28th Aug 2007 15:14
Summit Corporation PLC28 August 2007 Summit Corporation plc ("Summit" or "the Company") EXECUTIVE DIRECTORS AWARDED SHARE OPTIONS Oxford, UK, 28 August 2007 - Summit Corporation plc (AIM: SUMM) announces thatthe Executive Directors have been awarded share options under the Company's newshare option scheme. Under the rules of this scheme, the share options vestaccording to the three-year relative Total Shareholder Return ('TSR')performance as compared to the FTSE TechMARK mediscience Index. For the shareoptions to fully vest at the end of the three year period would require Summit'sTSR to out-perform the FTSE TechMARK mediscience Index by 20% per annum. TSR is defined as the return on investment a shareholder receives over aspecified period of time, including any change in share price and dividendsreceived. The share options have an exercise price of 118.5 pence, being the closing shareprice on 24 August 2007. Following this award the Executive directors hold the following numbers of shareoptions: Executive Director Share option New share options Total share option Share options held as holding prior to granted holding after award % of issued capital awardSteven Lee 2,570,000 200,000 2,770,000 5.58%Richard Storer 600,000 175,000 775,000 1.56%Darren Millington 400,000 100,000 500,000 1.01%James Taylor 300,000 140,000 440,000 0.89% - ENDS - For more information, please contact: Summit plc Tel: +44 (0)1235 443951Steven Lee, PhD, Chief Executive OfficerDarren Millington, ACMA, Chief Financial OfficerRichard Pye, PhD, Investor Relations Citigate Dewe Rogerson Tel: +44 (0)207 638 9571Mark Swallow / David Dible / Valerie Auffray Evolution Securities Tel: +44 (0)207 071 4300Tim Worlledge / Bobbie Hilliam / Neil Elliot About Summit plc Summit plc is a leading UK biotechnology company that discovers and developsproprietary new drugs. The Company's internal drug development programmes areunderpinned by its advanced carbohydrate chemistry and drug screening (chemicalgenomics) technology platforms, which it also provides on a collaborative orfee-for-service basis to the pharmaceutical industry. Summit plc has a broad range of drug discovery programmes in the clinical,pre-clinical and discovery stages of development, which target serious diseaseswith a high unmet medical need. These therapeutic areas include neuro-disorders(neurodegenerative and neuromuscular), anti-infectives, ophthalmic diseases,oncology and regenerative medicines. Summit plc's in-house drug development capabilities combine world-classexpertise in both carbohydrate chemistry with high-volume, high-contentscreening using its proprietary zebrafish and fruitfly technologies (chemicalgenomics). These whole organism screens have the potential to dramaticallydecrease the time and cost of drug discovery and development by delivering datathat are highly predictive of the efficacy and toxicity of potential drugcompounds in humans. The company listed on the AIM market of the London Stock Exchange in October2004 - symbol: SUMM Further information about the company is available at www.summitplc.com This document contains "forward-looking statements" within the meaning of theU.S. Private Securities Litigation Reform Act of 1995. Forward-lookingstatements can be identified by words such as "anticipates", "intends", "plans","seeks", "believes", "estimates", "expects" and similar references to futureperiods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company's current expectations andassumptions regarding our business, the economy and other future conditions.Because forward-looking statements relate to the future, by their nature, theyare subject to inherent uncertainties, risks and changes in circumstances thatare difficult to predict. The Company's actual results may differ materiallyfrom those contemplated by the forward-looking statements. The Company cautionsyou therefore that you should not rely on any of these forward-lookingstatements as statements of historical fact or as guarantees or assurances offuture performance. Important factors that could cause actual results to differmaterially from those in the forward-looking statements and regional, national,global political, economic, business, competitive, market and regulatoryconditions. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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