Somero Enterprises - Restricted Stock Units, Director/PDMR Shareholding

Somero Enterprises

06/05/2025 07:00

RNS Number : 4363H

Somero Enterprises Inc.

06 May 2025

 

Somero Enterprises Inc.

 

("Somero" or the "Company")

 

Restricted Stock Units and

Director/PDMR Shareholding

 

Restricted Stock Unit Awards

On 2 May 2025, 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 215 pence per RSU based on the closing price on 2 May 2025. 

Name
Number of RSUs awarded
Tim Averkamp
65,579 shares

 

RSUs awarded to Mr. Averkamp, executive Director, 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 non-Director employee under the terms of Somero's 2020 Equity Incentive Plan at a price of 215 pence per RSU based on the closing price on 2 May 2025. 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 was 10,887 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 point of vesting at the discretion of the Company.

Following the above transactions, total outstanding RSUs will equal 890,369 units and the Company's total issued share capital will be 54,718,644 shares and no shares held in Treasury.  Therefore, the total number of shares with voting rights will be 54,718,644

 

 

 

1.
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Tim Averkamp
2.
Reason for the Notification
a)
Position/status
CEO
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
549300OQ2P18NRWBIW58
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 Restricted Stock Unit Award
c)
Price(s) and volume(s)
Price: n/a
Volume:65,579
d)
Aggregated information:
· Aggregated volume
· Price
n/a
e)
Date of the transaction
2 May 2025
f)
Place of the transaction
London Stock Exchange, AIM Market (XLON)

 

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.
www.somero.com
Tim Averkamp CEO
+1 239 210 6500
Vincenzo LiCausi, CFO
Howard Hohmann, EVP Sales
Cavendish Capital Markets Ltd (NOMAD and Broker)
+44 (0)20 7220 0500
Matt Goode/Seamus Fricker/Trisyia Jamaludin (Corporate Finance)
Tim Redfern/Harriet Ward (Corporate Broking)
Alma Strategic Communications (Financial Communications Advisor)
somero@almastrategic.com
David Ison
+44 (0)20 3405 0205
Rebecca Sanders-Hewett
Will Merison


 

 

 

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