Somero Enterprises (LSE:SOM) has increased its planned 2026 share buyback programme to US$12.0 million from US$6.0 million following a consultation with shareholders on the company’s governance and legal framework.

The company said purchases under the expanded programme will begin following publication of its interim results on 8 September 2026.

All shares acquired through the programme will be cancelled.

Board proposes changes to director election process

Following feedback received during the shareholder consultation, Somero’s Board intends to propose changes to the company’s director election arrangements.

The proposals include introducing majority voting for uncontested director elections and moving to staggered two-year re-election terms.

According to the company, the changes are intended to bring its governance practices more closely into line with UK market practices and the QCA Corporate Governance Code while maintaining continuity on the Board.

The proposed constitutional changes will require shareholder approval at a forthcoming special meeting.

Howard Hohmann to step down from Board

Somero also announced that long-serving executive Howard Hohmann will leave the Board and take the role of Chief Commercial Officer.

Hohmann will therefore continue in an executive commercial role while no longer serving as a director.

The company is also conducting a search for an additional independent non-executive director and said the process is nearing completion.

Board retains position on failed AGM resolutions

Somero’s Board considered matters covered by several resolutions that did not receive sufficient support at the company’s 2026 annual general meeting.

Following the shareholder consultation, the Board decided not to make changes to the matters covered by those resolutions.

The Board said it considers the newly proposed governance measures to be a more appropriate way of addressing the shareholder feedback received while maintaining the company’s strategic and regulatory priorities.

Somero operates in construction equipment market

Somero Enterprises, Inc. is an AIM-listed construction equipment company specialising in concrete screeding technologies and related products.

The company’s equipment is used by concrete contractors in the installation of large concrete floors across its international markets.