Summit Therapeutics plc : Grant of Share Options and Restricted Stock Units
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, 19 July 2017
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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 18 July 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 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 | 135,478 | 2,795,534 |
| Erik Ostrowski | Chief Financial Officer | 68,062 | 1,118,062 |
| David Roblin | Chief Operating Officer, Chief Medical Officer and President of R&D | 164,384 | 631,208 |
These options have an exercise price of 182.5 pence per share and will vest in full on 18 July 2020 subject to achievement of performance conditions pertaining to corporate and programme development milestones.
Options over 541,746 Ordinary Shares were granted to other employees of the Company. These options have an exercise price of 182.5 pence per share. They will vest in nine equal tranches on a quarterly basis from 18 July 2018 and will vest in full on 18 July 2020.
Award of Restricted Stock Units
| Director | Position | RSU's Awarded | Total RSUs Held |
| Frank Armstrong | Non-Exective Chairman | 41,096 | 41,096 |
| Barry Price | Non-Executive Director | 19,179 | 19,179 |
| Stephen Davies | Non-Executive Director | 19,179 | 19,179 |
| Leopoldo Zambeletti | Non-Executive Director | 19,179 | 19,179 |
| Valerie Andrews | Non-Executive Director | 19,179 | 19,179 |
| Dave Wurzer | Non-Executive Director | 19,179 | 19,179 |
In 2017, Summit adopted an RSU programme to replace the former practice of making annual awards of share options to the Non-Executive Directors. 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 that was approved by shareholders at the 2017 annual general meeting. The RSUs granted will vest on 18 July 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 Therapeutics 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 / Sue Stuart / Jessica Hodgson / Lindsey Neville |
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) | ||
| 182.5 pence per share (exercise price) | 135,478 | ||||
| d) | Aggregated information | ||||
| - Aggregated volume | N/A | ||||
| - Price | |||||
| e) | Date of the transaction | 18 July 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) | ||
| 182.5 pence per share (exercise price) | 68,062 | ||||
| d) | Aggregated information | ||||
| - Aggregated volume | N/A | ||||
| - Price | |||||
| e) | Date of the transaction | 18 July 2017 | |||
| f) | Place of the transaction | Outside a trading venue | |||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
| a) | Name | Dr David Roblin | |||
| 2 | Reason for the notification | ||||
| a) | Position / status |
Chief Operating Officer, Chief Medical Officer and President of Research and Development |
|||
| 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) | ||
| 182.5 pence per share (exercise price) | 164,384 | ||||
| d) | Aggregated information | ||||
| - Aggregated volume | N/A | ||||
| - Price | |||||
| e) | Date of the transaction | 18 July 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) | 41,096 | ||||
| d) | Aggregated information | ||||
| - Aggregated volume | N/A | ||||
| - Price | |||||
| e) | Date of the transaction | 18 July 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) | 19,179 | ||||
| d) | Aggregated information | ||||
| - Aggregated volume | N/A | ||||
| - Price | |||||
| e) | Date of the transaction | 18 July 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) | 19,179 | ||||
| d) | Aggregated information | ||||
| - Aggregated volume | N/A | ||||
| - Price | |||||
| e) | Date of the transaction | 18 July 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) | 19,179 | ||||
| d) | Aggregated information | ||||
| - Aggregated volume | N/A | ||||
| - Price | |||||
| e) | Date of the transaction | 18 July 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) | 19,179 | ||||
| d) | Aggregated information | ||||
| - Aggregated volume | N/A | ||||
| - Price | |||||
| e) | Date of the transaction | 18 July 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) | 19,179 | ||||
| d) | Aggregated information | ||||
| - Aggregated volume | N/A | ||||
| - Price | |||||
| e) | Date of the transaction | 18 July 2017 | |||
| f) | Place of the transaction | Outside a trading venue | |||
-END-
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Summit Therapeutics plc via GlobeNewswire