Somero Enterprises Inc. AGM Statement (8613Q)
11 June 2018 - 4:00PM
UK Regulatory
TIDMSOM
RNS Number : 8613Q
Somero Enterprises Inc.
11 June 2018
11 June 2018
Somero Enterprises, Inc.
("Somero" or the "Company")
AGM Statement
Somero Enterprises, Inc. is pleased to provide an update on
trading ahead of its Annual General Meeting to be held on Tuesday
12 June 2018.
Trading Update
Somero is pleased with the broad contributions to the Company's
growth at this early stage of the year and the positive market
conditions we continue to see across our portfolio of territories.
North America and Europe remain healthy markets with robust
activity levels and we remain encouraged by the performance in
China in the period as we continue to work on gaining traction in
this significant market. We are similarly encouraged by solid
activity levels in the Middle East, Latin America and our Rest of
World territories and we see opportunities for growth in each of
these markets.
On a product basis we have seen balanced contributions from each
product category as sales of Boomed screeds, Ride-on screeds and
Parts and accessories have all been key contributors to growth to
start the year.
The Company continues to focus heavily on future growth
initiatives and product development efforts, and has progressed in
developing a solution for concrete leveling in the structural
high-rise market segment. Through job-site testing of our prototype
machines we have gained valuable insight into the this market
segment and identified opportunities to improve the design of the
equipment that will increase the value of the offering. We are
encouraged by the Company's progress in the long-term effort to
penetrate a new market segment.
In summary, the Company feels comfortable with the positive
trading environment across our footprint, and the growth
opportunities visible in North America, Europe, China, Middle East,
Latin America and our Rest of World territories. This constructive
environment combined with solid margin performance and healthy
operating cash flow generation means the Company's trading to date
is ahead of the comparable prior year period and in-line with
market expectations for the full year ending 31 December 2018.
Succession Planning
The Board has implemented a clear succession planning process to
provide for the measured transition of responsibilities from
President and Chief Executive Officer, Jack Cooney, to the current,
experienced senior leadership team. The transition of
responsibilities is designed to take place gradually over the next
three years to ensure an orderly transition of his day-to-day
responsibilities.
Mr. Cooney has been nominated for re-election to the Board of
Directors, subject to shareholder approval at the Annual General
Meeting on 12 June 2018, for a three-year term coinciding with the
transition of his responsibilities as President and Chief Executive
Officer. It is expected Mr. Cooney, after transition of his current
executive responsibilities, will be considered by the Nominating
Committee for re-election to the Board as a non-executive
director.
The Board also has a succession planning process designed to
provide for a highly independent, well-qualified Board, with the
diversity, experience and background to be effective and to provide
strong oversight. A key element to the Board succession planning
process is the Board retirement policy adopted in November 2017.
The Board retirement policy states directors shall not be
re-nominated for election after reaching 75 years of age, provided
that the Board may approve exceptions to the policy based on a
recommendation from the Nominating Committee, and that if a
director reaches the age of 75 during his or her term, the director
will offer to resign in writing. The Board retirement policy
further states the remaining members of the Board may choose to
accept, defer or reject the offer to resign. Based on Mr. Cooney's
current age of 71, this retirement policy is not applicable for the
duration of his proposed new three-year term, as described above.
The Board unanimously agreed to implement this policy in 2017 as an
important mechanism to ensure orderly transition of
responsibilities for directors that reach retirement age and to
ensure the Board remains well-qualified and effective in its
oversight role for the benefit of Somero and its shareholders.
The Annual General Meeting will be held via webcast and
participation is encouraged by registering online at
https://services.choruscall.com/links/som180612ngn5zGn5.html. This
link can also be found on our website at
https://investors.somero.com/.
For further information, please contact:
Somero Enterprises, Inc. www.somero.com
Jack Cooney, CEO +1 239 210 6500
John Yuncza, CFO
Howard Hohmann, EVP Sales
finnCap Ltd (NOMAD & Broker)
Matt Goode (Corporate Finance) +44 (0)20 7220 0500
Carl Holmes (Corporate Finance)
Tim Redfern (Corporate Broking)
Alma PR (Financial PR Advisor) somero@almapr.co.uk
Rebecca Sanders-Hewett +44 (0) 2038 659 667
Susie Hudson
Sam Modlin
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGMUROWRWVANAAR
(END) Dow Jones Newswires
June 11, 2018 02:00 ET (06:00 GMT)
Somero Enterprise (LSE:SOM)
Historical Stock Chart
From Apr 2024 to May 2024
Somero Enterprise (LSE:SOM)
Historical Stock Chart
From May 2023 to May 2024