Summit Corporation PLC : Result of General Meeting

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February 28, 2014 08:00 ET

Summit Therapeutics plc

Summit Therapeutics plc

Summit Corporation plc

('Summit' or the 'Company')

RESULT OF GENERAL MEETING

Oxford, UK, 28 February 2014 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy and C. difficile infection, announced on 11 February a proposed Placing to raise £21.0 million and an Offer for Subscription to raise up to £1.0 million, through the issue of new ordinary shares of 1.0 pence each ("New Shares").  On 26 February 2014, it was announced that the Offer for Subscription had raised £1.0 million and that the Company has therefore conditionally raised gross proceeds of approximately £22.0 million.  The transactions were conditional, inter alia, upon shareholder approval.

At a General Meeting of the Company held earlier today, all of the resolutions proposed to shareholders were duly passed.  The details of the proxy votes cast will be available shortly on the Company's website (www.summitplc.com).

Admission to trading on AIM of the New Shares to be issued pursuant to the Placing and Offer for Subscription will take place in two stages (the "First Placing" and the "Second Placing"). The First Placing will include all Offer for Subscription shares together with the proportion of the Placing shares that have been applied for in order to qualify as investments under the Enterprise Investment Scheme ('EIS'). All of the remaining Placing Shares will be admitted under the Second Placing.

The Company has today issued and allotted 48,717,940 New Shares pursuant to the First Placing (the "First Placing Shares") and will issue and allot 289,743,600 New Shares pursuant to the Second Placing on Monday 3 March 2014.

Application has been made for the total number of 338,461,540 New Shares to be admitted to trading on AIM. Dealings in the First and Second Placing Shares are expected to commence on 3 March 2014 and 4 March 2014 respectively. Completion of the placings is conditional, inter alia, upon the respective admissions occurring on or before 11 April 2014.

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).

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