Date: 2014-03-04
Type of information: Establishment of a new subsidiary in the EU
Company: Summit (UK)
Investors:
Amount: £22.0 million (€26.7 million)
Funding type: private placement
Planned used:
Others: * On March 4, 2014, Summit, a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy and C. difficile infection, has announced on 28 February 2014 that it had gained shareholder approval to raise £22.0 million through the issue of new ordinary shares of 1 penny each. Admission to trading on AIM of the New Shares is taking place in two stages (the \'First Placing\' and the \'Second Placing\'). On 3 March 2014, the Company announced that the First Placing was completed. Now, the Company announces that the Second Placing has also been completed following the admission of the final tranche of shares to trading on AIM. Following completion of the Second Placing the Company has 821,228,226 ordinary shares in issue.
* On March 3, 2014, Summit has announced on 28 February 2014 that it had gained shareholder approval to raise £22.0 million through the issue of new ordinary shares of 1 penny each (\'New Shares\'). Admission to trading on AIM of the New Shares will take place in two stages (the \'First Placing\' and the \'Second Placing\').The First Placing of 48,717,940 New Shares has been completed following admission of these shares to trading on AIM.
Following this First Placing, the issued share capital of the Company is 531,484,626. This may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company, under the Disclosure and Transparency Rules.
The Company has today issued and allotted a further 289,743,600 New Shares to effect the Second Placing. Application has been made to admit the 289,743,600 New Shares to trading on AIM and dealings in these shares are expected to commence on 4 March 2013.
* On February 28, 2014, Summit has announced on 11 February a proposed Placing to raise £21.0 million and an Offer for Subscription to raise up to £1.0 million, through the issue of new ordinary shares of 1.0 pence each. On 26 February 2014, it was announced that the Offer for Subscription had raised £1.0 million and that the Company has therefore conditionally raised gross proceeds of approximately £22.0 million. The transactions were conditional, inter alia, upon shareholder approval. Admission to trading on AIM of the New Shares to be issued pursuant to the Placing and Offer for Subscription will take place in two stages. The First Placing will include all Offer for Subscription shares together with the proportion of the Placing shares that have been applied for in order to qualify as investments under the Enterprise Investment Scheme. All of the remaining Placing Shares will be admitted under the Second Placing. The Company has today issued and allotted 48,717,940 New Shares pursuant to the First Placing and will issue and allot 289,743,600 New Shares pursuant to the Second Placing on Monday 3 March 2014. Application has been made for the total number of 338,461,540 New Shares to be admitted to trading on AIM. Dealings in the First and Second Placing Shares are expected to commence on 3 March 2014 and 4 March 2014 respectively. Completion of the placings is conditional, inter alia, upon the respective admissions occurring on or before 11 April 2014.
Therapeutic area:
