Option Buy-Back

RNS Number : 7732R

Somero Enterprises Inc.

16 September 2014

 



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

Transaction in Restricted Stock Units (RSUs) and Stock Options

Somero announces that on Tuesday 16 September 2014 it approved the settlement in cash of Restricted Stock Units (RSUs) for 17 employees. These transactions resulted in 2,036,558 RSUs being settled for cash at a price per share of 130.5p under the terms of the Somero 2010 Equity Incentive Plan. 

Of the 2,036,558 RSUs being settled for cash, 327,476 RSUs were held by John T. Cooney, CEO, and 164,213 RSUs were held by Michael Niemela, CFO.  

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

After taking into account the above cash settlement of RSU units, there remain outstanding RSUs equal to 693,141 units.

Secondly, in accordance with the option buy-back programme approved on 15 November 2013, 34,281 options over ordinary shares have been bought back and cancelled using a price of 130.5p per share

After taking into account the above buy-back of options, there remain outstanding share options over a total of 1,874,908 ordinary shares in the Company.

As a result of the above transactions, Mr. Cooney's beneficial interest in Somero remains at 4,227,102 ordinary shares, or 7.52% of Somero's total issued share capital.  Mr. Niemela's beneficial interest in Somero remains at 108,166 ordinary shares, or 0.19% of Somero's total issued share capital.

The Company's total issued ordinary share capital is 56,425,598 shares and the Company holds 232,700 of its shares in Treasury and has 56,192,898 ordinary shares in issue excluding Treasury shares which was unchanged by the above transaction.

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

 

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