Directors dealings

RNS Number : 4755S

Smart Metering Systems PLC

30 November 2012

 



30 November 2102

Smart Metering Systems plc

(''Smart Metering Systems'' or the ''Company'')

Directors dealings

The Company announces that it has been advised by Alan Foy and Steve Timoney, Directors, that they have today respectively sold 4,444,979 and 1,860,466  ordinary shares of 1p each  in the Company ("Shares"), aggregating to  6,305,445 Shares, representing in total approximately 7.57 per cent of the issued share capital of Smart Metering Systems. The Shares sold by Mr Timoney are held through Lochlane Investments Limited ("Lochlane")

The Shares were all sold to institutional investors at a price of 215 pence per Share and should assist the liquidity of the Company's Shares in the market. Cenkos Securities, acted as sole broker. Following these disposals, Alan Foy holds 8,889,958 Shares and Steve Timoney, through Lochlane, holds 23,144,344 Shares, representing respectively approximately 10.67% and 27.77% of the issued share capital of the Company.

Alan Foy and Lochlane (and their associated persons) have undertaken, save in respect of certain exceptional circumstances, that their remaining Shares will be the subject of lock‐ins with Cenkos Securities, prohibiting the sale of these Shares prior to 4 December 2013.

For Further Information:

Smart Metering Systems plc Alan Foy, Chief Executive Officer Glen Murray, Finance Director 0141 249 3850 Cenkos Securities Ken Fleming Jon Fitzpatrick 0131 220 6939 / 0207 397 8900 Kreab Gavin Anderson Ken Cronin Anthony Hughes 020 7074 1800

Notes to Editors:

Established in 1995, SMS based in Glasgow, connects, owns, operates and maintains metering systems and databases on behalf of major energy companies.

Currently SMS is concentrating its efforts on offering its unique integrated services to the UK industrial and commercial gas market in which its customers have an 80% market share.

SMS 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. Longer term SMS also has additional applications for water and LPG.

SMS was admitted to the AiM market in July 2011, for more information on SMS please visit the company's website: www.sms-plc.com

 

END

 

 

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