Business
Admission to AIM
Admission to AIM.
About this update from Somero Enterprises, Inc.
[{"type":"text","content":"\n Somero Enterprises Inc.\n01 November 2006\n\nEmbargoed for 08.05 hrs\n\n1 November 2006\n\n\n This announcement is not a prospectus. Investors should not subscribe for or\npurchase any securities referred to in this announcement except on the basis of\n information published in the admission document dated 27 October 2006 relating\n to Somero Enterprises, Inc.\n\n THIS DOCUMENT MAY NOT BE RELEASED, PUBLISHED OR DISTRIBUTED IN OR INTO THE\n UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR TO US PERSONS OR TO RESIDENTS,\n NATIONALS OR CITIZENS OF CANADA, JAPAN OR AUSTRALIA.\n\n Somero Enterprises, Inc.\n\n\nSomero Enterprises, Inc. (R) ('Somero' or 'the Company'), a U.S.-based designer\n and manufacturer of concrete construction equipment, announces that the\nCompany's Common Shares have today been admitted to trading on the AIM market of\n the London Stock Exchange ('AIM'). The Company's trading symbol is SOM.\n\n\n\nAdmission details\n\n • On Friday 27 October 2006 it was announced that the Common Shares being\n offered to institutional and professional investors (the 'Placing') would be\n priced at 125p per share.\n\n • Based on this Placing Price, the market capitalisation of the Company\n following the Placing was £42.85m.\n\n • The number of Common Shares in issue at listing was 34,281,968.\n\n • The Company raised approximately $10.03 million (£5.35m) in gross proceeds\n from the Placing before expenses. Approximately $40.13 million (£21.41m) in\n gross proceeds was received by Somero Holdings, LLC, the Company's existing\n sole shareholder, which is controlled by The Gores Group, LLC ('Gores'), a\n private equity firm based in Los Angeles, California.\n\n • Somero Holdings, LLC remains a significant shareholder in Somero,\n retaining 37.55% of the issued share capital of the Company following its\n Admission today to the AIM market.\n\n • The Company intends to use the net proceeds received from the Placing,\n together with cash on hand, to repay a portion of its outstanding\n indebtedness.\n\nJefferies International Limited acted as Lead Manager and Nominated Advisor and\nCollins Stewart Europe Limited acted as Co-Lead Manager for the Placing.\n\n\nEnquiries:\n\nFinancial Dynamics +44 (0)20 7831 3113\nEdward Bridges, Managing Director\nHarriet Keen, Senior Vice President\nMatt Dixon, Consultant\n\n\nU.S. Dol...