Summit Therapeutics Share Discussion Threads

[chrisatrdg] 04/2/2020 18:08

My shares with Barclays 27,885 in total requested on the 10th December will be put in the post this Wednesday after many many hours phoning the share registers & Barclays asking as to where they are.
Come next week I will then have all my shares with Interactive Investors ready for the transfer but a journey I will not want to ever repeat again.

[pharma giles] 04/2/2020 09:12

Sasannach - re your first sentence did you mean after the delisting? You can currently hold ADRs in an ISA (well with ii at least) - link below and it shows the ticks to which accounts they can be held in..

hxxps://www.ii.co.uk/shares/summit-therapeutics-adr/NASDAQ:SMMT

[hernando2] 04/2/2020 08:33

Mine in a SIPP with James hay ...they use self trade as their platform for dealing, i hold OTC in America in the sipp.

W Ben form is just not an issue very easy to fill in.

[pharma giles] 04/2/2020 08:28

Thanks Waterloo – seems the consensus on this board is that we can’t hold in an ISA, but all a bit confusing as ii have confirmed (in writing) that I can? I’ve re-read their message - as wondered if they meant I could convert and hold the ADS’s in an ISA (after 14th Feb), but only until the ordinary shares delist (24th Feb)? Doesn’t read like that though. II did state however that any “unlisted̶1; securities i.e. if you retained your shares, and didn’t convert, that these wouldn’t be eligible. I posted on the LSE board about ISAgate. What I understood from the “shareholder circular” was that we’d still be the “beneficial owner” of the underlying investment and thus things shouldn’t change regarding tax purposes (although they did use inheritance tax as the example). What I understood from the HMRCs website, on qualifying shares, is that it depends on who’s the beneficial owner of the underlying investment.
All a bit confusing but I’ll leave in my ISA and convert in this. If they tell me I have to remove then I may sell my Nasdaq shares and leave the cash in the ISA?..

[waterloo01] 03/2/2020 19:36

sasannach, yes hold in SIPP via Hargreaves. You can do a SIPP transfer but would mean opening ANO account.

[euroto] 03/2/2020 19:25

Summit getting a mention in The Times online today .

[sasannach] 03/2/2020 19:09

Holding ADR's in an ISA isn't possible because of tax implications.

My (and the wife!) two ISA holdings with ii and Selftrade have been moved to a trading account and then they will be converted.

Having a hard time with AJ Bell and my SIPP. Current stance is no ADR's and as such no conversion. So no choice but to sell which is disappointing as its a large holding. So would be interested if anybody else has been offered the conversion and holding of ADR's in a SIPP.

Also seen today there will be a charge to hold ADR's
"An annual holding fee, currently US0.01 per ADS, is levied by the depositary bank in August and typically will be charged on an annual basis."

[sikhthetech] 03/2/2020 14:43

"Because the CEO amongst others are all holding a great many shares in certificated form."

Do you know if the officers of the company hold their shares in certificated form? I doubt they will have any problems even if they do, being they are officers of the company.
The number of shares PIs hold is irrevelant...

I've had 3 companies 'move' from UK to US listed...

Have a read of how escheat works - especially in US..
I did hold Ceva back then...

[waterloo01] 03/2/2020 14:21

sikhthetech, I've no idea what experience you have had, but that will not happen with Summit. How do I know? Because the CEO amongst others are all holding a great many shares in certificated form.

As for the forms they are very simple and only need to be done once with the broker.

[sikhthetech] 03/2/2020 14:15

"Sounds like HL and Halifax may be saying something else"

did say it was time consuming.....


Wait until the Medallion Stamp rears it's ugly head... and the W-8BEN form, although this is merely a formality..

Only about 3 weeks left... You don't want to be left with any certificated shares when these delist, otherwise you could lose them..

Have a read:

[waterloo01] 03/2/2020 13:39

Pharma Giles, so it seems. I'm fairly sure the advice from HL is correct in that you won't be able to hold in an ISA, so I'd double double check that one. Currently you can hold the ADR's but that changes when they delist from London. OK to hold/trade in SIPP and trading accounts as different rules to ISA.

[pharma giles] 03/2/2020 13:27

Sounds like different brokers are saying different things - ii have confirmed we can continue holding the converted shares (ADS's) in an ISA. Sounds like HL and Halifax may be saying something else . Not sure about the left over shares with ii but with a value of no more than c80p their value may not be worth any effort to sell/arrange payment?

[best1467] 03/2/2020 13:10

Conversation rate is 5 - 1 you can’t hold in ISA not sure about SIpp Halifax will cedit cash for fractions left over

[chrisatrdg] 31/1/2020 16:46

Great news I have heard today from Interactive Investors that I can convert my Ord shares on AIM into ADD's at no cost within a limited period.I have just converted my first lot of shares now waiting for share certificates from Barclays.

[waterloo01] 28/1/2020 16:04

Worth a read about the market



UK-based Summit Therapeutics, whose lead program is targeting the stubborn C. diff infection, is taking the precision approach one step further.

Most recently launched antibiotics have been improved versions of regimens with existing mechanisms of action using the non-inferiority trial design, which bacteria will find a way to subvert sooner rather than later, chief Glyn Edwards told Endpoints.


Glyn Edwards
“The antibiotic space has not been great… but we think we can make great again,” he said, by choosing to develop products for indications where the efficacy of standard antibiotics is wanting, and working on proving superiority in clinical trials (and not just non-inferiority) where possible and using health-economic calculations to demonstrate savings achieved by lower recurrence rate.

“I don’t think that’s any different from any other therapeutic area,” he said, asserting that if the data shows the antibiotic is better than existing treatments and reduces the rate of recurrence, doctors and hospitals will be willing to pay a premium price.

“If you can show that the hospital healthcare system will save money…even if the acquisition costs are higher, then that’s a very attractive market,” he said.

Summit’s experimental C. diff therapy, which Summit says kills specific bacteria by thwarting cell division, is in late-stage development.

“I think it’s wrong to just look at the recent product launches, and then throw your hands in the air and say you can’t make money out of this,” Edwards added. “If you do have a good product, and you show it is a better product, and it’s an area of high unmet need, and there are lots of patients — you can make a lot of money from it.”

[gooosed] 28/1/2020 12:24

Waterloo - just to add to your 25431 . . .

I have a holding of SUMM in an ISA on one platform & HL are sending forms to so that I can "Bed and SIPP" my holding to them to combine with my existing HL SIPP holding.

It seems that Summit Therapeutics have yet to confirm ADS ratio and protocols to effect this.

[waterloo01] 28/1/2020 10:36

From HL

What is happening?

The Board of Summit Therapeutics plc has announced proposals to cancel the Company’s ordinary shares from trading on AIM (Alternative Investment Market). It is expected that the Company’s shares will be delisted with effect from the 7am on 24 February 2020.

If the Delisting is approved at the shareholder Meeting Summit Therapeutics will be offering shareholders the opportunity to convert their ordinary shares into American depositary receipts (ADRs). ADRs are a form of stock traded in the US that represent a number of shares in a foreign Company. If approved we will write to you after the shareholder Meeting to inform you of the terms of the conversion.

Why is this happening?

“The AIM Delisting reflects the increasing focus of the Company’s business operations on the United States.” (Source: shareholder announcement, 6 December 2019)

What action do I need to take?

For the delisting to become effective, it must be approved at a General Meeting to be held on Monday 23 December 2019. Under AIM Rules, such a withdrawal resolution requires the consent of not less than 75% of votes cast by shareholders voting on the resolutions at the General Meeting.

If you would like to submit a vote for or against the resolution to delist the shares, please provide us with your voting instruction by noon on Wednesday 18 December 2019 by clicking on your Fund & Share Account in the ‘My Accounts’ section of our website. Please then select the dark blue Corporate Actions Icon alongside your Summit Therapeutics plc shares and follow the online instructions provided.



If you wish to sell your holding before the proposed listing cancellation you must do so before 4.30pm on Friday 21 February 2020. The trade will be placed in accordance with our terms and conditions and subject to the standard Stockbrokers commission rates. To sell these shares please phone us on 0117 980 9800 or you can place a trade online. Please note that if the cash consideration of a sale does not exceed the commission payable then the sale will not be executed. Please note that although Hargreaves Lansdown will endeavor to sell your shares it may not be possible to sell all, or even any, of your shares if a market for the shares no longer exists. If you dispose of your holding before shareholder approval has been granted you do so at your own risk.



If you wish to maintain your holding you need take no action. You should note that following the cancellation you may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be impossible to sell it at any price.

Important information for holders of Summit Therapeutics plc shares within a Stocks & shares ISA

Please note under HMRC rules unlisted shares and ADS’ are not eligible to be held within a Stocks & shares ISA. As a result, if the delisting become effective, any holding of Summit Therapeutics plc shares within a Stocks & shares ISA will need to be removed within 30 days of the effective date of the delisting.

[chrisatrdg] 28/1/2020 10:30

All you need to know is found in link below.



Edit: Per 3rd Quarters Results Summary:

"We look forward to continuing to advance ridinilazole through our landmark Phase 3 clinical trials that remain on track to report results in the second half of 2021."

[squintyflinty1] 28/1/2020 10:06

When are the results due for the phase 3 trials ?

[chrisatrdg] 28/1/2020 09:10

kirk6 - All you need to know see link below:



Main point:

'Should shareholders approve the AIM Delisting, the final day of trading on AIM of the ordinary shares is expected to be 21 February 2020. On that basis, the AIM Delisting would take effect at 7.00 a.m. on 24 February 2020. Thereafter, ordinary shares will continue to be capable of being held and transferred in certificated form, but there will be no public market in the UK on which shareholders will be able to trade ordinary shares.'

[kirk 6] 27/1/2020 22:16

When is the delist day? Quite looking forward to the Nasdaq

[chrisatrdg] 27/1/2020 22:12

Hi All - Holding in Barclays may not be a good idea as I am sure they told me that because Summit was being delisted from AIM they would have to sell any shares I had with them prior to delisting.

I am in the process of putting my Summit share certificates through my Interactive Investors account through Crest & posted the first of my share certificates today receipt Tuesday.I am still waiting for my balance of shares previously held with Barclays but I understand talking to Summits share registra the certificates are on their way to me (please note I instructed Barclays back on the 13th December).

Interactive Investors will then put my shares back onto AIM & then through Crest
the shares then to be transferred onto the NASDAQ through The Bank of New York Mellon CUSIP: 86627R102 who hold the ADD's on behalf of Summit Therapeutics.The basis of the exchange is 1 (One) ADD's for every 5 shares held currently on AIM.

I am following advice given by Interactive Investors (II).

I will shortly find out if it all works as I will be asking II to exchange the share certificates I sent them today.

[clarkey26] 27/1/2020 19:58

Thanks Waterloo, I am still holding in Barclays, thought Summit were going to give some guidance on how to covert.

[waterloo01] 27/1/2020 18:50

clarkey26, yes bought most back via Hargreaves bought them as UK shares. I'm assuming that they will do a decent deal to do the eventual conversion into ADR's.

I've not tried buying ADR's directly as yet.

[clarkey26] 27/1/2020 18:47

Waterloo, did you sell your shares in the Barclays account and then buy back through Hargreaves in ADR's? I looked at that option but seemed quite costly with the spread between UK sale price and ADR purchase price