Skip to main content

Award of Share Options

Written by Customer Service on . Posted in Public Companies.

Summit Therapeutics plc 
(‘Summit’ or the ‘Company’)Award of Share OptionsOxford, 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 DirectorsMr 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: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 AwardThe 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 ­pence 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
-END-

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.