Summit Therapeutics plc (‘Summit’ or the
‘Company’)
Award of Share Options
Oxford, UK, and Cambridge, MA, US, 29
March 2019 – Summit Therapeutics plc (NASDAQ: SMMT, AIM:
SUMM), a leader in new mechanism antibiotic innovation, announces
the annual grant of options over new ordinary shares of one penny
nominal value (‘Ordinary Shares’) on 29 March 2019 to the Chief
Executive Officer, PDMRs and other employees in line with the
Company’s Long Term Incentive Plan.
Details of the grant to the Chief Executive
Officer and the other PDMRs are summarised below.
Director/PDMR |
Position |
Options Awarded |
Total number of Options Held |
Glyn Edwards |
Chief Executive Officer |
3,000,000 |
5,785,268 |
David Roblin |
Chief Operating Officer, President of R&D |
2,000,000 |
3,539,661 |
Daniel Elger |
Chief Commercial Officer |
1,500,000 |
1,923,430 |
All options awarded to the Chief Executive
Officer and the other PDMRs on 29 March 2019 have an exercise price
of 27.5 pence per share and will vest in full on 29 March 2022
subject to achievement of performance conditions pertaining to
corporate and programme development milestones and continued
service to the Company.
In addition, the Company has granted Options
over a further 4,896,000 Ordinary Shares to other employees of the
Company on the same date. These options also have an exercise price
of 27.5 pence per share. They will vest in nine equal tranches on a
quarterly basis from 29 March 2020 and will vest in full on 29
March 2022, or sooner on the happening of certain corporate events
reflecting the achievement of the Group’s long-term objectives.
The exercise price of 27.5 pence per share for
all options granted was the mid-market closing price of the
Ordinary Shares on AIM on 29 March 2019. The maximum number of
outstanding share options following the grants referred to above is
20,418,951 representing approximately 12.7 per cent of the
currently issued ordinary share capital of the Company.
This announcement contains inside information
for the purposes of Article 7 of EU Regulation 596/2014 (MAR).
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 |
|
|
-END-
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