Information  X 
Enter a valid email address

Summit Corporation PLC (SUMM)

  Print      Mail a friend

Thursday 29 October, 2009

Summit Corporation PLC

Director/PDMR Shareholding: Grant of Options

Summit Corporation plc
("Summit" or "the Company")


Oxford, UK, 29 October 2009 -  Summit Corporation plc (AIM: SUMM)
today announces that on 27 October 2009 the Company granted Share
Options under its Enterprise Management Incentive (EMI) Scheme at an
exercise price of 5.375 pence per share to the following Directors of
the Company:

| Director        | Position         |        Number of Options |
|                 |                  |                  Granted |
| Steven Lee, PhD | Chief Executive  |                1,000,000 |
|                 | Officer          |                          |
| Richard Storer, | Chief Scientific |                  920,000 |
| DPhil           | Officer          |                          |

In addition, options were also granted to other eligible employees of
the Company over 2,400,000 shares (representing 4.1% of the Company's
current issued share capital).
The options are capable of vesting over a period of three years and
are subject to stringent performance conditions linked to the
achievement of corporate transactions exceeding certain threshold
terms and also to relative Total Shareholder Return (TSR) measured
against an index of 24 representative pharmaceutical and
biotechnology companies.  In order to vest in full the transaction
value of up-front payments should exceed £15m and the TSR should be
in the Upper Quartile at the end of the third year of the performance

The Board of Summit plc believes these awards are in the best
interest of the Company to retain and motivate employees to deliver
value to shareholders.

On 23 October 2009, the above Directors surrendered a combined total
of 118,189 EMI options and other employees within the Summit Group
surrendered a total of 281,839 EMI options.

                              -- ENDS -
For more information, please contact:

Summit plc
Steven Lee, PhD
Richard Pye, PhD
Tel: +44 (0)1235 443939

Panmure Gordon
Andrew Burnett / Rakesh Sharma (Corporate Finance)
Ashton Clanfield (Corporate Broking)
Tel: +44 (0)207 459 3600

About Summit plc
Summit plc is a UK based drug discovery company with a major focus on
developing new therapeutics from its iminosugar drug discovery
Summit believes iminosugars are the key to gaining access to several
disease mechanisms where classical drug candidates have had little
success, and therefore offer a major opportunity for the discovery
and development of new medicines.
Carbohydrates play critical roles in maintaining correct function of
many normal processes in healthy individuals and provide a wealth of
new targets for drug discovery.  Iminosugars have the capability of
accessing such targets and offer the potential of generating new
medicines in a variety of major therapy areas.  Summit is currently
focussed on metabolic diseases, including diabetes, and anti-virals.
Commercially, Summit has a track record of signing programme
agreements and currently has an out-licensed product portfolio
comprising of seven drug programmes with BioMarin, Orient Pharma,
Evolva and the Lilly TB Drug Discovery Initiative.  In the future
these programmes may generate success based milestone payments and
royalties for Summit.
The company listed on the alternative investment market (AIM) of the
London Stock Exchange in October 2004 - symbol: SUMM.  Further
information about the company is available at

This document contains "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as
"anticipates", "intends", "plans", "seeks", "believes", "estimates",
"expects" and similar references to future periods, or by the
inclusion of forecasts or projections.
Forward-looking statements are based on the Company's current
expectations and assumptions regarding our business, the economy and
other future conditions. Because forward-looking statements relate to
the future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are difficult
to predict. The Company's actual results may differ materially from
those contemplated by the forward-looking statements. The Company
cautions you therefore that you should not rely on any of these
forward-looking statements as statements of historical fact or as
guarantees or assurances of future performance. Important factors
that could cause actual results to differ materially from those in
the forward-looking statements and regional, national, global
political, economic, business, competitive, market and regulatory


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.