Directorate Change and Transaction in Own Shares

RNS Number : 1591B

Somero Enterprises Inc.

05 October 2015

 

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

Directorate Change and Transaction in Own Shares

Somero Enterprises, Inc. (London Stock Exchange, AIM Market - Symbol: SOM) announces that Mr. Ronald Maskalunas is today stepping down from the Company's board of directors (the "Board") following nine years of dedicated service. 

During his entire tenure, Ron has served as Chairman of the Audit Committee. Somero has been running a search for a new non-executive director, and expects to announce the appointment shortly.  Until a successor is named, the Company's Chairman, Lawrence Horsch will serve as interim Audit Committee Chairman. 

Lawrence L. Horsch, Chairman, commented: 

"On behalf of the Board, I would like to sincerely thank Ron for his instrumental role in helping to lead and build the Company over the years.  His vision, insights and guidance have been invaluable in bringing Somero to where it is today and positioning it for a bright and successful future."

Transaction in Own Shares

As part of Ron's retirement, Somero also announces that on Friday, 2 October 2015, it approved the settlement in cash of Restricted Stock Units (RSUs) and buy-back of Stock Options.  These transactions resulted in 12,439 RSUs and 85,704 Stock Options being settled for cash at a price per share of 139.0p under the terms of the Somero 2010 Equity Incentive Plan.

The price and exchange rates used for the cash settlement of the RSUs and Stock Options reflect the last closing price and exchange rates on the date of retirement, being 2 October 2015.

After taking into account the above cash settlement of RSU units and buy-back of Options, there remain outstanding RSUs equal to 450,181 units and 1,686,361 Stock Options.

The Company's total issued ordinary share capital is 56,425,598 shares and the Company holds 318,866 of its shares in Treasury and has 56,106,732 ordinary shares in issue excluding Treasury shares which was unchanged by the above transaction.

Enquiries:

Somero Enterprises, Inc.                                                     Tel: [phone]
Jack Cooney, CEO
John Yuncza, CFO
Howard Hohmann, Executive Vice President of Sales

Canaccord Genuity Limited                                                 Tel: [phone]
Piers Coombs
Chris Robinson
Mark Whitmore

 

END

 

 

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