Smart Metering Systems PLC Director/PDMR Shareholding (6594A)
24 January 2024 - 2:23AM
UK Regulatory
TIDMSMS
RNS Number : 6594A
Smart Metering Systems PLC
23 January 2024
Smart Metering Systems plc
("SMS" or "the Company")
Annual Grant of Options and PDMR Dealing
As required by Article 19 Of Regulation (EU) No. 596/2014 on
market abuse, Smart Metering Systems plc (AIM: SMS.L) announces
that pursuant to a Board approval it has, on 22 January 2024,
granted the following options over ordinary shares of 1 pence each
in the Company ("Ordinary Shares") to certain directors and PDMRs
under the Smart Metering Systems Long Term Incentive Plan
established on 19 May 2022 (the "Options"):
Name Position Number of L TIP Exercise Price
Options
Tim Mortlock Executive Director 79,712 Nil
------------------- ---------------- ---------------
Gail Blain Executive Director 47,120 Nil
------------------- ---------------- ---------------
Craig McGinn PDMR 15,079 Nil
------------------- ---------------- ---------------
The vesting of the Options is subject to the Board resolving
that certain performance conditions relating to the Company's
financial performance, total shareholder return and ESG criteria
have been satisfied during the three-year period up until 31
December 2026. The Options would become exercisable in tranches
between 2027 and 2029, subject to earlier vesting in full on a
change of control, resulting from the offer by Sienna Bidco Limited
announced on 7 December 2023 (the "Takeover Offer").
The grant and vesting of the Options is consistent with the
disclosures made in the Co-operation Agreement and Scheme Document
previously published in connection with the Takeover Offer. The
notifications below provide further detail.
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 Tim Mortlock
------------------------------------ ----------------------------------
2 Reason for notification
------------------------------------ ----------------------------------
a) Position/Status PDMR - 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 Options under the Smart Metering
instrument, type of instrument Systems L ong Term Incentive
Plan, subject to performance
conditions measured over the
period 1 January 2024 - 31
Identification code December 2026 and focused on
f inancial performance, total
shareholder return and ESG
criteria during the three-year
period up until 31 December
2026, subject to earlier vesting
in full if the Takeover Offer
becomes unconditional.
SMS
------------------------------------ ----------------------------------
b) Nature of the transaction Award of Share Options
------------------------------------ ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 79,712
----------
------------------------------------ ----------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
------------------------------------ ----------------------------------
e) Date of the transaction 22 January 2024
------------------------------------ ----------------------------------
f) Place of the transaction London Stock Exchange, AIM
------------------------------------ ----------------------------------
1 Details of the person discharging
managerial responsibilities/person
closely associated
a) Name Gail Blain
------------------------------------ ----------------------------------
2 Reason for notification
------------------------------------ ----------------------------------
a) Position/Status PDMR - 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 Options under the Smart Metering
instrument, type of instrument Systems L ong Term Incentive
Plan, subject to performance
conditions measured over the
period 1 January 2024 - 31
December 2026 and focused on
Identification code f inancial performance, total
shareholder return and ESG
criteria during the three-year
period up until 31 December
2026, subject to earlier vesting
in full if the Takeover Offer
becomes unconditional.
SMS
------------------------------------ ----------------------------------
b) Nature of the transaction Award of Share Options
------------------------------------ ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 47,120
----------
------------------------------------ ----------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
------------------------------------ ----------------------------------
e) Date of the transaction 22 January 2024
------------------------------------ ----------------------------------
f) Place of the transaction London Stock Exchange, AIM
------------------------------------ ----------------------------------
1 Details of the person discharging
managerial responsibilities/person
closely associated
a) Name Craig McGinn
------------------------------------ ----------------------------------
2 Reason for notification
------------------------------------ ----------------------------------
a) Position/Status PDMR
------------------------------------ ----------------------------------
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 Options under the Smart Metering
instrument, type of instrument Systems L ong Term Incentive
Plan, subject to performance
conditions measured over the
period 1 January 2024 - 31
Identification code December 2026 and focused on
f inancial performance, total
shareholder return and ESG
criteria during the three-year
period up until 31 December
2026, subject to earlier vesting
in full if the Takeover Offer
becomes unconditional.
SMS
------------------------------------ ----------------------------------
b) Nature of the transaction Award of Share Options
------------------------------------ ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 15,079
----------
------------------------------------ ----------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
------------------------------------ ----------------------------------
e) Date of the transaction 22 January 2024
------------------------------------ ----------------------------------
f) Place of the transaction London Stock Exchange, AIM
------------------------------------ ----------------------------------
For further information:
Smart Metering Systems plc 0141 249 3850
Craig McGinn, Company Secretary
Cavendish Securities plc (Nomad 0131 220 6939 / 020 7397
and Joint Broker) 8900
Neil McDonald / Pete Lynch
Investec Bank plc (Joint Broker) 020 7597 5970
Christopher Baird / Henry Reast
RBC Capital Markets (Joint Broker) 020 7653 4000
Matthew Coakes / Evgeni Jordanov
Instinctif Partners (PR Adviser) 020 7457 2020
Tim Linacre / Guy Scarborough SMS@instinctif.com
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END
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