Summit Therapeutics plc : Grant of share options

Released : 25 Oct 2017 14:00

Summit Therapeutics plc : Grant of share options

Summit Therapeutics plc
('Summit' or the 'Company')
                                                                                                 
GRANT OF SHARE OPTIONS TO DIRECTORS, PDMRS AND EMPLOYEES AND GRANT OF RESTRICTED STOCK UNITS TO NON-EXECUTIVE DIRECTORS

Oxford, UK, 25 October 2017 - Summit Therapeutics plc (AIM: SUMM, NASDAQ: SMMT), the drug discovery and development company advancing therapies for Duchenne muscular dystrophy and Clostridium difficile infection, announces that the following options over new ordinary shares of 1 penny nominal value ('Ordinary Shares') were granted on 24 October 2017 to Directors, PDMRs and employees in line with the Company's Long Term Incentive Plan. The Company has also made a grant of restricted stock units ('RSUs') to the Non-Executive Directors under the Company's 2017 Remuneration Policy. Details of both grants are summarised below.

Grant of Share Options

Director/PDMR Position Options Awarded Total Options Held
Glyn Edwards Chief Executive Officer 198,776 2,994,310
Erik Ostrowski Chief Financial Officer 98,495 1,216,557

These options have an exercise price of 180 pence per share and will vest in full on 24 October 2020 subject to achievement of performance conditions pertaining to corporate and programme development milestones.

Options over 493,727 Ordinary Shares were granted to other employees of the Company. These options have an exercise price of 180 pence per share. They will vest in nine equal tranches on a quarterly basis from 24 October 2018 and will vest in full on 24 October 2020.

Award of Restricted Stock Units

Director Position RSU's Awarded Total RSUs Held
Frank Armstrong Non-Exective Chairman 41,666 82,762
Barry Price Non-Executive Director 19,444 38,623
Stephen Davies Non-Executive Director 19,444 38,623
Leopoldo Zambeletti Non-Executive Director 19,444 38,623
Valerie Andrews Non-Executive Director 19,444 38,623
Dave Wurzer Non-Executive Director 19,444 38,623

Each RSU entitles the holder to subscribe for an Ordinary Share at a subscription price of 1 penny per Ordinary Share. The RSUs have a vesting period of one year and no performance conditions. The RSU programme is part of the 2017 Remuneration Policy. The RSUs granted will vest on 24 October 2018. 

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

About Summit Therapeutics
Summit is a biopharmaceutical company focused on the discovery, development and commercialisation of novel medicines for indications for which there are no existing or only inadequate therapies. Summit is conducting clinical programs focused on the genetic disease, Duchenne muscular dystrophy, and the infectious disease, Clostridium difficile infection. Further information is available at www.summitplc.com and Summit can be followed on Twitter (@summitplc).


For more information, please contact:

Summit
Glyn Edwards / Richard Pye (UK office)
Erik Ostrowski / Michelle Avery (US office)

 
 

Tel: +44 (0)1235 443 951
       +1 617 225 4455
Cairn Financial Advisers LLP
(Nominated Adviser)
Liam Murray / Tony Rawlinson

 
 

 

Tel: +44 (0)20 7213 0880
N+1 Singer
(Broker)
Aubrey Powell / Lauren Kettle    

 
 

 

Tel: +44 (0)20 7496 3000
MacDougall Biomedical Communications
(US media contact)
Karen Sharma

Tel: +1 781 235 3060
ksharma@macbiocom.com

 
Consilium Strategic Communications
(Financial public relations, UK)
Mary-Jane Elliott / Jessica Hodgson /
Philippa Gardner / Rosie Philips
Tel: +44 (0)20 3709 5700
summit@consilium-comms.com
   

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Mr Glyn Edwards
2 Reason for the notification
a) Position / status Chief Executive Officer
b) Initial notification / Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 penny each
Identification code GB00BN40HZ01
b) Nature of the transactions Grant of share options
c) Price(s) and volume(s)   Price(s) Volume(s)  
180 pence per share (exercise price) 198,776
 
d) Aggregated information  
-     Aggregated volume N/A
-     Price  
e) Date of the transaction 24 October 2017
f) Place of the transaction Outside a trading venue

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Mr Erik Ostrowski
2 Reason for the notification
a) Position / status Chief Financial Officer
b) Initial notification / Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 penny each
Identification code GB00BN40HZ01
b) Nature of the transactions Grant of share options
c) Price(s) and volume(s)   Price(s) Volume(s)  
180 pence per share (exercise price) 98,495
 
d) Aggregated information  
-     Aggregated volume N/A
-     Price  
e) Date of the transaction 24 October 2017
f) Place of the transaction Outside a trading venue

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dr Frank Armstrong
2 Reason for the notification
a) Position / status Non-Executive Chairman
b) Initial notification / Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 penny each
Identification code GB00BN40HZ01
b) Nature of the transactions Grant of restricted stock units
c) Price(s) and volume(s)   Price(s) Volume(s)  
1 penny per share (subscription price) 41,666
 
d) Aggregated information  
-     Aggregated volume N/A
-     Price  
e) Date of the transaction 24 October 2017
f) Place of the transaction Outside a trading venue

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dr Barry Price
2 Reason for the notification
a) Position / status Non-Executive Director
b) Initial notification / Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 penny each
Identification code GB00BN40HZ01
b) Nature of the transactions Grant of restricted stock units
c) Price(s) and volume(s)   Price(s) Volume(s)  
1 penny per share (subscription price) 19,444
 
d) Aggregated information  
-     Aggregated volume N/A
-     Price  
e) Date of the transaction 24 October 2017
f) Place of the transaction Outside a trading venue

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Professor Stephen Davies
2 Reason for the notification
a) Position / status Non-Executive Director
b) Initial notification / Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 penny each
Identification code GB00BN40HZ01
b) Nature of the transactions Grant of restricted stock units
c) Price(s) and volume(s)   Price(s) Volume(s)  
1 penny per share (subscription price) 19,444
 
d) Aggregated information  
-     Aggregated volume N/A
-     Price  
e) Date of the transaction 24 October 2017
f) Place of the transaction Outside a trading venue

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Mr Leopoldo Zambeletti
2 Reason for the notification
a) Position / status Non-Executive Director
b) Initial notification / Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 penny each
Identification code GB00BN40HZ01
b) Nature of the transactions Grant of restricted stock units
c) Price(s) and volume(s)   Price(s) Volume(s)  
1 penny per share (subscription price) 19,444
 
d) Aggregated information  
-     Aggregated volume N/A
-     Price  
e) Date of the transaction 24 October 2017
f) Place of the transaction Outside a trading venue

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Ms Valerie Andrews
2 Reason for the notification
a) Position / status Non-Executive Director
b) Initial notification / Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 penny each
Identification code GB00BN40HZ01
b) Nature of the transactions Grant of restricted stock units
c) Price(s) and volume(s)   Price(s) Volume(s)  
1 penny per share (subscription price) 19,444
 
d) Aggregated information  
-     Aggregated volume N/A
-     Price  
e) Date of the transaction 24 October 2017
f) Place of the transaction Outside a trading venue

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Mr Dave Wurzer
2 Reason for the notification
a) Position / status Non-Executive Director
b) Initial notification / Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 1 penny each
Identification code GB00BN40HZ01
b) Nature of the transactions Grant of restricted stock units
c) Price(s) and volume(s)   Price(s) Volume(s)  
1 penny per share (subscription price) 19,444
 
d) Aggregated information  
-     Aggregated volume N/A
-     Price  
e) Date of the transaction 24 October 2017
f) Place of the transaction Outside a trading venue

-END-




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Source: Summit Therapeutics plc via Globenewswire