Somero announces that on Thursday, 28 March 2019, it approved the settlement of Restricted Stock Units (RSUs) for John Yuncza, Executive Director as well as non-executive, non-director managers eligible under the Somero 2010 Equity Incentive Plan. This transaction resulted in 128,215 RSUs being settled for cash at a price per share of 350.00p and 10,640 RSUs converted to common stock in the Company by eligible managers under the terms of the Somero 2010 Equity Incentive Plan.
The price and exchange rates used for the settlement of the RSUs reflect the closing price and exchange rates on the 3-year vesting date of the RSUs.
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 5 April 2019. The new shares of common stock will rank pari passu with the existing common stock in the Company.
Following the above transactions, total outstanding RSUs will equal 488,651 units and the Company's total issued share capital will be 56,425,598 with 87,256 shares held in Treasury. Therefore, the total number of shares with voting rights will be 56,338,342.