18 Mar 2019 07:00
18 March 2019
Somero Enterprises Inc.
("Somero" or the "Company")
Transactions in Own Shares and Restricted Stock Units
Senior Management Equity Bonus Program
On 15 March 2019, the Board of the Company approved the issuance of 39,373 new shares of common stock to senior managers, including certain executive Directors, under Somero's 2018 Equity Bonus Plan (the "Plan"). Under the Plan, eligible senior managers were able to choose to receive up to 50% of their 2018 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 2019 of 385 pence. The following executive Directors received shares under this award:
Name | Existing holding of Common Stock | Awarded under the Plan | Resulting Shareholding |
Howard Hohmann | 54,067 | 19,595 | 73,662 |
John Yuncza | 84,169 | 8,142 | 92,311 |
Application will be made to the London Stock Exchange for admission to trading on AIM of the shares of common stock in the Company to satisfy this common stock award ("Admission"). Admission is expected to occur on or about 22 March 2019. The new shares of common stock will rank pari passu with the existing common stock in the Company.
In conjunction with this common stock award, the Board of the Company has approved the cancellation of shares held in Treasury.
Restricted Stock Unit Awards
Also on 15 March 2019, the Board of the Company approved issuance of Restricted Stock Units (RSUs) to the following executive and non-executive Directors under the terms of Somero's 2010 Equity Incentive Plan at a price of 385 pence per RSU based on the closing price on 15 March 2019.
Name Number of RSUs awarded
Lawrence Horsch 6,843 shares
Thomas Anderson 4,887 shares
Robert Scheuer 3,133 shares
Jack Cooney 36,397 shares
John Yuncza 23,455 shares
Howard Hohmann 24,525 shares
RSUs awarded to Mr. Horsch, Mr. Anderson, and Mr. Scheuer, all non-executive Directors, were granted in lieu of annual Director fee increases. RSUs awarded to Mr. Cooney, Mr. Hohmann and Mr. Yuncza, 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. The participating Directors will, following the end of the performance period, be notified as to the extent to which the performance 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 discretion of the Company.
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 2010 Equity Incentive Plan at a price of 385 pence per RSU based on the closing price on 15 March 2019. 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 were 87,790 which are subject to the same vesting, service and performance 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 performance conditions have been met and their award has vested.
Following the above transactions, total outstanding RSUs will equal 627,506 units and the Company's total issued share capital will be 56,425,598 with 97,896 shares held in Treasury. Therefore, the total number of shares with voting rights will be 56,327,702.
For further information, please contact:
Somero Enterprises, Inc. www.somero.com
Jack Cooney, CEO
John Yuncza, CFO
Howard Hohmann, EVP Sales
finnCap Ltd (NOMAD and Broker)
Matt Goode (Corporate Finance) +44 (0)20 7220 0500
Carl Holmes (Corporate Finance)
Kate Bannatyne (Corporate Finance)
Tim Redfern/Richard Chambers (ECM)
Alma PR (Financial PR Advisor) somero@almapr.co.uk
Rebecca Sanders-Hewett +44 (0) 20 3405 0205
Susie Hudson
Sam Modlin
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | John Yuncza |
2. | Reason for the Notification | |
a) | Position/status | Chief Financial Officer |
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 | SOM | |
b) | Nature of the transaction | Employee Share Award |
c) | Price(s) and volume(s) | Price: 385p Volume: 8,142 |
d) | Aggregated information: · Aggregated volume · Price | n/a |
e) | Date of the transaction | 15 March 2019 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Howard Hohmann |
2. | Reason for the Notification | |
a) | Position/status | Executive Vice President of Sales |
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 | SOM | |
b) | Nature of the transaction | Employee Share Award |
c) | Price(s) and volume(s) | Price: 385p Volume: 19,595 |
d) | Aggregated information: · Aggregated volume · Price | n/a |
e) | Date of the transaction | 15 March 2019 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Somero (SOM)