Director/PDMR Shareholding: Grant of Options
(Thomson Reuters ONE) -
Summit Corporation plc
("Summit" or "the Company")
DIRECTOR DEALINGS: GRANT OF OPTIONS
Oxford, UK, 14 June 2010, Summit Corporation plc (AIM: SUMM), a leading UK drug
discovery company with a portfolio of partnered drug programmes and a
proprietary Seglin(TM) technology platform, today announces that on 11 June
2010 the Company granted Share Options under its Enterprise Management Incentive
(EMI) Scheme at an exercise price of 4.5 pence per share to the following
Directors of the Company:
+-------------------+--------------------+-----------------+-------------------+
|Director |Position |Number of Options| Total Number of|
| | | Granted| Options Held|
+-------------------+--------------------+-----------------+-------------------+
|Steven Lee, PhD |Chief Executive | 800,000| 4,511,691|
| |Officer | | |
+-------------------+--------------------+-----------------+-------------------+
|Richard Storer, PhD|Chief Scientific | 800,000| 2,415,120|
| |Officer | | |
+-------------------+--------------------+-----------------+-------------------+
In addition, options were also granted to other eligible employees of the
Company over 2,630,000 shares (representing 1.6% of the Company's current issued
share capital). The options are capable of vesting over a period of three years
and are subject to performance conditions linked to an improvement in the
Company's share price. In order to vest in full the Company's average share
price will have to exceed 20 pence over the two months ending 11 June 2013.
The Board of Summit believes these awards are in the best interest of the
Company to retain and motivate employees to deliver value to shareholders.
- END -
For more information, please contact:
+---------------------------------------+--------------------------------------+
|Summit | |
| | |
|Steven Lee, PhD | |
| | |
|Richard Pye, PhD |Tel: +44 (0)1235 443939 |
+---------------------------------------+--------------------------------------+
|Singer Capital Markets (Nominated| |
|Adviser) | |
| | |
|Shaun Dobson / Claes Spång |Tel: +44 (0)20 3205 7500 |
+---------------------------------------+--------------------------------------+
|Peckwater PR | |
| | |
|Tarquin Edwards |Tel: +44 (0)7879 458 364 |
| |tarquin.edwards(at)peckwaterpr.co.uk |
| |
+---------------------------------------+--------------------------------------+
About Summit
Summit is an Oxford, UK based drug discovery company with a portfolio of partner
funded drug programmes and an innovative technology platform called Seglins(TM)
for the discovery of new medicines.
Summit's partnered drug programmes require no further investment from the
Company but have contractual, success-based milestones potentially worth in
excess of $160 million and sales royalties rising to a low teen percentage.
Partners include leading orphan drug specialist BioMarin Pharmaceuticals
(Duchenne Muscular Dystrophy programme) and the Wellcome Trust (C. difficile
programme).
Seglin(TM) technology
Seglin(TM) technology is using new chemistry to access biological drug targets
that cannot be exploited by conventional drug discovery approaches. Summit's
internal research is currently focussed in the high value therapy areas of type
II diabetes and infectious diseases and the Company will further exploit the
technology's wider potential through strategic alliances.
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
[HUG#1423596]
Unternehmensinformation / Kurzprofil:
Datum: 14.06.2010 - 16:30 Uhr
Sprache: Deutsch
News-ID 22370
Anzahl Zeichen: 0
contact information:
Town:
Abingdon,
Kategorie:
Business News
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"Director/PDMR Shareholding: Grant of Options"
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