Transaction in Own Shares

RNS Number : 0405F

Somero Enterprises Inc.

20 May 2013

 

Transaction in Own Shares

20 May 2013

Somero Enterprises, Inc ® (the "Company")

Transaction in Own Shares

The Company announces that the Board has authorised the repurchase of shares of common stock of the Company ("Common Stock") up to a total maximum of 500,000 shares of Common Stock, and subject to the further condition that all shares of Common Stock repurchased shall be reserved to satisfy existing or future awards under the Company's 2010 Equity Incentive Plan.  The repurchase is targeted at providing liquidity for existing and former employees below Board level and based in the United States who face certain administrative difficulties in trading in Somero shares.

The Board approved a repurchase price per share of up not more than the prevailing market price per share (also capped at a maximum of $2.00 per share) for an initial tranche of shares of Common Stock to be repurchased. The first purchase is expected to be completed in the first half of our current financial year.  

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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