Director/PDMR Shareholding: Grant of Options
(Thomson Reuters ONE) - Summit Corporation plc("Summit" or "the Company")DIRECTOR DEALINGS: GRANT OF OPTIONSOxford, UK, 29 October 2009 - Summit Corporation plc (AIM: SUMM)today announces that on 27 October 2009 the Company granted ShareOptions under its Enterprise Management Incentive (EMI) Scheme at anexercise price of 5.375 pence per share to the following Directors ofthe Company:+---------------------------------------------------------------+| Director | Position | Number of Options || | | Granted ||-----------------+------------------+--------------------------|| Steven Lee, PhD | Chief Executive | 1,000,000 || | Officer | ||-----------------+------------------+--------------------------|| Richard Storer, | Chief Scientific | 920,000 || DPhil | Officer | |+---------------------------------------------------------------+In addition, options were also granted to other eligible employees ofthe Company over 2,400,000 shares (representing 4.1% of the Company'scurrent issued share capital).The options are capable of vesting over a period of three years andare subject to stringent performance conditions linked to theachievement of corporate transactions exceeding certain thresholdterms and also to relative Total Shareholder Return (TSR) measuredagainst an index of 24 representative pharmaceutical andbiotechnology companies. In order to vest in full the transactionvalue of up-front payments should exceed £15m and the TSR should bein the Upper Quartile at the end of the third year of the performanceperiod.The Board of Summit plc believes these awards are in the bestinterest of the Company to retain and motivate employees to delivervalue to shareholders.On 23 October 2009, the above Directors surrendered a combined totalof 118,189 EMI options and other employees within the Summit Groupsurrendered a total of 281,839 EMI options. -- ENDS -For more information, please contact:Summit plcSteven Lee, PhDRichard Pye, PhDTel: +44 (0)1235 443939Panmure 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 access to severaldisease mechanisms where classical drug candidates have had littlesuccess, and therefore offer a major opportunity for the discoveryand development of new medicines.Carbohydrates play critical roles in maintaining correct function ofmany normal processes in healthy individuals and provide a wealth ofnew targets for drug discovery. Iminosugars have the capability ofaccessing such targets and offer the potential of generating newmedicines in a variety of major therapy areas. Summit is currentlyfocussed on metabolic diseases, including diabetes, and anti-virals.Commercially, Summit has a track record of signing programmeagreements and currently has an out-licensed product portfoliocomprising of seven drug programmes with BioMarin, Orient Pharma,Evolva and the Lilly TB Drug Discovery Initiative. In the futurethese programmes may generate success based milestone payments androyalties for Summit.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.This document contains "forward-looking statements" within themeaning of the U.S. Private Securities Litigation Reform Act of 1995.Forward-looking statements can be identified by words such as"anticipates", "intends", "plans", "seeks", "believes", "estimates","expects" and similar references to future periods, or by theinclusion of forecasts or projections.Forward-looking statements are based on the Company's currentexpectations and assumptions regarding our business, the economy andother future conditions. Because forward-looking statements relate tothe future, by their nature, they are subject to inherentuncertainties, risks and changes in circumstances that are difficultto predict. The Company's actual results may differ materially fromthose contemplated by the forward-looking statements. The Companycautions you therefore that you should not rely on any of theseforward-looking statements as statements of historical fact or asguarantees or assurances of future performance. Important factorsthat could cause actual results to differ materially from those inthe forward-looking statements and regional, national, globalpolitical, economic, business, competitive, market and regulatoryconditions.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 08:08 Uhr
Sprache: Deutsch
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