Result of AGM
(Thomson Reuters ONE) - Summit Corporation plc("Summit plc" or "the Company")RESULTS OF ANNUAL GENERAL MEETINGOxford, UK, 20 August 2009 - Summit Corporation plc (AIM: SUMM), a UKdrug discovery company, announces the results from its Annual GeneralMeeting that was held today. Of the seven resolutions that that wereproposed to shareholders, all were duly passed.Share capital reorganisationAt the AGM. shareholders approved a reorganisation of the sharecapital, the effect of which is that for each issued ordinary shareof 10p currently held, shareholders will be issued with one newOrdinary Share of 1p ("Ordinary Share") and nine deferred shares of1p each. As there will be no change in the number of Ordinary Sharesin issue, and since the rights of the deferred Shares will be suchthat they have no economic value, the market price of a new OrdinaryShare with a reduced nominal value should be the same as the marketprice of an existing ordinary share prior to the reorganisation.In addition, the Company will reorganise its authorised but unissuedshare capital to the effect that each authorised but unissuedordinary share of 10p will be subdivided into 10 new Ordinary Sharesof 1p. Following this, the unissued Ordinary Shares will have thesame nominal value as the new Ordinary Shares of 1p.Application has been made to the London Stock Exchange for the58,300,237 new Ordinary Shares to be admitted to trading on AIM andit is anticipated that dealings in the new Ordinary Shares willcommence at 8.00 a.m. on Friday 21 August 2009. - ENDS -For more information, please contact:Summit plcSteven Lee, PhDRichard Pye, PhDTel: +44 (0)1235 443951Panmure GordonAndrew Burnett / Rakesh Sharma (Corporate Finance)Ashton Clanfield (Corporate Broking)Tel: +44 (0)207 459 3600About Summit plcSummit plc is a UK based drug discovery company with a major focus ondeveloping new therapeutics from its iminosugar drug discoveryplatform. Summit believes iminosugars are the key to gaining accessto several disease mechanisms where classical drugs have had littlesuccess, and thus offer a major opportunity for the discovery anddevelopment of new medicines.Carbohydrates (sugars) play critical roles in maintaining correctfunctioning of many normal processes in healthy individuals anderrors in carbohydrate recognition or modification can lead tomalfunction in cells resulting in disease. Iminosugars have thepotential to mimic carbohydrates or to interact with processes whichmanipulate carbohydrates to modify activity or to correct aberrantfunction. Additionally, the structural features of iminosugars allowthem to have, have important effects when interacting with many otherunexploited therapeutic targets.Commercially, Summit has a track record of signing programmeagreements and currently has an out-licensed product portfoliocomprising of four drug programmes with BioMarin, Orient Europharma,Evolva and the Lilly TB Drug Discovery Initiative. In the futurethese programmes may generate success based milestone payments androyalties for Summit.In addition, Summit owns Dextra Laboratories, a business unit thatoperates independently to Summit, which offers specialistcarbohydrate chemistry services to third parties on a fee-for-serviceor collaborative basis.The company listed on the alternative investment market (AIM) of theLondon Stock Exchange in October 2004 - symbol: SUMM. Furtherinformation about the company is available at www.summitplc.com.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 20.08.2009 - 13:30 Uhr
Sprache: Deutsch
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