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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Summit Therapeutics Plc | LSE:SUMM | London | Ordinary Share | GB00BN40HZ01 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.50 | 18.00 | 23.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSUMM Summit Therapeutics plc ('Summit' or the 'Company') Award of Share Options Oxford, UK, and Cambridge, MA, US, 24 December 2019 -- Summit Therapeutics plc (NASDAQ: SMMT, AIM: SUMM), a leader in new mechanism antibiotic innovation, announces a grant of options over new ordinary shares of one penny nominal value ('Ordinary Shares') on 23 December 2019 to Mr Manmeet Soni, Dr Elaine Stracker and Dr Ventzislav Stefanov. The Company has also made a grant of share options to certain Company employees in line with the Company's Long Term Incentive Plan. Share Option Award to Prospective Non-Executive Directors Mr Soni, Dr Stracker and Dr Stefanov will join the Board as non-executive directors effective upon the close of the subscription and placing to raise approximately $50 million (the "Fundraising") that was announced by the Company on 6 December 2019. Following a general meeting of shareholders where all resolutions connected to the Fundraising were duly approved, the Fundraising is expected to close at 8.00 am GMT on 24 December 2019. Details of the grant of share options is as follows: Number of Total % of Number of outstanding number of enlarged share share ordinary issued options options shares Total number of ordinary shares upon the close of share awarded held held the Fundraising capital ----------- --------- ----------- ---------- ------------------------------------------------- -------- Manmeet Soni 1,000,000 1,000,000 Nil Nil Nil ----------- --------- ----------- ---------- ------------------------------------------------- -------- Elaine Stracker 1,000,000 1,000,000 Nil Nil Nil ----------- --------- ----------- ---------- ------------------------------------------------- -------- Ventzislav Stefanov 1,000,000 1,000,000 74,500 74,500 0.02% ----------- --------- ----------- ---------- ------------------------------------------------- -------- Robert Duggan Nil Nil 78,288,205 244,445,255 72.78% ----------- --------- ----------- ---------- ------------------------------------------------- -------- All options awarded to Mr Soni, Dr Stracker and Dr Stefanov have an exercise price of 21 pence per ordinary share, representing the mid-market closing price on 20 December 2019. The share options will vest in four equal tranches on the first, second, third and fourth anniversaries of the date of the share option grant and will vest in full on 23 December 2023, or sooner on the happening of certain corporate events reflecting the achievement of the Company's long-term objectives. Employee Share Option Award The Company has also granted options over 850,000 Ordinary Shares to employees who have recently joined the Company. These options have an exercise price of 21 pence per share. They will vest in nine equal tranches on a quarterly basis from 23 December 2020 and will vest in full on 23 December 2022, or sooner on the happening of certain corporate events reflecting the achievement of the Company's long-term objectives. The exercise price of 21 SHYpence per share for the above option grants was the mid-market closing price of the Ordinary Shares on AIM on 20 December 2019. The maximum number of outstanding share options following the grants referred to above is 23,399,465. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person responsible for arranging for the release of this announcement on behalf of the Company is Richard Pye, Vice President, Investor Relations and Corporate Affairs. About Summit Therapeutics Summit Therapeutics is a leader in antibiotic innovation. Our new mechanism antibiotics are designed to become the new standards of care for the benefit of patients, and create value for payors and healthcare providers. We are currently developing new mechanism antibiotics for C. difficile infection and gonorrhoea and are using our proprietary Discuva Platform to expand our pipeline. For more information, visit www.summitplc.com and follow us on Twitter @summitplc. Contacts Summit Glyn Edwards / Richard Pye (UK office) Tel: 44 (0)1235 443 951 Michelle Avery (US office) +1 617 225 4455 Cairn Financial Advisers LLP (Nominated Adviser) Tel: +44 (0)20 7213 0880 Liam Murray / Tony Rawlinson 1 Details of the persons discharging managerial responsibilities/person closely associated -------------------------------------------------------------------------------------- a) Name 1. Manmeet Soni 2. Elaine Stracker 3. Ventzislav Stefanov ---------------------- -------------------------------------------------------------- 2 Reason for the notification -------------------------------------------------------------------------------------- a) Position / status (i)-(iii) Non-Executive Directors (expected to be effective from 24 December 2019) ---------------------- -------------------------------------------------------------- b) Initial notification / Initial notification Amendment ---------------------- -------------------------------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor -------------------------------------------------------------------------------------- a) Name Summit Therapeutics plc ---------------------- -------------------------------------------------------------- b) LEI 213800NRW8AOMYMTBD89 ---------------------- -------------------------------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted -------------------------------------------------------------------------------------- a) Description of the Ordinary shares of 1 penny each financial instrument, type of instrument Identification code GB00BN40HZ01 ---------------------- -------------------------------------------------------------- b) Nature of the Grant of share options transactions ---------------------- -------------------------------------------------------------- c) Price(s) and volume(s) Price(s) Volume(s) ---------------------- ----------------------------------------- --------------- (i)-(iii) 21.0 per share (exercise price) 1. 1,000,000 2. 1,000,000 3. 1,000,000 ---------------------- ----------------------------------------- --------------- d) Aggregated information - Aggregated volume 3,000,000 ordinary shares - Price 21.0 pence per share (exercise price) ---------------------- -------------------------------------------------------------- e) Date of the 23 December 2019 transactions ---------------------- -------------------------------------------------------------- f) Place of the Outside a trading venue transactions ---------------------- -------------------------------------------------------------- -END-
(END) Dow Jones Newswires
December 24, 2019 02:01 ET (07:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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