7 Mar 2016 07:00
Smart Metering Systems plc
("SMS" or "the Company")
New Banking Arrangements
Smart Metering Systems plc (AIM: SMS.L), is pleased to announce that it has agreed a new £150 million revolving credit facility (the "RCF") with a club of banks which comprises Barclays Bank PLC, Bank of Scotland PLC and Santander UK PLC. The RCF replaces the Group's existing £105 million facility, which was announced in March 2014 and subsequently amended in November 2014, and is also on improved terms.
This increased funding will provide SMS with significant additional financial flexibility as it seeks to accelerate growth and increase investment in its asset base, both in the industrial and commercial ("I&C") market and with the domestic smart meter rollout, which is now underway.
Alan Foy, Chief Executive Officer of SMS, commented:
"I am delighted that our lenders continue to show such great support for SMS and its strategy. The improvement to an already competitive facility will provide SMS with a significant additional source of finance."
For Further Information:
Smart Metering Systems plc | 0141 249 3850 |
Alan Foy, Chief Executive Officer |
|
Glen Murray, Finance Director |
|
|
|
Cenkos Securities plc | 0131 220 6939 / 0207 397 8900 |
Neil McDonald |
|
Nick Tulloch |
|
|
|
Kreab | 020 7074 1800 |
Matthew Jervois |
|
Natalie Biasin |
|
Chris Philipsborn |
|
Daniel Holgersson |
|
Notes to Editors
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc, based in Glasgow, connects, owns, operates and maintains metering systems and databases on behalf of major energy companies. The Company provides a fully integrated service from beginning to end to cover the installation of a gas/electricity supply/connection to the procurement, installation and management of a gas or electricity meter asset to the collection and management of customer data and ongoing energy management services.
The Company 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. The Company was admitted to the AIM market in July 2011 and is now part of the FTSE AIM 50 index. For more information on SMS please visit the Company's website: www.sms-plc.com.