Source - LSE Regulatory
RNS Number : 3118S
Somero Enterprises Inc.
15 March 2021

Somero Enterprises Inc.


("Somero" or the "Company")


Transactions in Own Shares and Restricted Stock Units


Senior Management Equity Bonus Program

On 12 March 2021, the Board of the Company approved the issuance of 37,014 new shares of common stock to senior managers, including certain executive Directors, under Somero's 2020 Equity Bonus Plan (the "Plan"). Under the Plan, eligible senior managers were able to choose to receive up to 100% of their 2020 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 12 March 2021 of 365 pence. The following executive Directors received shares under this award:


Existing holding of Common Stock

Awarded under the Plan

Resulting Shareholding

John Yuncza





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 19 March 2021. The new shares of common stock will rank pari passu with the existing common stock in the Company.


In conjunction with this common stock award, the Board of the Company has approved the cancellation of 37,014 shares held in Treasury.


Restricted Stock Unit Awards

Also on 12 March 2021, 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 365 pence per RSU based on the closing price on 12 March 2021. 

Name                                                           Number of RSUs awarded

Jack Cooney                                                     39,426 shares

John Yuncza                                                     25,413 shares

Howard Hohmann                                              26,572 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 365 pence per RSU based on the closing price on 12 March 2021. 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 93,479 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 850,960 units and the Company's total issued share capital will be 56,425,598 with 264,175 shares held in Treasury. Therefore, the total number of shares with voting rights will be 56,161,423.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.


For further information, please contact:


Somero Enterprises, Inc.                                                                    

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

Kate Bannatyne (Corporate Finance)

Tim Redfern/Richard Chambers (Corporate Broking)


Alma PR (Financial PR Advisor)                                             

David Ison                                                                                            +44 (0) 2034 050 205

Sam Modlin

Molly Gretton






Details of the person discharging managerial responsibilities / person closely associated



John Yuncza


Reason for the Notification



Chief Financial Officer


Initial notification/Amendment

Initial notification



Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor



Somero Enterprises Inc.





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


Description of the Financial instrument, type of instrument

ordinary shares of $0.001 each ("Ordinary Shares")

Identification code



Nature of the transaction

Employee Share Award


Price(s) and volume(s)

Price: 365p

Volume: 9,816


Aggregated information:

·         Aggregated volume

·         Price



Date of the transaction

12 March 2021


Place of the transaction

London Stock Exchange, AIM Market (XLON)



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