Secondary Placing

1 May 2007 07:03

Somero Enterprises Inc.01 May 2007 Embargoed for 7.00am, Tuesday 1st May 2007 THIS ANNOUNCEMENT MAY NOT BE RELEASED, PUBLISHED OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR TO US PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED) OR TO RESIDENTS, NATIONALS OR CITIZENS OF CANADA, JAPAN OR AUSTRALIA. Secondary placing of Common Shares in Somero Enterprises, Inc. (R) Somero Enterprises, Inc. (R), ("Somero" or "the Company"), is pleased toannounce that 8,658,713 shares of common stock ("Common Shares") in Somero (the"Secondary Placing") held by its largest shareholder, SOM Holdings, LLC(formerly "Somero Holdings, LLC"), have been successfully placed in the marketat a price of 132 pence per Common Share. SOM Holdings, LLC is controlled bythe Los Angeles-based private equity firm, The Gores Group, LLC. The Secondary Placing represents 25.3% of the issued share capital of Somero.The placing of these shares reduces SOM Holdings' holding in Somero to 4,213,417Common Shares, representing 12.3% of the issued share capital of Somero. As part of this Secondary Placing, SOM Holdings has agreed to renew the lock-uparrangement relating to its shares that was agreed at the time of Somero'sadmission to AIM in November 2006. For a period of six months from today's date(30 April 2007), SOM Holdings has agreed not to dispose of its remaining holdingof Common Shares and has further agreed, in the subsequent six month period,only to dispose of its Common Shares in accordance with the reasonablerequirements of Jefferies International so as to ensure an orderly market in theCompany's Common Shares (such that any such disposal be effected throughJefferies International and Collins Stewart Europe Limited or such other brokingfirm as may be the Company's broker at the relevant time). Commenting on the Secondary Placing, Jack Cooney, President and Chief Executiveof Somero, commented: "It is pleasing to see that, on the back of healthy demand for our shares, theSecondary Placing has been successfully completed just six months after theAdmission of the Company to AIM, with SOM Holdings remaining a supportiveshareholder in the business." For further information contact: Financial Dynamics +44 (0)20 7831 3113Harriet Keen / Matt Dixon Jefferies +44 (0)207 968 8000Charles Cameron / Nandan Shinkre About Somero Somero(R) designs, manufactures and sells equipment that automates the processof spreading and leveling large volumes of concrete for flooring and otherhorizontal surfaces, such as paved parking lots. Somero's innovative,proprietary products, including the Large Laser Screed(R), employ laser-guidedtechnology to achieve a high level of precision. Its products have been sold primarily to concrete contractors for use innon-residential construction projects in over 50 countries. Laser screedingequipment has been specified for use in constructing warehouses, assemblyplants, retail centres and in other commercial construction projects requiringextremely flat concrete slab floors by a variety of companies, such as Costco,Home Depot, B&Q, DaimlerChrysler, various Coca-Cola bottling companies, theUnited States Postal Service, and Toys 'R' Us. Somero's headquarters are located in New Hampshire, USA. It operates amanufacturing facility in Michigan, USA, and has a sales and service office inChesterfield, England. Somero has 124 employees, and markets and sells itsproducts through a direct sales force, external sales representatives, andindependent dealers in North America, Latin America, Europe, the Middle East,South Africa, Asia and Australia. Somero is listed on AIM, a market operated bythe London Stock Exchange and its trading symbol is SOM. This announcement does not constitute or form part of any offer or invitation tosell, or any solicitation of any offer to purchase, any securities of SomeroEnterprises, Inc. (the "Company"). This announcement may not be released, published or distributed in or into theUnited States, Canada, Japan or Australia or to US Persons (as defined inRegulation S under the US Securities Act of 1933, as amended (the "US SecuritiesAct")) or to residents, nationals or citizens of Canada, Japan or Australia.The distribution of this announcement in certain other jurisdictions may also berestricted by law and persons into whose possession this announcement or anydocument or other information referred to herein comes should inform themselvesabout and observe any such restriction. Any failure to comply with theserestrictions may constitute a violation of the securities laws of any suchjurisdiction. No securities of the Company have been registered under the US Securities Act.No securities of the Company may be offered or sold in the United States or toUS persons (as defined in Regulation S under the US Securities Act) exceptpursuant to an effective registration statement under the US Securities Act orpursuant to an available exemption from the registration requirements under theUS Securities Act. No securities of the Company have been registered under the applicablesecurities laws of Australia, Canada or Japan and may not be offered or soldwithin Australia, Canada or Japan or to, or for the account or benefit ofcitizens or residents of Australia, Canada or Japan. ENDS This information is provided by RNS The company news service from the London Stock Exchange