of Regulation (EU) No. 596/2014 on market abuse, Smart Metering Systems plc (AIM: SMS.L) announces that pursuant to a Board approval it has, on 22 January 2024, granted the following options over ordinary shares of 1 pence each in the Company ("Ordinary Shares") to certain directors and PDMRs under the Smart Metering Systems Long Term Incentive Plan established on 19 May 2022 (the "Options"):

Name

Position

Number of LTIP Options

Exercise Price

Tim Mortlock

Executive Director

79,712

Nil

Gail Blain

Executive Director

47,120

Nil

Craig McGinn

PDMR

15,079

Nil

The vesting of the Options is subject to the Board resolving that certain performance conditions relating to the Company's financial performance, total shareholder return and ESG criteria have been satisfied during the three-year period up until 31 December 2026. The Options would become exercisable in tranches between 2027 and 2029, subject to earlier vesting in full on a change of control, resulting from the offer by Sienna Bidco Limited announced on 7 December 2023 (the "Takeover Offer").

The grant and vesting of the Options is consistent with the disclosures made in the Co-operation Agreement and Scheme Document previously published in connection with the Takeover Offer. The notifications below provide further detail.

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

Tim Mortlock

2

Reason for notification


a)

Position/Status

PDMR - 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 instrument, type of instrument

 

 

 

Identification code

Options under the Smart Metering Systems Long Term Incentive Plan, subject to performance conditions measured over the period 1 January 2024 - 31 December 2026 and focused on financial performance, total shareholder return and ESG criteria during the three-year period up until 31 December 2026, subject to earlier vesting in full if the Takeover Offer becomes unconditional.

SMS

b)

Nature of the transaction

Award of Share Options

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

79,712

d)

Aggregated information

-       Aggregated volume

-       Price

N/A

 

e)

Date of the transaction

22 January 2024

f)

Place of the transaction

London Stock Exchange, AIM



 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

Gail Blain

2

Reason for notification


a)

Position/Status

PDMR - 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 instrument, type of instrument

 

 

 

 

Identification code

Options under the Smart Metering Systems Long Term Incentive Plan, subject to performance conditions measured over the period 1 January 2024 - 31 December 2026 and focused on financial performance, total shareholder return and ESG criteria during the three-year period up until 31 December 2026, subject to earlier vesting in full if the Takeover Offer becomes unconditional.

 

SMS

b)

Nature of the transaction

Award of Share Options

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

47,120

d)

Aggregated information

-       Aggregated volume

-       Price

N/A

 

e)

Date of the transaction

22 January 2024

f)

Place of the transaction

London Stock Exchange, AIM

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

Craig McGinn

2

Reason for notification


a)

Position/Status

PDMR

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 instrument, type of instrument

 

 

 

Identification code

Options under the Smart Metering Systems Long Term Incentive Plan, subject to performance conditions measured over the period 1 January 2024 - 31 December 2026 and focused on financial performance, total shareholder return and ESG criteria during the three-year period up until 31 December 2026, subject to earlier vesting in full if the Takeover Offer becomes unconditional.

SMS

b)

Nature of the transaction

Award of Share Options

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

15,079

d)

Aggregated information

-       Aggregated volume

-       Price

N/A

 

e)

Date of the transaction

22 January 2024

f)

Place of the transaction

London Stock Exchange, AIM

 

For further information:

 

Smart Metering Systems plc

0141 249 3850

Craig McGinn, Company Secretary

 

 

 

Cavendish Securities plc (Nomad and Joint Broker)

0131 220 6939 / 020 7397 8900

Neil McDonald / Pete Lynch

 


 

Investec Bank plc (Joint Broker)

020 7597 5970

Christopher Baird / Henry Reast

 


 

RBC Capital Markets (Joint Broker)

020 7653 4000

 

Matthew Coakes / Evgeni Jordanov


 

 

Instinctif Partners (PR Adviser)

  020 7457 2020

Tim Linacre / Guy Scarborough

SMS@instinctif.com

 

 

 

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