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Summit Corporation PLC : Result of AGM
July 03, 2014 09:00 ET
Summit Therapeutics plc
Summit Therapeutics plc
Summit Corporation plc
('Summit' or the 'Company')
ANNUAL GENERAL MEETING RESULTS
Oxford, UK, 3 July 2014 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy and C. difficile infection, announces that all of the resolutions proposed to shareholders at the Company's Annual General Meeting ('AGM') held earlier today were duly passed. The results of the proxy votes lodged in advance and at the meeting will be available shortly from the Investors section of Summit's website, www.summitplc.com.
The resolutions included shareholder consent for the proposed capital reorganisation, which is intended to simplify the share capital structure. The capital reorganisation will result in the Company having a single class of shares in issue and consists of three elements:
a Consolidation of every 20 Existing Ordinary Shares into one Consolidated Ordinary Share;
an immediate Sub-Division of each of those Consolidated Ordinary Shares into one New Ordinary Share and 19 New Deferred Shares; and
a Capital Reduction to cancel the Existing and New Deferred Shares and a reduction in the Company's Share Premium Account. The cancellation of the deferred shares is subject to Court approval expected to be given by 30 July 2014.
The expected timetable for the remaining events related to the capital reorganisation is outlined below:
| 2014 | |
| Expected effective date of the Consolidation and Sub-Division | 3 July |
| Expected date of admission of New Ordinary Shares to trading on AIM | 4 July |
| Expected date of admission of New Ordinary Shares to CREST | 4 July |
| Expected date CREST accounts are to be credited with New Ordinary Shares | 4 July |
| Expected dispatch date of share certificates in respect of New Ordinary Shares | 18 July |
| Expected date of Court hearing to confirm the Capital Reduction | 30 July |
| Expected effective final date for the Capital Reduction | 1 August |
Further announcements will be made as appropriate.
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 quoted 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 Summit can be followed on Twitter (@summitplc).
For more information, please contact:
| Summit Glyn Edwards / Richard Pye | Tel: +44 (0)1235 443 951 |
| Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray / Tony Rawlinson | Tel: +44 (0)20 7148 7900 |
| N+1 Singer (Broker) Aubrey Powell / Jen Boorer | Tel: +44 (0)20 7496 3000 |
| 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 |
Forward Looking Statements
This announcement contains "forward-looking statements", including, but not limited to, statements about the discovery, development and commercialisation of programme assets. These forward-looking statements are statements based on the Company's current intentions, beliefs and expectations, which include, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. No forward-looking statement is a guarantee of future performance and actual results could differ materially from those expressed or implied in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements or information. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These include but are not limited to: adverse results in clinical or preclinical development studies; delays in obtaining regulatory approval; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; being unable to secure partnership agreements to develop and commercialise programme assets; being unable to secure the necessary funding to conduct any proposed research and development studies; and the ability to retain and recruit key personnel. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this announcement to reflect any changes in expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based, except as required by applicable law.