I've tracked down the problem, somewhat...
These errors are occurring when the Smartermail Mail Server reaches 500 IMAP Connections. Although in SETTINGS > PROTOCOL SETTINGS > IMAP I have 4000 set for "Max Connections", no new IMAP connections can be made when there are already 500 IMAP Connections to Smartermail.
Assuming that this may be a Windows Server problem I tried the following:
"netsh int tcp set global autotuninglevel=disabled"
"netsh int ipv4 set dynamicport tcp start=1025 num=64500"
"netsh int ipv4 set dynamicport udp start=1025 num=64500"
This unfortunately did not resolve the problem and it still exists when Smartermail reaches the 500 IMAP Connections.
I have also tried setting Max Connections for IMAP in Smartermail to 0 (unlimited), yet problem still exists when reaching 500 IMAP Connections.
Anyone have any idea what else could be causing this or how to resolve it?