Smart Metering offer "unconditional" as shareholders support takeover

(Alliance News) - Smart Metering Systems PLC shareholders have satisfied the acceptance condition for a takeover offer from Kohlberg Kravis Roberts & Co LP, the latter announced on Friday.

Shares in Smart Metering Systems were up 0.2% at 952.50 pence on Friday morning in London.

The Glasgow-based energy management services provider agreed late last year to an offer from Sienna Bidco Ltd, a consortium of funds advised by US global investment firm Kohlberg Kravis or KKR, of 995 pence per share in cash.

On Friday, KKR announced that the offer is now unconditional.

It explained that as of Thursday evening, valid acceptances of the offer have been received in respect of 83.9 million Smart Metering Systems shares. These represent approximately 62.78% of SMS's existing issued share capital.

The offer document's acceptance condition is therefore satisfied, KKR said, as SMS shareholders' acceptances have exceeded the minimum 50% threshold.

KKR said that the consortium "now has significant control over SMS", and is in a position to determine its overall strategy.

It also said Smart Metering Systems has confirmed it will not pay its third and fourth interim dividend instalments, which it had expected to pay on April 25 and July 25, and that no further dividends will be paid until further notice.

By Emma Curzon, Alliance News reporter

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