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Smart Metering Sys (SMS)

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Tuesday 14 September, 2021

Smart Metering Sys

Results of equity raise

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 END 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 £175 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 £175 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 Existing Ordinary Shares

Number of Subscription Shares

Number of Ordinary Shares on Admission

Percentage of enlarged 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 of General Meeting and the Forms of Proxy

15 September 2021

 

 

Latest time and date for receipt of Forms of Proxy

9.00 a.m. on 29 September 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 Placing Shares expected to commence on AIM

8.00 a.m. on 4 October 2021

 

 

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 and Nomad)

0131 220 6939 / 020 7397 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

[email protected]

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 APPENDICES 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 INTENDED 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 instrument, type of instrument

 

Identification code

2,111 ordinary shares of 1 pence each

 

 

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

- Aggregated volume

- Price

N/A

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 instrument, type of instrument

 

Identification code

2,777 ordinary shares of 1 pence each

 

 

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

- Aggregated volume

- Price

N/A

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 instrument, type of instrument

 

Identification code

2,222 ordinary shares of 1 pence each

 

 

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

- Aggregated volume

- Price

N/A

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 instrument, type of instrument

 

Identification code

2,222 ordinary shares of 1 pence each

 

 

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

- Aggregated volume

- Price

N/A

e)

Date of the transaction

14 September 2021

 

f)

Place of the transaction

London Stock Exchange, AIM

 

 

 

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