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Summit Corporation PLC : Award of Share Options
December 19, 2013 02:00 ET
Summit Therapeutics plc
Summit Therapeutics plc
Summit Corporation plc
('Summit' or 'the Company')
AWARD OF SHARE OPTIONS
Oxford, UK, 19 December 2013 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy ('DMD') and C. difficile infections ('CDI'), today announces that on 18 December 2013 it granted Share Options over 22,640,000 shares to Executive Directors, Non-Executive Directors, and all other members of the Company under the existing Company Share Option Plan at an exercise price of 9.25 pence per share (being the mid-market closing price of a Summit ordinary share on 17 December 2013). The details of the award to Executive and Non-Executive Directors are as follows:
| Name | Position | Number of Options Granted | Exercise Price |
| Glyn Edwards | Chief Executive Officer | 6,000,000 | 9.25 pence |
| Raymond Spencer | Chief Financial Officer | 800,000 | 9.25 pence |
| Frank Armstrong | Non-Executive Chairman | 1,500,000 | 9.25 pence |
| Barry Price | Non-Executive Director | 500,000 | 9.25 pence |
| Jim Mellon | Non-Executive Director | 500,000 | 9.25 pence |
| Stephen Davies | Non-Executive Director | 500,000 | 9.25 pence |
The options will fully vest subject to completion of Phase 2 proof of concept clinical trials in both the DMD and CDI programmes or the third anniversary of grant whichever is sooner, and the average closing share price being equal or greater than 13.875 pence in any period of 30 consecutive calendar days ending on or before the third anniversary.
This share option award forms a key part of the strategy to retain and motivate personnel who will be integral to the success of the respective programmes, and the Company. The Board believes this award is aligned with the interests of all shareholders as the Company seeks to generate long-term shareholder value.
Separately, the Board also announces the grant bonus awards to Executive Officers of the Company in the form of Share Options as follows:
| Name | Position | Number of Options Granted | Exercise Price |
| Glyn Edwards | Chief Executive Officer | 1,527,273 | 1 pence |
| Raymond Spencer | Chief Financial Officer | 212,121 | 1 pence |
The Share Options are being granted following the Board of Directors agreeing to make bonus awards to the Executive Officers in recognition of the achievement of individual and company performance targets during 2013. The Executive Officers agreed to receive this award in the form of the Share Options and these may be exercisable between 18 June 2014 and 18 December 2023.
Following these grants the Directors hold the following options in aggregate:
| Name | Position | Total Number of Options held | % of issued share capital |
| Glyn Edwards | Chief Executive Officer | 26,641,812 | 5.5% |
| Raymond Spencer | Chief Financial Officer | 3,710,612 | 0.8% |
| Frank Armstrong | Non-Executive Chairman | 1,500,000 | 0.3% |
| Barry Price | Non-Executive Director | 1,000,000 | 0.2% |
| Jim Mellon | Non-Executive Director | 500,000 | 0.1% |
| Stephen Davies | Non-Executive Director | 500,000 | 0.1% |
The total number of options being awarded, including the bonus awards, represents 5.0% of the Company's current issued share capital. In aggregate, option grants to Directors and employees total 14.3% of the issued share capital.
For more information, please contact:
| Summit Glyn Edwards / Richard Pye | Tel: +44 (0)1235 443 951 +44 (0)7825 313 476 |
| Cairn Financial Advisers (Nominated Adviser) Tony Rawlinson / Liam Murray | Tel: +44 (0)20 7148 7900 |
| Hybridan LLP (Broker) Claire Louise Noyce / William Lynne | Tel: +44 (0)207 947 4350 / 4361 |
| Peckwater PR (Financial public relations, UK) Tarquin Edwards | Tel: +44 (0)7879 458 364 tarquin.edwards@peckwaterpr.co.uk |
| MacDougall Biomedical Communications (US media contact) Michelle Avery | Tel: +1 781-235-3060 |
Summit is an Oxford, UK based drug discovery and development Company targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection. Summit is listed on the AIM market of the London Stock Exchange and trades under the ticker symbol SUMM. Further information is available at www.summitplc.com and follow Summit on Twitter (@summitplc).
Forward Looking Statements
This document contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates", "intends", "plans", "seeks", "believes", "estimates", "expects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company's current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements and regional, national, global political, economic, business, competitive, market and regulatory conditions.