Transaction in Own Shares

RNS Number : 4306L

Somero Enterprises Inc.

04 July 2014

 



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

Transaction in Own Shares

Somero announces that on Thursday 3 July 2014 it approved four transactions in respect of employee share schemes. 

Firstly, in accordance with the share repurchase programme announced on 20 May 2013, it purchased and transferred into Treasury 18,174 and 21,968 shares of its own shares at a price of 132.5 pence per share and purchased and transferred into Treasury 21,339 shares of its own shares at a price of 132.0 pence per share.

Secondly, in accordance with the option buy-back programme approved on 15 November 2013, 425,285 options over ordinary shares held by Michael Niemela, CFO of Somero, have been bought back and cancelled using a price of 134.25 pence per share. The exercise of options by Mr. Niemela is connected to his purchase of a new house, closer to Somero's head office. As a result of this transaction Mr. Niemela's beneficial interest in Somero remains at 108,166 ordinary shares, or 0.19% of Somero's total issued share capital.

The share repurchases and option repurchase were approved and took effect on 3 July 2014.  The prices used for the share repurchases and cancellation of options reflect the closing price on the day the request was submitted for approval.

After taking into account the above buy-back of options, there remain outstanding share options over a total of 1,909,189 ordinary shares in the Company.

The Company's total issued ordinary share capital is 56,425,598 shares.  Following the purchase of these shares, the Company holds 232,700 of its shares in Treasury and has 56,192,898 ordinary shares in issue excluding Treasury shares.

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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