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Smart bosses cash in £13m of shares

TWO Scottish engineers behind Smart Metering Systems enjoyed their second eight-figure payday in the last eighteen months after cashing in £13.6 million of shares.

Alan Foy, chief executive of the Glasgow-based gas meter technology firm, reaped £9.6m and executive deputy chairman Steve Timoney received £4m. The sale cuts Mr Foy's stake by one-third to 10.7% while Mr Timoney retains 27.8%.

The firm's shares have risen from 60p on flotation in July 2011 to 247p.

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