Date: 2011-07-25
Type of information: Private placement
Company: Summit (UK)
Investors: existing and new investors
Amount: £1.35 million
Funding type: private placement
Planned used: Summit continues to progress confidential discussions with leading international pharmaceutical and biotechnology companies for its key programme assets and Seglin™ technology platform. The raising of these additional funds will strengthen the position of the Company during these discussions as Summit seeks to conclude deals and evaluate and further develop new opportunities that generate optimal value for shareholders.
Others: Summit Corporation has raised £1.35 million (€1.53 million) before expenses through a placing of 16,826,978 new Ordinary Shares of 1.0 pence each in the capital of the Company at 8.0 pence per share, a discount of 9.9% to the closing mid-market price of 8.875 pence on 22 July 2011. The offering was oversubscribed and the shares were placed with existing and new institutional investors.
Application has been made to AIM, a market of the London Stock Exchange, for the admission of the 16,826,978 new Ordinary Shares. It is expected that Admission will become effective on or around 26 July 2011 and that dealings in the new Ordinary Shares will commence at 8.00 a.m. on or around 26 July 2011. Following Admission, the Company will have 185,096,784 Ordinary Shares in issue.
Therapeutic area: Rare diseases - Neuromuscular diseases - Infectious diseases
