Somero Enterprises Inc. Transactions in Own Shares and RSUs (8734Z)

TIDMSOM

RNS Number : 8734Z

Somero Enterprises Inc.

20 March 2017

Somero Enterprises Inc.

("Somero" or the "Company")

Transactions in Own Shares and Restricted Stock Units

Senior Management Equity Bonus Program

On 17 March 2017, the Board of the Company approved the issuance of 38,519 new shares of common stock to senior managers, including certain executive Directors, under Somero's 2016 Equity Bonus Plan (the "Plan"). Under the Plan, eligible senior managers were able to choose to receive up to 25 per cent. of their 2016 annual performance bonus in shares of common stock in the Company. The shares issued to participating senior managers are fully-vested with no performance conditions. The number of shares issued under this award was based on the closing price on 17 March 2017 of 281 pence. The following executive Directors received shares under this award:

 
                   Existing holding   Awarded under 
 Name               of Common Stock      the Plan     Resulting Shareholding 
----------------  -----------------  --------------  ----------------------- 
 Howard Hohmann         47,703            6,364               54,067 
 John Yuncza            39,613           13,364               52,977 
 

Application will be made to the London Stock Exchange for admission to trading on AIM of the 38,519 shares of common stock in the Company to satisfy this common stock award ("Admission"). Admission is expected to occur on 24 March 2017. The new shares of common stock will rank pari passu with the existing common stock in the Company.

In conjunction with this common stock award, the Board of the Company has approved the cancellation of 38,519 shares held in Treasury.

Restricted Stock Unit Awards

Also on 17 March 2017, the Board of the Company approved issuance of 123,950 Restricted Stock Units (RSUs) to the following executive and non-executive Directors under the terms of Somero's 2010 Equity Incentive Plan at a price of 281 pence per RSU based on the closing price on 17 March 2017.

   Name                                                    Number of RSUs awarded 
   Lawrence Horsch                                               6,681 shares 
   Thomas Anderson                                              4,771 shares 
   Robert Scheuer                                                  2,204 shares 
   Jack Cooney                                                     38,312 shares 
   John Yuncza                                                     22,444 shares 

RSUs awarded to Mr. Horsch, Mr. Anderson, and Mr. Scheuer, all non-executive Directors, were granted in lieu of annual Director fee increases. RSUs awarded to Mr. Cooney and Mr. Yuncza, both executive Directors, were granted as part of an annual incentive compensation program. The shares awarded are the maximum available under the grants, will vest over a three-year period commencing on the date of the grant, and require continued service for the period. The participating Directors will, following the end of the performance period, be notified as to the extent to which the performance conditions have been met and their award has vested. Unless determined otherwise by the Equity Incentive Plan administrator, each RSU will be equal to one share of common stock in the Company and will entitle each Director to either shares of common stock or an amount of cash determined with reference to the value of shares of common stock at the discretion of the Company.

In addition to the RSUs awarded to Directors, the Board of the Company approved RSUs to be awarded to a group of non-Director employees under the terms of Somero's 2010 Equity Incentive Plan at a price of 281 pence per RSU based on the closing price on 17 March 2017. The total number of RSUs awarded to non-Directors were 49,538 which are subject to the same vesting, service and performance requirements as the Director awards.

Total outstanding RSUs equal 389,859 units. Following the above transactions, Admission and cancellation of 38,519 Treasury shares, the Company's total issued share capital will be 56,425,598 with 183,477 shares held in Treasury. Therefore, the total number of shares with voting rights is 56,242,121.

For further information, please contact:

   Somero Enterprises, Inc.                                                         www.somero.com 
   Jack Cooney, CEO                                                                    [phone] 

John Yuncza, CFO

Howard Hohmann, EVP Sales

finnCap Ltd (NOMAD and Broker)

   Matt Goode (Corporate Finance)                                                 [phone] 

Carl Holmes (Corporate Finance)

Tim Redfern (Corporate Broking)

   Redleaf Communications Ltd (Financial PR Advisor)                 [e-mail] 

Rebecca Sanders-Hewett [phone]

David Ison

Susie Hudson

 
 1.   Details of the person discharging managerial 
       responsibilities / person closely associated 
---  ------------------------------------------------------------ 
 a)   Name                             John Yuncza 
---  -------------------------------  --------------------------- 
 2.   Reason for the Notification 
---  ------------------------------------------------------------ 
 a)   Position/status                  Chief Financial Officer 
---  -------------------------------  --------------------------- 
 b)   Initial notification/Amendment   Initial notification 
---  -------------------------------  --------------------------- 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ------------------------------------------------------------ 
 a)   Name                             Somero Enterprises Inc. 
---  -------------------------------  --------------------------- 
 b)   LEI                              n/a 
---  -------------------------------  --------------------------- 
 4.   Details of the transaction(s): section to 
       be repeated for (i) each type of instrument; 
       (ii) each type of transaction; (iii) each 
       date; and (iv) each place where transactions 
       have been conducted 
---  ------------------------------------------------------------ 
 a)   Description of                   ordinary shares of $0.001 
       the Financial                    each ("Ordinary Shares") 
       instrument, type 
       of instrument 
--- 
      Identification                   USU834501038 
       code 
---  -------------------------------  --------------------------- 
 b)   Nature of the                    Employee Share Award 
       transaction 
---  -------------------------------  --------------------------- 
 c)   Price(s) and                     Price: 281p 
       volume(s)                        Volume: 13,364 
---  -------------------------------  --------------------------- 
 d)   Aggregated information:          n/a 
        *    Aggregated volume 
 
 
        *    Price 
---  -------------------------------  --------------------------- 
 e)   Date of the transaction          17 March 2017 
---  -------------------------------  --------------------------- 
 f)   Place of the                     London Stock Exchange, AIM 
       transaction                      Market (XLON) 
---  -------------------------------  --------------------------- 
 
 
 1.   Details of the person discharging managerial 
       responsibilities / person closely associated 
---  ------------------------------------------------------------ 
 a)   Name                             Howard Hohmann 
---  -------------------------------  --------------------------- 
 2.   Reason for the Notification 
---  ------------------------------------------------------------ 
 a)   Position/status                  Executive Director 
---  -------------------------------  --------------------------- 
 b)   Initial notification/Amendment   Initial notification 
---  -------------------------------  --------------------------- 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ------------------------------------------------------------ 
 a)   Name                             Somero Enterprises Inc. 
---  -------------------------------  --------------------------- 
 b)   LEI                              n/a 
---  -------------------------------  --------------------------- 
 4.   Details of the transaction(s): section to 
       be repeated for (i) each type of instrument; 
       (ii) each type of transaction; (iii) each 
       date; and (iv) each place where transactions 
       have been conducted 
---  ------------------------------------------------------------ 
 a)   Description of                   ordinary shares of $0.001 
       the Financial                    each ("Ordinary Shares") 
       instrument, type 
       of instrument 
--- 
      Identification                   USU834501038 
       code 
---  -------------------------------  --------------------------- 
 b)   Nature of the                    Employee Share Award 
       transaction 
---  -------------------------------  --------------------------- 
 c)   Price(s) and                     Price: 281p 
       volume(s)                        Volume: 6,364 
---  -------------------------------  --------------------------- 
 d)   Aggregated information:          n/a 
        *    Aggregated volume 
 
 
        *    Price 
---  -------------------------------  --------------------------- 
 e)   Date of the transaction          17 March 2017 
---  -------------------------------  --------------------------- 
 f)   Place of the                     London Stock Exchange, AIM 
       transaction                      Market (XLON) 
---  -------------------------------  --------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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March 20, 2017 03:01 ET (07:01 GMT)