– UK, Glasgow – The Board of 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, announces that it has been notified that Kevin Lyon, Chairman has decided to stand down from the Board and that Paul Dollman has agreed to join the Board as Chairman, all with immediate effect.
Paul Dollman is a Chartered Accountant and was Group Finance Director of John Menzies plc for over ten years until May 2013. John Menzies plc is a FTSE250 international Support Services business with two divisions and has revenues of around £2bn. Paul was particularly involved in the growth and development of the Aviation Division, which nearly trebled in size in ten years. Prior to that he was Group Finance Director of William Grant and Sons Ltd and previously held senior finance positions in Inveresk plc, Maddox Group plc and Clydesdale Retail Group. He is a non-executive Director of Scottish Amicable Life Association Society and is a member of the Audit Committee of The National Library of Scotland. Following his appointment as Chairman of SMS, he will Chair the Company’s Remuneration and the Nomination Committees and sit on the Audit Committee.
Commenting on his decision, Kevin Lyon noted: “I’m delighted to have had the opportunity to Chair the Board of SMS over the past 2 ½ years as the Company went through a successful Stock Market flotation process in 2011. By the end of June 2013, our total gas meter portfolio had increased from around 220,000 at float to in excess of 400,000 generating a recurring index linked meter rental income stream of over £13m and growing. I am confident that I leave the Company in good shape and well positioned to continue to grow and I have no doubt that Paul will be an outstanding addition to the Board.”
Commenting on his appointment, Paul Dollman added: “I am delighted to join the Board at this exciting time in the Company’s development as SMS continues its expansion plans. I look forward to using my experience at John Menzies plc to help SMS to make the most of the significant growth opportunities ahead.”
Commenting on Kevin Lyon’s decision and on Paul Dollman’s appointment, Alan Foy, Chief Executive of SMS, said: “I would like to thank Kevin on behalf of the whole Board for his contribution over the past 2 ½ years. Our AIM listing was a significant step in the development of the Company and I was pleased to have a Chairman of Kevin’s calibre to assist us. We wish him every success in his other business activities. I am delighted that Paul has agreed to join our Board and we look forward to working with him.
It is the Board’s intention to find further new Non Executive Directors and we hope to announce additional appointments in due course. As noted in the Interim Results published in September, SMS continues to look forward with confidence.”
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™ 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. Longer term the company also has additional applications for water and LPG.
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