Grant of Options
(Thomson Reuters ONE) -
Summit Corporation plc
("Summit" or "the Company")
DIRECTOR DEALINGS: GRANT OF OPTIONS
Oxford, UK, 11 April 2011, Summit Corporation plc (AIM: SUMM), a leading UK drug
discovery company today announces that on 8 April 2011 the Company granted Share
Options under its Enterprise Management Incentive ('EMI') Scheme at an exercise
price of 3.25 pence per share to the following Directors of the Company:
+------------------+--------------------+-------------------+------------------+
|Director |Position | Number of Options| Total Number of|
| | | Granted| Options Held|
+------------------+--------------------+-------------------+------------------+
|Barry Price, PhD |Executive Chairman | 500,000| 500,000|
+------------------+--------------------+-------------------+------------------+
|Richard Storer, |Chief Scientific | 1,000,000| 3,415,120|
|PhD |Officer | | |
+------------------+--------------------+-------------------+------------------+
In addition, options were also granted to other eligible employees of the
Company over 2,725,000 shares (representing 1.6% of the Company's current issued
share capital). The vesting of the options is 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 15 pence over the two
months ending 7 April 2014.
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
Barry Price, PhD,
Richard Pye, PhD Tel: +44 (0)1235 443 939
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
Notes to Editors
About Summit
Summit is an Oxford, UK based drug discovery company with an innovative
technology platform called Seglins(TM) for the discovery of new medicines, a
portfolio of drug programme assets and a commercial strategy of signing multiple
early-stage deals.
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 and the
Company will further exploit the technology's wider potential through strategic
alliances. Summit's programme portfolio consists of a number of drug programmes
targeting high-value areas of unmet medical need including Duchenne Muscular
Dystrophy and C. difficile infections.
Summit's commercial strategy focuses on signing multiple early-stage drug
programme and technology platform deals that generate upfront cash, remove
development costs from the Company, and retain valuable upside potential.
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.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Summit Corporation PLC via Thomson Reuters ONE
[HUG#1505155]
Unternehmensinformation / Kurzprofil:
Datum: 11.04.2011 - 15:00 Uhr
Sprache: Deutsch
News-ID 53374
Anzahl Zeichen: 4443
contact information:
Town:
Abingdon,
Kategorie:
Business News
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