Publication of Circular and Notice of General Meeting
(Thomson Reuters ONE) - Summit Corporation plc("Summit" or "the Company")POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETINGOxford, UK, 14 December 2009 - Summit Corporation plc (AIM: SUMM) ispleased to announce that further to the announcement made on 11December regarding the proposed Placing to raise up to £6.0 millionand the Open Offer to raise up to a further £2.2 million a circularwas sent to shareholders on 14 December with details of the proposedPlacing and Open Offer and the General Meeting of the Company to beheld on 30 December 2009.The Open Offer1. Details of the Open OfferSummit is proposing to raise up to £2.2 million (before expenses)pursuant to the Open Offer. The proposed Issue Price of 5 pence perOpen Offer Share is the same price as the price at which the PlacingShares are being issued.The Open Offer is being made on a pre-emptive basis, allowing allQualifying Shareholders the opportunity to participate. The OpenOffer is not underwritten. The Fundraising is not conditional uponthe level of applications made to subscribe under the Open Offer.Accordingly, if no further applications to subscribe under the OpenOffer are received, the total amount that the Company would raise viathe Fundraising would be reduced to £5.1 (before expenses).The Open Offer provides Qualifying Holders with the opportunity toapply to acquire Open Offer Shares at the Issue Price pro rata totheir holdings of Existing Ordinary Shares as at the Record Date onthe following basis: 0.75 Open Offer Shares for every one Existing Ordinary Sharesand so on in proportion for any other number of Existing OrdinaryShares then held. Entitlements to apply to acquire Open Offer Shareswill be rounded down to the nearest whole number and any fractionalentitlement to Open Offer Shares will be disregarded in calculatingthe Qualifying Holder's Entitlement.The Directors will be authorised to offer for cash such New OrdinaryShares not applied for under the Open Offer to such persons who arewilling to subscribe for such shares (at not less than the IssuePrice).The New Ordinary Shares will, when issued and fully paid, rank paripassu in all respects with the Existing Ordinary Shares, includingthe right to receive all dividends and other distributions declared,made or paid after the date of Admission.Defined terms in this announcement have the same meaning as in thecircular that has been posted to shareholders.For more information, please contact:Summit Corporation plcSteven Lee, PhDRichard Pye, PhDTel: +44 (0)1235 443939Singer Capital MarketsShaun DobsonClaes SpångTel: +44 (0)20 3205 7500 - ENDS -About 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 eight drug programmes with BioMarin, Orient Pharma,Evolva, the Wellcome Trust and the Lilly TB Drug DiscoveryInitiative. In the future these programmes may generate successbased milestone payments and royalties 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.Forward Looking StatementThis 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: 15.12.2009 - 08:00 Uhr
Sprache: Deutsch
News-ID 9606
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