Summit Therapeutics plc
(“Summit Therapeutics” or the “Company”)
Award of Restricted Stock Units
Oxford, UK, and Cambridge, MA, US, 14 January 2019 – Summit Therapeutics (AIM: SUMM, NASDAQ: SMMT), a leader in antibiotic innovation, announces a grant of restricted stock units (‘RSUs’) was made to the Non-Executive Directors on 11 January 2019. This grant is made according to the Company’s 2017 Remuneration Policy and represents the annual grant of RSUs to the Company’s Non-Executive Directors for the calendar year 2019. Details of the RSU grant are summarised below.
The Company also announces that its Non-Executive Chairman, Dr Frank Armstrong, has surrendered 37,500 share options. The surrendered share options were awarded in July 2014 and vested in March 2017. The decision to surrender is part of the Company’s objective of meeting best UK corporate governance practice that favours non-performance remuneration such as RSUs. As a result of this surrender, none of the Non-Executive Directors now hold any share options, with any outstanding awards having been surrendered during the current financial year.
Details of the Award of Restricted Stock Units
| Director | Position | RSU’s Awarded | Total RSUs Held |
| Frank Armstrong | Non-Executive Chairman | 288,461 | 325,046 |
| Leopoldo Zambeletti | Non-Executive Director | 134,615 | 151,688 |
| Valerie Andrews | Non-Executive Director | 134,615 | 151,688 |
| Dave Wurzer | Non-Executive Director | 134,615 | 151,688 |
Each RSU entitles the holder to subscribe for an Ordinary Share at a subscription price of one penny per Ordinary Share. The RSUs have a vesting period of one year and no performance conditions. The RSUs granted will vest on 11 January 2020.
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 infections caused by C. difficile, N. Gonorrhoeae and ESKAPE pathogens and are using our proprietary Discuva Platform to expand our pipeline. For more information, visit www.summitplc.com and follow us on Twitter @summitplc.
For more information, please contact:
| 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 | ||
| N+1 Singer (Joint Broker) | Tel: | +44 (0)20 7496 3000 |
| Aubrey Powell / Jen Boorer, Corporate Finance Tom Salvesen, Corporate Broking |
||
| Bryan Garnier & Co Limited (Joint Broker) | Tel: | +44 (0)20 7332 2500 |
| Phil Walker / Dominic Wilson | ||
| MSL Group (US) | Tel: | +1 781 684 6557 |
| Jon Siegal | [email protected] | |
| Consilium Strategic Communications (UK) | Tel: | +44 (0)20 3709 5700 |
| Mary-Jane Elliott / Sue Stuart / Jessica Hodgson / | [email protected] | |
| Lindsey Neville |
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
| a) | Name | Dr Frank Armstrong | |||
| 2 | Reason for the notification | ||||
| a) | Position / status | Non-Executive Chairman | |||
| b) | Initial notification / Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | Summit Therapeutics plc | |||
| b) | LEI | 213800NRW8AOMYMTBD89 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 penny each | |||
| Identification code | GB00BN40HZ01 | ||||
| b) | Nature of the transactions | Grant of restricted stock units | |||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
| 1 penny per share (subscription price) | 288,461 | ||||
| d) | Aggregated information | ||||
| – Aggregated volume | N/A | ||||
| – Price | |||||
| e) | Date of the transaction | 11 January 2019 | |||
| f) | Place of the transaction | Outside a trading venue | |||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
| a) | Name | Leopoldo Zambeletti | |||
| 2 | Reason for the notification | ||||
| a) | Position / status | Non-Executive Director | |||
| b) | Initial notification / Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | Summit Therapeutics plc | |||
| b) | LEI | 213800NRW8AOMYMTBD89 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 penny each | |||
| Identification code | GB00BN40HZ01 | ||||
| b) | Nature of the transactions | Grant of restricted stock units | |||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
| 1 penny per share (subscription price) | 134,615 | ||||
| d) | Aggregated information | ||||
| – Aggregated volume | N/A | ||||
| – Price | |||||
| e) | Date of the transaction | 11 January 2019 | |||
| f) | Place of the transaction | Outside a trading venue | |||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
| a) | Name | Valerie Andrews | |||
| 2 | Reason for the notification | ||||
| a) | Position / status | Non-Executive Director | |||
| b) | Initial notification / Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | Summit Therapeutics plc | |||
| b) | LEI | 213800NRW8AOMYMTBD89 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 penny each | |||
| Identification code | GB00BN40HZ01 | ||||
| b) | Nature of the transactions | Grant of restricted stock units | |||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
| 1 penny per share (subscription price) | 134,615 | ||||
| d) | Aggregated information | ||||
| – Aggregated volume | N/A | ||||
| – Price | |||||
| e) | Date of the transaction | 11 January 2019 | |||
| f) | Place of the transaction | Outside a trading venue | |||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
| a) | Name | Dave Wurzer | |||
| 2 | Reason for the notification | ||||
| a) | Position / status | Non-Executive Director | |||
| b) | Initial notification / Amendment | Initial notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | Summit Therapeutics plc | |||
| b) | LEI | 213800NRW8AOMYMTBD89 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 penny each | |||
| Identification code | GB00BN40HZ01 | ||||
| b) | Nature of the transactions | Grant of restricted stock units | |||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
| 1 penny per share (subscription price) | 134,615 | ||||
| d) | Aggregated information | ||||
| – Aggregated volume | N/A | ||||
| – Price | |||||
| e) | Date of the transaction | 11 January 2019 | |||
| f) | Place of the transaction | Outside a trading venue | |||
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