(Alliance News) - Smart Metering Systems PLC on Tuesday said it raised GBP175 million through an oversubscribed share placing.
The Glasgow-based energy infrastructure company, which manages grid-scale batteries and carbon reduction assets, said 19.5 million new shares were placed at 900 pence each. The placing was first announced after the London market close on Monday.
The issue price represents a 6.2% discount to the volume-weighted average price of SMS shares in the 20 days before the placing, the company noted.
Shares in SMS sunk 15% to 867.00 pence in London on Tuesday.
The new shares will represent around 15% of the company's issued ordinary shares after admission, which is expected to happen by October 4.
Cenkos Securities PLC, Investec Bank PLC and RBC Capital Markets acted as joint bookrunners.
SMS reported on Monday a decline in its interim earnings, with pretax profit for the six months to June 30 plunging to GBP5.0 million from GBP194.5 million. Revenue slipped by 4.6% to GBP51.7 million from GBP54.2 million.
By Josie O'Brien; josieobrien@alliancenews.com
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