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Award of Restricted Stock Units

Summit Therapeutics plc
(“Summit Therapeutics” or the “Company”)

Award of Restricted Stock Units

Oxford, UK, and Cambridge, MA, US, 14 January 2019 - Summit Therapeutics (AIM: SUMM, NASDAQ: SMMT), a leader in antibiotic innovation, announces a grant of restricted stock units (‘RSUs’) was made to the Non-Executive Directors on 11 January 2019. This grant is made according to the Company’s 2017 Remuneration Policy and represents the annual grant of RSUs to the Company’s Non-Executive Directors for the calendar year 2019. Details of the RSU grant are summarised below.

The Company also announces that its Non-Executive Chairman, Dr Frank Armstrong, has surrendered 37,500 share options. The surrendered share options were awarded in July 2014 and vested in March 2017. The decision to surrender is part of the Company’s objective of meeting best UK corporate governance practice that favours non-performance remuneration such as RSUs.  As a result of this surrender, none of the Non-Executive Directors now hold any share options, with any outstanding awards having been surrendered during the current financial year.

Details of the Award of Restricted Stock Units

DirectorPositionRSU’s AwardedTotal RSUs Held
Frank ArmstrongNon-Executive Chairman288,461325,046
Leopoldo ZambelettiNon-Executive Director134,615151,688
Valerie AndrewsNon-Executive Director134,615151,688
Dave WurzerNon-Executive Director134,615151,688

Each RSU entitles the holder to subscribe for an Ordinary Share at a subscription price of one penny per Ordinary Share. The RSUs have a vesting period of one year and no performance conditions. The RSUs granted will vest on 11 January 2020. 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).

About Summit Therapeutics
Summit Therapeutics is a leader in antibiotic innovation. Our new mechanism antibiotics are designed to become the new standards of care for the benefit of patients and create value for payors and healthcare providers. We are currently developing new mechanism antibiotics for infections caused by C. difficile, N. Gonorrhoeae and ESKAPE pathogens and are using our proprietary Discuva Platform to expand our pipeline. For more information, visit www.summitplc.com and follow us on Twitter @summitplc.

For more information, please contact:

Summit  
Glyn Edwards / Richard Pye (UK office)Tel:+44 (/0)1235 443 951
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 (Joint Broker)Tel:+44 (0)20 7496 3000
Aubrey Powell / Jen Boorer, Corporate Finance
Tom Salvesen, Corporate Broking
  
   
Bryan Garnier & Co Limited (Joint Broker)Tel:+44 (0)20 7332 2500
Phil Walker / Dominic Wilson  
   
MSL Group (US)Tel:+1 781 684 6557
Jon Siegal summit@mslgroup.com
   
Consilium Strategic Communications (UK)Tel:+44 (0)20 3709 5700
Mary-Jane Elliott / Sue Stuart / Jessica Hodgson / summit@consilium-comms.com
Lindsey Neville  

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

1Details of the person discharging managerial responsibilities/person closely associated
a)NameDr Frank Armstrong
2Reason for the notification
a)Position / statusNon-Executive Chairman
b)Initial notification / AmendmentInitial notification
3Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameSummit Therapeutics plc
b)LEI213800NRW8AOMYMTBD89
4Details 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 instrumentOrdinary shares of 1 penny each
  
Identification codeGB00BN40HZ01
b)Nature of the transactionsGrant of restricted stock units
c)Price(s) and volume(s) Price(s)Volume(s) 
1 penny per share (subscription price)288,461
 
d)Aggregated information 
- Aggregated volumeN/A
- Price 
e)Date of the transaction11 January 2019
f)Place of the transactionOutside a trading venue


1Details of the person discharging managerial responsibilities/person closely associated
a)NameLeopoldo Zambeletti
2Reason for the notification
a)Position / statusNon-Executive Director
b)Initial notification / AmendmentInitial notification
3Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameSummit Therapeutics plc
b)LEI213800NRW8AOMYMTBD89
4Details 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 instrumentOrdinary shares of 1 penny each
  
Identification codeGB00BN40HZ01
b)Nature of the transactionsGrant of restricted stock units
c)Price(s) and volume(s) Price(s)Volume(s) 
1 penny per share (subscription price)134,615
 
d)Aggregated information 
- Aggregated volumeN/A
- Price 
e)Date of the transaction11 January 2019
f)Place of the transactionOutside a trading venue


1Details of the person discharging managerial responsibilities/person closely associated
a)NameValerie Andrews
2Reason for the notification
a)Position / statusNon-Executive Director
b)Initial notification / AmendmentInitial notification
3Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameSummit Therapeutics plc
b)LEI213800NRW8AOMYMTBD89
4Details 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 instrumentOrdinary shares of 1 penny each
  
Identification codeGB00BN40HZ01
b)Nature of the transactionsGrant of restricted stock units
c)Price(s) and volume(s) Price(s)Volume(s) 
1 penny per share (subscription price)134,615
 
d)Aggregated information 
- Aggregated volumeN/A
- Price 
e)Date of the transaction11 January 2019
f)Place of the transactionOutside a trading venue


1Details of the person discharging managerial responsibilities/person closely associated
a)NameDave Wurzer
2Reason for the notification
a)Position / statusNon-Executive Director
b)Initial notification / AmendmentInitial notification
3Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameSummit Therapeutics plc
b)LEI213800NRW8AOMYMTBD89
4Details 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 instrumentOrdinary shares of 1 penny each
  
Identification codeGB00BN40HZ01
b)Nature of the transactionsGrant of restricted stock units
c)Price(s) and volume(s) Price(s)Volume(s) 
1 penny per share (subscription price)134,615
 
d)Aggregated information 
- Aggregated volumeN/A
- Price 
e)Date of the transaction11 January 2019
f)Place of the transactionOutside a trading venue

-END-

Monday, January 14, 2019 - 07:00