Last checked at 12 Mar 2020 12:41
Somero Enterprises Inc.
("Somero" or "the Company")
Share Buyback Programme
Somero® announces that further to the final results announcement of 11 March 2020, the Company has now entered into instructions with finnCap Ltd ("finnCap") to enable the Company to buy back ordinary shares of $0.01 each in the capital of the Company ("Ordinary Shares") for an aggregate maximum consideration of up to $1.0m (the "Buyback Programme"). The Buyback Programme commenced on 11 March 2020 and is expected to end no later than 31 December 2020.
The purpose of the share buyback is to reduce the Company's share capital, with the result of increasing the Company's earnings per share. It is intended that any shares repurchased will be immediately cancelled. The maximum price paid per Ordinary Share is to be no more than 105 per cent. of the average middle market closing price of an Ordinary Share for the five business days preceding the date of any share buyback.
During the course of the Buyback Programme, the Company will make further announcements to the market as and when share purchases are made.
For further information, please contact:
Somero Enterprises, Inc. www.somero.com
Jack Cooney, CEO +1 239 210 6500
John Yuncza, CFO
Howard Hohmann, EVP Sales
finnCap Ltd (NOMAD and Broker)
Matt Goode / Kate Bannatyne (Corporate Finance) +44 (0)20 7220 0500
Tim Redfern / Richard Chambers (Corporate Broking)
Alma PR (Financial PR Advisor) somero@almapr.co.uk
Rebecca Sanders-Hewett +44 (0) 2034 050 205
Susie Hudson
Sam Modlin
David Ison