NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
21 December 2023
Smart Metering Systems plc
Statement by Primestone Capital LLP ("PrimeStone"), Alan Foy and Steve Timoney (together the "Founders")
Long-term shareholder PrimeStone and the Founders are collectively interested in or are able to control the voting rights in respect of 23,827,659 ordinary shares in Smart Metering Systems plc ("SMS"), representing approximately 17.8% of SMS's issued share capital.
PrimeStone and the Founders noted the announcement of the cash offer for SMS by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates of 955 pence in cash (the "Offer" and the "Offer Price").
PrimeStone and the Founders are disappointed with the Offer Price and intend to vote against (or procure the exercise of relevant voting rights against) the Offer.
Enquiries:
For more information on PrimeStone Capital LLP:
http://www.primestonecapital.com/
Schedule of holdings:
| Name | Number of shares | % of issued share capital |
| PrimeStone Capital LLP | 13,075,114 | 9.79% |
| Metis Investment Management Ltd | 4,680,851 | 3.50% |
| Metis Investments Ltd | 372,350 | 0.28% |
| The Metis Trust | 715,000 | 0.54% |
| Lochlane Investments Limited | 4,984,344 | 3.73% |
N. M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for PrimeStone in connection with the matters set out in this announcement and for no one else and will not be responsible to anyone other than PrimeStone for providing the protections afforded to its clients nor for providing advice in relation to the matters set out in this announcement. Neither Rothschild & Co nor any of its subsidiaries, branches or affiliates and their respective directors, officers, employees or agents owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Rothschild & Co in connection with this announcement, any statement contained herein or otherwise.
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