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LONDON (Alliance News) - Somero Enterprises Inc said Chief Executive Jack Cooney is intending to sell 800,000 shares in the company at a price of 340 pence each for a total of GBP2.7 million.
Shares in Somero were down 3.9% at 348.40p on Thursday afternoon.
These shares represent around 1.4% of Somerco's voting rights and following the sale Cooney will not dispose of any more shares in the company, which makes machines for levelling concrete.
Under US tax legislation, Cooney is obliged to make withdrawals from his current pension plans in 2019, the assets of which are entirely Somero shares.
