31st Mar 2016 09:18
LONDON (Alliance News) - Smart Metering Systems PLC on Thursday said it has paid the first tranche of consideration for its acquisitions of CH4 Gas Utility & Maintenance Service Ltd and Qton Solutions Ltd.
The initial consideration for the acquisitions is GBP2 million for CH4 and GBP2.9 million for Qton, and is to be satisfied through the issue of SMS shares at a price of 391.775 pence each.
SMS has so far paid GBP1.6 million to CH4 through the issue of 408,399 shares, and GBP2.6 million to Qton through the issue of 663,656 shares.
In both acquisitions, the initial consideration is subject to a completion accounts adjustment.
A second and final tranche of initial consideration payments will be made following agreement of the completion accounts in each acquisition, SMS said.
Shares in Smart Metering Systems were trading up 1.5% at 412.00 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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