Somero Enterprises Inc. Restricted Stock Units& Director/PDMR Shareholding

RNS Number : 4723H

Somero Enterprises Inc.

19 March 2024

 

Somero Enterprises Inc.

 

("Somero" or the "Company")

 

Restricted Stock Units and

Director/PDMR Shareholding

 

Senior Management Equity Bonus Program and Restricted Stock Unit Settlement

On 15 March 2024, the Board of the Company approved the issuance of 5,310 new shares of common stock to senior managers, under Somero's 2023 Equity Bonus Plan (the "Plan"). Under the Plan, eligible senior managers were able to choose to receive up to 100% of their 2023 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 15 March 2024 of 308 pence.

In addition, Somero announces it approved the settlement of 12,400 Restricted Stock Units ("RSU") in exchange for an equivalent number of common stock shares of the Company at a price of 330 pence, reflecting the closing price on the day of settlement on 12 March 2024, as permitted under the 2020 Equity Incentive Plan approved by the Board of Directors on 3 December 2019.

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 the Grantee 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.

Applications will be made to the London Stock Exchange for admission to trading on AIM of 12,400 new shares of common stock in the Company to satisfy this common stock award ("Admission"). Admission is expected to occur on or about 25 March 2024. The new shares of common stock will rank pari passu with the existing common stock in the Company.

 

Restricted Stock Unit Awards

Also on 15 March 2024, the Board of the Company approved issuance of Restricted Stock Units (RSUs) to the following executive Directors under the terms of Somero's 2020 Equity Incentive Plan at a price of 308 pence per RSU based on the closing price on 15 March 2024. 

Name                                                           Number of RSUs awarded

Jack Cooney                                                     61,901 shares

Howard Hohmann                                              41,709 shares

Vincenzo LiCausi                                               34,035 shares

 

RSUs awarded to Mr. Cooney, Mr. Hohmann, and Mr. LiCausi, all 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. 

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 2020 Equity Incentive Plan at a price of  308 pence per RSU based on the closing price on 15 March 2024. The awards to non-Director employees are a key element of the Company's employee retention program as well as a reward to employees for significant contributions to the Company's performance.  The total number of RSUs awarded to non-Director employees was 127,418 which are subject to the same vesting and service requirements as the Director awards and each participating non-Director will, following the end of the performance period, be notified as to the extent to which the service 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 point of vesting at the discretion of the Company.

Following the above transactions, total outstanding RSUs will equal 642,451 units and the Company's total issued share capital will be 55,491,601 shares with 5,500 shares held in Treasury.  Therefore the total number of shares with voting rights will be 55,486,101.

 

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jack Cooney
2.	Reason for the Notification
a)	Position/status	CEO
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	549300OQ2P18NRWBIW58
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 the Financial instrument, type of instrument	ordinary shares of $0.001 each ("Ordinary Shares")
	Identification code	USU834501038
b)	Nature of the transaction	Employee Restricted Stock Unit Award
c)	Price(s) and volume(s)	Price: n/a Volume: 61,901
d)	Aggregated information: ·       Aggregated volume ·       Price	n/a
e)	Date of the transaction	15 March 2024
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

5.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Vincenzo LiCausi
6.	Reason for the Notification
a)	Position/status	CFO
b)	Initial notification/Amendment	Initial notification
7.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Somero Enterprises Inc.
b)	LEI	549300OQ2P18NRWBIW58
8.	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 the Financial instrument, type of instrument	ordinary shares of $0.001 each ("Ordinary Shares")
	Identification code	USU834501038
b)	Nature of the transaction	Employee Restricted Stock Unit Award
c)	Price(s) and volume(s)	Price: n/a Volume: 34,035
d)	Aggregated information: ·       Aggregated volume ·       Price	n/a
e)	Date of the transaction	15 March 2024
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

9.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Howard Hohmann
10.	Reason for the Notification
a)	Position/status	EVP Sales
b)	Initial notification/Amendment	Initial notification
11.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Somero Enterprises Inc.
b)	LEI	549300OQ2P18NRWBIW58
12.	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 the Financial instrument, type of instrument	ordinary shares of $0.001 each ("Ordinary Shares")
	Identification code	USU834501038
b)	Nature of the transaction	Employee Restricted Stock Unit Award
c)	Price(s) and volume(s)	Price: n/a Volume: 41,709
d)	Aggregated information: ·       Aggregated volume ·       Price	n/a
e)	Date of the transaction	15 March 2024
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

For further information, please contact:

 

Somero Enterprises, Inc.                                                                                    www.somero.com

Jack Cooney, President & CEO                                                                            [phone]

Enzo LiCausi, CFO

Howard Hohmann, EVP Sales

 

Cavendish Capital Markets Ltd (NOMAD and Broker)	[phone]
Matt Goode/Seamus Fricker/Fergus Sullivan (Corporate Finance)
Tim Redfern/Harriet Ward (ECM)
Alma (Financial Communications Advisor)	[e-mail]
David Ison	[phone]
Rebecca Sanders-Hewett Will Merison

 

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