SMS Smart Metering Systems Plc

TIDMSMS

RNS Number : 5181K

Smart Metering Systems PLC

15 July 2011

 
 For Immediate Release   15 July 2011 
 

Smart Metering Systems plc

("Smart Metering Systems" or the "Group")

GRANT OF OPTIONS

Smart Metering Systems, the only independent provider of the full range of gas infrastructure connection services, gas meter asset management services, and developer of smart metering technology solutions to the UK's key gas suppliers, today announces that, as outlined in its Admission Document dated 24 June 2011 and following receipt of HM Revenue and Customs approval for Company Share Option Plan ("Share Plan"), it has issued Share Options over a total of 578,947 ordinary shares of 1p each to employees.

Included within the foregoing is a grant of share options to the following Director of the Group at an exercise price of 76 pence each (market value at closing 14 July 2011):

 
                                                    Number of shares over 
                                                     which options have 
 Director / employee               Date of Grant     been granted 
 Glen Murray (Finance Director)    15 July 2011     39,474 
 

The new options granted under the Share Plan vest in three equal proportions over a period from the later of the date of grant of the options and the date the option holder has completed 12 months service with the group until 31 December 2013 and are subject to the completion of certain specified performance conditions. The options are exercisable, in whole or in part, at any time up to the tenth anniversary of the date of grant.

Following the grant of the new options, the total number of ordinary shares under option held by (1) directors which could be issued is 1,423,641 ordinary shares, representing approximately 1.7 per cent of the current issued share capital of the Company and (2) employees (non-directors) of the Company which could be issued is 2,956,142 ordinary shares, representing approximately 3.6 per cent of the current issued share capital of the Company.

For further information, please contact:

 
 Smart Metering Systems plc 
 Alan Foy, Chief Executive Officer 
  Glen Murray, Finance Director       0141 249 3850 
 
 Buchanan 
 Diane Stewart / Carrie Clement       0131 226 6150 
  Richard Darby                        0207 466 5000 
 
 Cenkos Securities 
 Ken Fleming                          0131 220 6939 
  Jon Fitzpatrick                      0207 397 8900 
 

Cenkos Securities plc, a member of the London Stock Exchange, authorised and regulated by the Financial Services Authority, is acting for Smart Metering Systems PLC only and will not be responsible to any other persons for providing the protections afforded to clients of Cenkos Securities plc or for advising such person on the matters referred to in this announcement. Cenkos Securities plc has not approved the contents of, or any part of, this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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