Summit 20% -
Oxford, UK, 11 February 2014 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy and C. difficile infections, announces a conditional fundraising to raise GBP 21.0 million (USD 34.4 million) before expenses, through the issue of 323,076,924 new Ordinary Shares at a price of 6.5 pence (US 10.66c) per Ordinary Share (the "Placing Price") to certain institutional and other investors in the US and Europe.
JMP Securities LLC and N+1 Singers have acted as Placing Agents for the Company on and subject to, the terms of the respective placing agreements agreed between the Company and the respective parties.
The issue price represents a discount of approximately 37.3 per cent. to the price of 10.375 pence per share, being the closing mid-market price of the Company's Ordinary Shares on 10 February 2014.
Qualifying Shareholders will also be given an opportunity to participate in an Offer for Subscription of up to 15,384,616 new Ordinary Shares of Summit at 6.5 pence per new Ordinary Share to raise up to £1.0 million, in addition to the funds raised from the Placing... |
