Smart Metering Systems Plc’s £175 Million Equity Placing

Smart Metering Systems Plc's £175 Million Equity Placing

CMS has advised AIM-quoted Smart Metering Systems Plc on the placing.The transaction involved an accelerated bookbuild process, managed by Cenkos Securities plc, Investec Bank plc and RBC Capital Markets, to raise around £175m investment through a share placing.

SMS is a fully integrated energy infrastructure company with a market capitalisation of around £1bn, specialising in the ownership and management of meter assets, energy data, grid-scale batteries and other carbon reduction assets across the UK. 

The net proceeds of the placing, together with SMS’ recently increased £420m debt facility, will be used to fund its contracted smart meter order pipeline and its planned grid-scale battery projects, as  the company progresses its strategic goal of enabling the UK’s transition to a low carbon energy economy.

This latest placing is subject to customary approval by SMS’ shareholders at a general meeting expected to be held on 1 October 2021.

The CMS team was led by Glasgow-based client relationship and corporate partner Graeme Bruce (Picture) supported by senior associate Kate Darracott (UK and US Securities) and associates Alastair McNaughton, Jordan Kerr and Amy Brown.
Involved fees earner: Amy Brown – CMS Cameron McKenna Nabarro Olswang LLP; Graeme Bruce – CMS Cameron McKenna Nabarro Olswang LLP; Kate Darracott – CMS Cameron McKenna Nabarro Olswang LLP; Alastair McNaughton – CMS Cameron McKenna Nabarro Olswang LLP; Law Firms: CMS Cameron McKenna Nabarro Olswang LLP; Clients: Smart Metering Systems Plc;

Author: Giulia Di Palma