Summit Announces Results of Court Meeting and General Meeting
19 Août 2020 - 10:01PM
Summit Therapeutics plc (‘Summit’ or the
‘Company’)
Summit Announces Results of Court Meeting and General
Meeting
Oxford, UK, and Cambridge, MA, US,
August 19, 2020 – Summit Therapeutics plc (NASDAQ: SMMT)
today announces that at a Court convened meeting of shareholders
and at a general meeting of shareholders that were both held today
via telephone, in connection with the proposed introduction of a
new US incorporated and domiciled holding company of the Summit
group, all of the resolutions were duly approved by the requisite
majority of shareholders.
Details of the resolutions passed are set out in
the notices of the Court meeting and general meeting contained in
the circular published by Summit on July 27, 2020, relating to the
redomiciliation (the ‘Circular’).
The proposed redomiciliation is to be effected
by a UK Court-approved scheme of arrangement (the ‘Scheme’). Having
received shareholder approval, the Court hearing to sanction the
Scheme is due to be held on September 16, 2020. Under the Scheme,
every five existing Summit ordinary shares will be exchanged for
one share of common stock in a newly incorporated Delaware
corporation (“New Summit”). Accordingly, holders of Summit’s
American Depositary Shares (‘ADSs’) can expect to receive one share
of New Summit common stock in exchange for each of their ADSs. The
New Summit common stock is expected to be listed on the Nasdaq
Global Market.
Since the publication of the Circular containing
the details of the Scheme, there has been a minor change to the fee
related to the cancellation of the ADSs as set out on pages 24 and
56 of the Circular. The Bank of New York Mellon, as depositary for
the Old Summit ADSs, has agreed to charge a reduced fee related to
the cancellation of the ADSs, with that fee now being US$0.03
rather than the stated US$0.05, for each Old Summit ADS (or a
portion thereof) cancelled.
The results of the polls at the shareholder meetings are
available on the Company’s website: www.summitplc.com.
About Summit Therapeutics
Summit Therapeutics, led by its Discuva Platform, the Company's
discovery engine, is a leader in antibiotic innovation. Our new
mechanism antibiotics are designed to become the patient-friendly
new era standard of care for those suffering from infectious
disease, subject to regulatory approvals, and create value for
payors and healthcare providers. In the present time, we are
developing new mechanism antibiotics to treat infections caused by
C. difficile, Enterobacteriaceae and N. gonorrhoeae 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 on the Company's Discuva Platform,
visit https://www.summitplc.com/our-science/discuva-platform.
Contacts
Summit Press Office |
investors@summitplc.com |
|
Summit Forward-looking Statements
Any statements in this press release about the
Company’s future expectations, plans and prospects, including but
not limited to, statements about the proposed redomiciliation,
clinical and preclinical development of the Company’s product
candidates, the therapeutic potential of the Company’s product
candidates, the potential commercialization of the Company’s
product candidates, the timing of initiation, completion and
availability of data from clinical trials, the potential submission
of applications for marketing approvals and other statements
containing the words "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "should," "target," "would," and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including: whether the Company obtains court approval of
the proposed redomiciliation, the uncertainties inherent in the
initiation of future clinical trials, availability and timing of
data from ongoing and future clinical trials and the results of
such trials, whether preliminary results from a clinical trial will
be predictive of the final results of that trial or whether results
of early clinical trials or preclinical studies will be indicative
of the results of later clinical trials, expectations for
regulatory approvals, laws and regulations affecting government
contracts and funding awards, availability of funding sufficient
for the Company’s foreseeable and unforeseeable operating expenses
and capital expenditure requirements and other factors discussed in
the "Risk Factors" section of filings that the Company makes with
the Securities and Exchange Commission, including the Company’s
Transition Report on Form 20-F for the eleven months ended 31
December 2019. Accordingly, readers should not place undue reliance
on forward-looking statements or information. In addition, any
forward-looking statements included in this press release represent
the Company’s views only as of the date of this release and should
not be relied upon as representing the Company’s views as of any
subsequent date. The Company specifically disclaims any obligation
to update any forward-looking statements included in this press
release.
-END-
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