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Last checked at 
6 May 2025 07:00
Somero Enterprises Inc.
("Somero" or the "Company")
Restricted Stock Units and
Director/PDMR Shareholding
Restricted Stock Unit Awards
On 2 May 2025, 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 215 pence per RSU based on the closing price on 2 May 2025.
Name | Number of RSUs awarded |
Tim Averkamp | 65,579 shares |
RSUs awarded to Mr. Averkamp, executive Director, 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 non-Director employee under the terms of Somero's 2020 Equity Incentive Plan at a price of 215 pence per RSU based on the closing price on 2 May 2025. 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 10,887 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 890,369 units and the Company's total issued share capital will be 54,718,644 shares and no shares held in Treasury. Therefore, the total number of shares with voting rights will be 54,718,644
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Tim Averkamp |
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: 65,579 |
d) | Aggregated information: · Aggregated volume · Price | n/a |
e) | Date of the transaction | 2 May 2025 |
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 |
Tim Averkamp CEO | +1 239 210 6500 |
Vincenzo LiCausi, CFO | |
Howard Hohmann, EVP Sales | |
| |
Cavendish Capital Markets Ltd (NOMAD and Broker) | +44 (0)20 7220 0500 |
Matt Goode/Seamus Fricker/Trisyia Jamaludin (Corporate Finance) |
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Tim Redfern/Harriet Ward (Corporate Broking) |
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Alma Strategic Communications (Financial Communications Advisor) | somero@almastrategic.com |
David Ison | +44 (0)20 3405 0205 |
Rebecca Sanders-Hewett | |
Will Merison |
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