Smart Metering Systems PLC Employee Share Incentive Plan (3924S)
23 September 2014 - 2:33PM
UK Regulatory
TIDMSMS
RNS Number : 3924S
Smart Metering Systems PLC
23 September 2014
Smart Metering Systems plc
("SMS" or "the Company")
Employee Share Incentive Plan
Smart Metering Systems plc (AIM: SMS.L), the integrated metering
services company that connects, owns, operates and maintains
current generation and new advanced metering assets and databases,
is pleased to announce that it launched a Share Incentive Plan
("SIP") to all eligible employees, with an anticipated first
purchase date of 26 September 2014.
The purpose of the SIP is to provide its employees with the
opportunity to acquire ordinary shares of 1 pence each in the
Company ("Shares") in a tax-effective way. Approval for the SIP has
been obtained from HM Revenue & Customs under Schedule 2 to the
Income Tax (Earnings and Pensions) Act 2003.
The SIP is constituted by a Trust Deed and Rules. It will be
administered by MM&K Share Plan Administration ("MM&K"),
which is independent of the Company. MM&K will also be the
Trustee of the SIP.
The SIP allows for UK based employees to acquire Shares in the
open market in three different ways:
Partnership Shares
Employees may choose to contribute up to GBP1,800 each tax year
(up to a limit of 10% of their taxable earnings) by deduction from
their pre-tax salary. An employee may authorise monthly deductions
of up to GBP 150 per month or make a one-off contribution of up to
GBP1,800 in a single month. The contributions are used by MM&K,
as Trustee, to purchase Shares on the open market as soon as
practicable after they have been deducted.
Matching Shares
For every Partnership Share bought with employees'
contributions, the Company may award the employees one Matching
Share. These Matching Shares are purchased by MM&K on the open
market at the same time as the corresponding Partnership Shares,
using funds provided by SMS.
Dividend Shares
If SMS pays a dividend to shareholders, all the Shares held on
behalf of SIP participants attract a dividend. The money is used to
buy more Shares and these are referred to as Dividend Shares.
Dividend Shares are subject to a three year holding period.
Rights of participants over Shares
Employees immediately become the beneficial owners of the Shares
acquired for them or awarded to them under the SIP, however the
Shares are initially held in Trust. Employees may instruct MM&K
to sell their Partnership Shares or transfer them into their own
names at any time, but Matching Shares will normally be forfeited
if an employee takes the corresponding Partnership Shares out of
the SIP within three years of the acquisition date.
Matching Shares (and any Dividend Shares) must normally be left
in the SIP for at least three years after the award date.
All Shares must be taken out of the SIP immediately if the
participant ceases to be employed by SMS or an associated company.
Any Matching Shares awarded in the previous three years will be
forfeited unless the participant has left employment in certain
special circumstances, including injury, disability, retirement,
redundancy, TUPE transfer, and death.
Participants can instruct MM&K how to exercise their voting
rights over shares held for them in the SIP.
For further information please contact:
Smart Metering Systems
plc
Alan Foy, Chief Executive
Officer
Glen Murray, Finance Director 0141 249 3850
Cenkos Securities
Neil McDonald 0131 220 6939 / 0207 397
Beth McKiernan 8900
Kreab Gavin Anderson
Natalie Biasin
Matthew Jervois 020 7074 1800
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.
Currently the Company is concentrating its efforts on offering
its unique integrated services to the UK industrial and commercial
gas market in which its customers have an 80% market share.
The Company has further applications for gas with its ADM(TM)
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.
SMS expanded its services into the electricity market through
the acquisition of Utility Partnership Limited in April 2014. The
Company can now provide 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.
Longer term the Company also has additional applications for water
and LPG.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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