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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Somero Enterprises, Inc.    SOM

SOMERO ENTERPRISES, INC.

(SOM)
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Somero Enterprises : Transactions in Own Shares and RSUs

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03/16/2020 | 02:12am EDT

Somero Enterprises Inc.

('Somero' or the 'Company')

Transactions in Own Shares and Restricted Stock Units

Senior Management Equity Bonus Program

On 13 March 2020, the Board of the Company approved the issuance of 35,247 new shares of common stock to senior managers, including certain executive Directors, under Somero's 2019 Equity Bonus Plan (the 'Plan'). Under the Plan, eligible senior managers were able to choose to receive up to 100% of their 2019 annual performance bonus in shares of common stock in the Company. The shares issued to participating senior managers are fully-vested with no performance conditions. The number of shares issued under this award was based on the closing price on 13 March 2020 of 223 pence. The following executive Directors received shares under this award:

Name

Existing holding of Common Stock

Awarded under the Plan

Resulting Shareholding

John Yuncza

99,811

13,240

113,051

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 or about 20 March 2020. The new shares of common stock will rank pari passuwith the existing common stock in the Company.

In conjunction with this common stock award, the Board of the Company has approved the cancellation of 35,247 shares held in Treasury.

Restricted Stock Unit Awards

Also on 13 March 2020, the Board of the Company approved issuance of Restricted Stock Units (RSUs) to the following executive Directors under the terms of Somero's 2020 Equity Incentive Plan at a price of 223 pence per RSU based on the closing price on 13 March 2020.

Name Number of RSUs awarded

Jack Cooney 69,030 shares

John Yuncza 44,484 shares

Howard Hohmann 46,512 shares

RSUs awarded to Mr. Cooney, Mr. Hohmann and Mr. Yuncza, all executive Directors, were granted as part of an annual incentive compensation program. The shares awarded are the maximum available under the grants, will vest over a three-year period commencing on the date of the grant, and require continued service for the period.

In addition to the RSUs awarded to Directors, the Board of the Company approved RSUs to be awarded to a group of non-Director employees under the terms of Somero's 2020 Equity Incentive Plan at a price of 223 pence per RSU based on the closing price on 13 March 2020. The awards to non-Director employees are a key element of the Company's employee retention program as well as a reward to employees for significant contributions to the Company's performance. The total number of RSUs awarded to non-Director employees were 163,749 which are subject to the same vesting and service requirements as the Director awards and each participating non-Director will, following the end of the performance period, be notified as to the extent to which the service conditions have been met and their award has vested.

Unless determined otherwise by the Equity Incentive Plan administrator, each RSU will be equal to one share of common stock in the Company and will entitle each Director to either shares of common stock or an amount of cash determined with reference to the value of shares of common stock at the discretion of the Company.

Following the above transactions, total outstanding RSUs will equal 789,577 units and the Company's total issued share capital will be 56,425,598 with 42,283 shares held in Treasury. Therefore, the total number of shares with voting rights will be 56,383,315.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information, please contact:

Somero Enterprises, Inc.www.somero.com

Jack Cooney, CEO +1 239 210 6500

John Yuncza, CFO

Howard Hohmann, EVP Sales

finnCap Ltd (NOMAD and Broker)

Matt Goode (Corporate Finance) +44 (0)20 7220 0500

Carl Holmes (Corporate Finance)

Tim Redfern (Corporate Broking)

Alma PR (Financial PR Advisor) somero@almapr.co.uk

Rebecca Sanders-Hewett +44 (0) 2034 050 205

Susie Hudson

Sam Modlin

David Ison

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

n/a

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

Employee Share Award

c)

Price(s) and volume(s)

Price: 223p

Volume: 13,240

d)

Aggregated information:

· Aggregated volume

· Price

n/a

e)

Date of the transaction

13 March 2020

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

Disclaimer

Somero Enterprise Inc. published this content on 16 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2020 07:11:02 UTC


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Financials (USD)
Sales 2020 82,7 M - -
Net income 2020 12,9 M - -
Net Debt 2020 1,25 M - -
P/E ratio 2020 14,0x
Yield 2020 5,48%
Capitalization 180 M 180 M -
EV / Sales 2020 2,19x
EV / Sales 2021 2,22x
Nbr of Employees 179
Free-Float 98,4%
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Mean consensus -
Number of Analysts 1
Average target price 3,32 $
Last Close Price 3,19 $
Spread / Highest target 4,03%
Spread / Average Target 4,03%
Spread / Lowest Target 4,03%
EPS Revisions
Managers
NameTitle
John T. Cooney President, Chief Executive Officer & Director
Lawrence L. Horsch Non-Executive Chairman
John H. Yuncza Chief Financial Officer, Secretary & Director
Thomas M. Anderson Independent Non-Executive Director
Howard Hohmann Executive Director & EVP-Sales Worldwide