Transaction in Restricted Stock Units

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)                                                               [phone] Carl Holmes (Corporate Finance) Tim Redfern (Corporate Broking) Alma PR (Financial PR Advisor)                              Rebecca Sanders-Hewett                                                                                     [phone] Susie Hudson                                                                                                   [e-mail] 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	USU834501038
b)	Nature of the transaction	Conversion of RSUs into Ordinary Shares
c)	Price(s) and volume(s)	Price: 420p Volume: 16,319
d)	Aggregated information: ·      Aggregated volume ·      Price	n/a
e)	Date of the transaction	18 May 2018
f)	Place of the transaction	Outside of a trading venue

 

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