Somero Enterprises Inc. Transaction in Restricted Stock Units (6479O)

TIDMSOM

RNS Number : 6479O

Somero Enterprises Inc.

21 May 2018

Somero Enterprises, Inc.

("Somero" or the "Company")

Transaction in Restricted Stock Units (RSUs) and Director/PDMR Shareholding

Somero announces that on Friday, 18 May 2018, it approved the settlement of Restricted Stock Units ("RSUs") for John Yuncza, Executive Director. This transaction resulted in 16,320 RSUs being settled for cash and 16,319 RSUs converted to common stock in the Company at a price per share of 420p under the terms of the Somero 2010 Equity Incentive Plan. The conversion of the RSUs to common stock is pursuant to Board approval in April 2018 to allow eligible senior managers to elect to receive up to 50% of vested RSU grants in common shares, consistent with the structure of the Company's 2017 Equity Bonus Plan.

The price and exchange rates used for the settlement of the RSUs reflect the closing price and exchange rates on the 3 year vesting date of the RSUs.

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 25 May 2018. The new shares of common stock will rank pari passu with the existing common stock in the Company.

After taking into account the above settlement of RSU units, there remain outstanding RSUs equal to 448,690 units. Also following the above transactions, the Company's total issued share capital will be 56,425,598 with 137,269 shares held in Treasury. Therefore, the total number of shares with voting rights will be 56,288,329.

 
Enquiries: 
Somero Enterprises, Inc. www.somero.com 
 Jack Cooney, CEO via Alma PR 
 John Yuncza, CFO 
 Howard Hohmann, EVP Sales 
 
 finnCap Ltd (NOMAD & Broker) 
 Matt Goode (Corporate Finance) +44 (0)20 7220 
 0500 
 Carl Holmes (Corporate Finance) 
 Tim Redfern (Corporate Broking) 
 
 Alma PR (Financial PR Advisor) 
 Rebecca Sanders-Hewett +44 (0)20 3865 9667 
 Susie Hudson somero@almapr.co.uk 
 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                   ordinary shares of $0.001 
       the Financial                    each ("Ordinary Shares") 
       instrument, type 
       of instrument 
--- 
      Identification                   USU834501038 
       code 
---  -------------------------------  --------------------------------- 
 b)   Nature of the                    Conversion of RSUs into Ordinary 
       transaction                      Shares 
---  -------------------------------  --------------------------------- 
 c)   Price(s) and                     Price: 420p 
       volume(s)                        Volume: 16,319 
---  -------------------------------  --------------------------------- 
 d)   Aggregated information:          n/a 
        *    Aggregated volume 
 
 
        *    Price 
---  -------------------------------  --------------------------------- 
 e)   Date of the transaction          18 May 2018 
---  -------------------------------  --------------------------------- 
 f)   Place of the                     Outside of a trading venue 
       transaction 
---  -------------------------------  ---------------------------------

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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May 21, 2018 02:00 ET (06:00 GMT)

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