Somero Enterprises, Inc. announces an Equity Buyback for $1 million worth of its shares.
September 09, 2020 at 02:00 am EDT
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Somero Enterprises, Inc. (AIM:SOM) announces an share repurchase program. Under the program, the company will repurchase up to $1 million worth of its shares. The maximum price to be paid per ordinary share is to be no more than the higher of 105% of the average middle market closing price of an ordinary share for the five business days preceding the date of any share buyback, the price of the last independent trade and the highest current independent purchase bid. The purpose of the program is to mitigate future dilution resulting from share issuances under the company's equity award programs. The repurchased shares will be cancelled. The repurchase program will be completed by the end of 2020.
Somero Enterprises, Inc. designs, assembles, remanufactures, sells, and distributes concrete leveling, contouring and placing equipment, related parts and accessories, and training services around the world. Its products are machinery used in the process of horizontal concrete placement. Its product categories include Lightweight Screeds, Ride-on Laser Concrete Screeds, Boom Screeds, Skyline Stationary Laser Screeds, Materials Placement, and Software Packages. Its Lightweight Screeds include Mini Screed C and CopperHead XD 3.0. Its Ride-on Laser Concrete Screeds consist of S-485 Laser Screed and S-940 Laser Screed. Its Boom Screeds include S-28EZ Laser Screed, S-PS50 Laser Screed, and others. Its Skyline Stationary Laser Screeds consist of SkyScreed 36 (SkyStrip). Its Materials Placement includes Broom + Cure Machine, Somero LineDragon, and STS-11M Topping Spreader. Its software packaging includes 3-D Concrete Profiler System, SiteShape System, and Somero Floor Levelness System.