The company hints at a potential share cancellation by February 16, contingent upon shareholder approval of the bid. KKR, having expressed its intent to buy Smart Metering shares for 995 pence each, aims to delist the company from the London Stock Exchange.
kohlberg’s buyout halted : KKR’s Vision and PrimeStone Capital’s Dissent
KKR emphasizes Smart Metering’s role in advancing the UK’s transition to cleaner energy through its smart meters platform, battery storage assets, and carbon reduction initiatives. Tim Mortlock, CEO of Smart Metering, lauded the offer on December 7, noting it would “ensure SMS has the necessary capital to accelerate and unlock its full growth potential.”
However, dissent emerges as British investment company PrimeStone Capital LLP, on December 21, announced its opposition to KKR’s bid. PrimeStone founders Alan Foy and Steve Timoney, holding nearly 9.8% of Smart Metering, expressed disappointment with the offer. Both Smart Metering and PrimeStone remained silent on Friday in response to requests for comment.
Market Response and Financial Advisors’ Standpoint
KKR, maintaining a tight-lipped stance, declined further comment. Meanwhile, Smart Metering’s shares, listed on the FTSE Alternative Investment Market UK 50 index, traded at 943 pence on Friday, a marginal 0.1% increase from Thursday’s closing at 942 pence.
