Summit Therapeutics plc Summit Therapeutics Plc : Grant Of Share Options And Restricted Stock Units
19 July 2017 - 11:10PM
UK Regulatory
TIDMSUMM
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 - 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
Total
Options Options
Director/PDMR Position Awarded Held
Glyn Edwards Chief Executive Officer 135,478 2,795,534
Erik Ostrowski Chief Financial Officer 68,062 1,118,062
Chief Operating Officer, Chief Medical Officer and
David Roblin 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) Tel: +44 (0)1235 443 951
Erik Ostrowski / Michelle Avery (US office) +1 617 225 4455
Cairn Financial Advisers LLP
(Nominated Adviser) Tel: +44 (0)20 7213 0880
Liam Murray / Tony Rawlinson
N+1 Singer
(Broker) Tel: +44 (0)20 7496 3000
Aubrey Powell / Lauren Kettle
MacDougall Biomedical Communications
(US media contact) Tel: +1 781 235 3060
Karen Sharma ksharma@macbiocom.com
Consilium Strategic Communications
(Financial public relations, UK) Tel: +44 (0)20 3709 5700
Mary-Jane Elliott / Sue Stuart / summit@consilium-comms.com
Jessica Hodgson / Lindsey Neville
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Mr Glyn Edwards
2 Reason for the notification
a) Position / status Chief Executive Officer
Initial notification /
b) Amendment Initial notification
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
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
4 where transactions have been conducted
Description of the financial
instrument, type of
a) 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
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Mr Erik Ostrowski
2 Reason for the notification
a) Position / status Chief Financial Officer
Initial notification /
b) Amendment Initial notification
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
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
4 where transactions have been conducted
Description of the financial
instrument, type of
a) 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
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Dr David Roblin
2 Reason for the notification
Chief Operating Officer, Chief Medical Officer and
a) Position / status President of Research and Development
Initial notification /
b) Amendment Initial notification
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
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
4 where transactions have been conducted
Description of the financial
instrument, type of
a) 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
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Dr Frank Armstrong
2 Reason for the notification
a) Position / status Non-Executive Chairman
Initial notification /
b) Amendment Initial notification
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
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
4 where transactions have been conducted
Description of the financial
instrument, type of
a) 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
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Dr Barry Price
2 Reason for the notification
a) Position / status Non-Executive Director
Initial notification /
b) Amendment Initial notification
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
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
4 where transactions have been conducted
Description of the financial
instrument, type of
a) 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
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Professor Stephen Davies
2 Reason for the notification
a) Position / status Non-Executive Director
Initial notification /
b) Amendment Initial notification
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
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
4 where transactions have been conducted
Description of the financial
instrument, type of
a) 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
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Mr Leopoldo Zambeletti
2 Reason for the notification
a) Position / status Non-Executive Director
Initial notification /
b) Amendment Initial notification
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
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
4 where transactions have been conducted
Description of the financial
instrument, type of
a) 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
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Ms Valerie Andrews
2 Reason for the notification
a) Position / status Non-Executive Director
Initial notification /
b) Amendment Initial notification
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
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
4 where transactions have been conducted
Description of the financial
instrument, type of
a) 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
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Mr Dave Wurzer
2 Reason for the notification
a) Position / status Non-Executive Director
Initial notification /
b) Amendment Initial notification
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
a) Name Summit Therapeutics plc
b) LEI 213800NRW8AOMYMTBD89
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
4 where transactions have been conducted
Description of the financial
instrument, type of
a) 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-
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
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
http://www.summitplc.com/
(END) Dow Jones Newswires
July 19, 2017 09:10 ET (13:10 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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