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
  -0.30 -1.44% 20.50 18.00 23.00 21.50 20.00 21.50 28,585 08:10:57
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 43.1 5.0 9.2 2.2 69

Summit Therapeutics plc Award Of Share Options

24/12/2019 7:01am

UK Regulatory (RNS & others)


 
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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