Business
Secondary Placing
Secondary Placing.
About this update from Somero Enterprises, Inc.
[{"type":"text","content":"\n Somero Enterprises Inc.\n01 May 2007\n\nEmbargoed for 7.00am, Tuesday 1st May 2007\n\n\n\n\n\n THIS ANNOUNCEMENT MAY NOT BE RELEASED, PUBLISHED OR DISTRIBUTED IN OR INTO THE\n UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR TO US PERSONS (AS DEFINED IN\n REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED) OR TO RESIDENTS,\n NATIONALS OR CITIZENS OF CANADA, JAPAN OR AUSTRALIA.\n\n\n Secondary placing of Common Shares in Somero Enterprises, Inc. (R)\n\n\nSomero Enterprises, Inc. (R), ('Somero' or 'the Company'), is pleased to\nannounce that 8,658,713 shares of common stock ('Common Shares') in Somero (the\n'Secondary Placing') held by its largest shareholder, SOM Holdings, LLC\n(formerly 'Somero Holdings, LLC'), have been successfully placed in the market\nat a price of 132 pence per Common Share. SOM Holdings, LLC is controlled by\nthe Los Angeles-based private equity firm, The Gores Group, LLC.\n\n\nThe Secondary Placing represents 25.3% of the issued share capital of Somero.\nThe placing of these shares reduces SOM Holdings' holding in Somero to 4,213,417\nCommon Shares, representing 12.3% of the issued share capital of Somero.\n\n\nAs part of this Secondary Placing, SOM Holdings has agreed to renew the lock-up\narrangement relating to its shares that was agreed at the time of Somero's\nadmission to AIM in November 2006. For a period of six months from today's date\n(30 April 2007), SOM Holdings has agreed not to dispose of its remaining holding\nof Common Shares and has further agreed, in the subsequent six month period,\nonly to dispose of its Common Shares in accordance with the reasonable\nrequirements of Jefferies International so as to ensure an orderly market in the\nCompany's Common Shares (such that any such disposal be effected through\nJefferies International and Collins Stewart Europe Limited or such other broking\nfirm as may be the Company's broker at the relevant time).\n\n\nCommenting on the Secondary Placing, Jack Cooney, President and Chief Executive\nof Somero, commented:\n\n\n\n'It is pleasing to see that, on the back of healthy demand for our shares, the\nSecondary Placing has been successfully completed just six months after the\nAdmission of the Company to AIM, with SOM Holdings remaining a supportive\nshareholder in the business.'\n\n\n\nFor further information contact:\n\n\nFinancial Dynamics ...