Option Buy-Back

RNS Number : 1282T

Somero Enterprises Inc.

15 November 2013

 



15 November 2013

Somero Enterprises, Inc ("Somero" or the "Company")

The Company announces that the Board has authorised the buy-back of vested share options covering shares of common stock of the Company ("ordinary shares") issued pursuant to the Company's 2010 Equity Incentive Plan.  In line with the repurchase of shares approved by the Board in May of this year, the buy-back of options is targeted at providing liquidity for employees based in the United States who wish to exercise their options and face certain administrative difficulties in trading in Somero shares.  Options that are bought back will be cancelled and the shares subject to those options will be returned to the option pool in accordance with the terms of the 2010 Equity Incentive Plan.

As well as providing liquidity for employees, this scheme is tax efficient for Somero and will avoid options converting into ordinary shares which would otherwise lead to an element of dilution for existing ordinary shareholders.

Options will be bought back at a price per share based on the prevailing market price per share. The first purchase has been completed pursuant to which options over 334,508 ordinary shares have been bought back and cancelled using a price of 97p per share.  The current total issued number of ordinary shares in the Company is 56,425,598 of which 60,827 are held in Treasury.

After taking into account the above buy-back of options, there remain outstanding share options over a total of 2,527,147 ordinary shares in the Company.

Enquiries
Somero Enterprises, Inc
Jack Cooney, CEO	Tel: [phone]
Mike Niemela, CFO	Tel: [phone]
Canaccord Genuity Limited
Chris Robinson	Tel: [phone]
Piers Coombs	Tel: [phone]

 

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