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Hi Leo1 - Not sure of your exact position but I am with Interactive Investor who trade on the NASDAQ.I sent my share certificates to them last Thursday & they received them last Friday.Any shares I have with them are being converted into ADD's automatically after this Friday 14th February but need to be with them by this Friday.I currently have shares with them on the system now chasing to get the second lot on.After Friday it is a more difficult route but 'brokers' have sent out details to those that have an investment with Summit & Summit have also issued details last week.Good luck.
I tweeted the following this morning:
'This has got to be one of the best Glyn Edward chats that I have ever heard and with the backing of a multibillionaire Mr Duggan & now moving fully onto the NASDAQ (SMMT) at current SP it has got to be one of the best bets for an investment in Biotech.'
https://twitter.com/edwards_glyn/status/1225166473892638720?cn=ZmxleGlibGVfcmVjc18y&refsrc=email
I have XO trading account. They told me i will recive my Share certificate and i have to contact the registra. Can someone kindly tell me what and how to convert to ADS shares please? I have never came across this type of situation and i don't know what to do.
Great news today on the day that I have finally sent my last share certificate to Interactive Investors for registration to enable me to convert them into ADD's next week.Well done Summit for achieving its milestone.
Summit receives its first milestone payment from Eurofarma:-
'Summit Therapeutics plc (NASDAQ: SMMT, AIM: SUMM) today announced that it achieved the first milestone under its license and collaboration agreement with Eurofarma Laboratórios SA (‘Eurofarma’). The $1.0 million milestone payment was triggered by Summit achieving its initial patient enrolment target at trial sites in Latin America in the Phase 3 clinical trials of ridinilazole for C. difficile infection (‘CDI’). '
http://www.globenewswire.com/news-release/2020/02/06/1980937/0/en/Summit-Therapeutics-to-Receive-1-0-Million-Milestone-Payment-from-Eurofarma.html
I've received the same from ii and very straightforward to convert (it will happen after the 14th of Feb). Easy decision as they're 20p on the bid here and currently 23p equivalent on the Nasdaq.
II have also confirmed I can carry on holding the ADR's in my ISA. Not sure why HL was telling its customers they couldn't (glad I left HL 20 years ago!)..
S/BE ADD'S
Great news I have heard today from Interactive Investors that I can convert my Ord shares on AIM into AAD's at no cost within a limited period.I have just converted my first lot of shares now waiting for share certificates from Barclays.
Hi Hammo -
1) If you hold share certificates & do not wish to hold anymore then Sell before listing on AIM ceases in February or Sell on AIM & Buy on NASDAQ (risk of conversion loss Selling/Buying).
2)Hold shares & you wish to go on the NASDAQ but not Sell find a platform that trades on the NASDAQ & get advise urgently I am now with Interactive Investments (II).
For me I am in the process of converting my shares with Barclays platform into a share certificate & then through Crest putting into my account with II on AIM & then through Crest onto the NASDAQ.Instructed Barclays 13th December certificates now in system on their way to me taken so long.
Where I already had share certificates I sent them to II yesterday receipt today & will start process above today.
Sorry not been on here for several months as couldn't stand looking at my losses. Do I have to do something with my shares?
Hi manversushorse - What is your platform if its Interactive Investors (II) I believe you can transfer direct from Barclays to II & its not too late.
Hello.... I've been lurking on here for many years, I no longer actively invest, but have a few SUMM shares that I don't want to ditch yet.
I have a stocks ISA with Barclays at the moment, so I gather that I need to obtain share certificates as soon as possible, and then open a stocks ISA with II. However, I presume I'm too late to make the deadline for converting the shares to NASDAQ via Crest. Do you think that will be a problem? If there any urgency to the second half of this process, if I'm not planning on selling straight away?
Sorry for the probably silly questions, but any help would be much appreciated!
It is a sad moment for me that Dr David Roblin is leaving Summit who I felt had been a great asset for the Company however as far as Summits C-Diff drug is concerned he may now feel at its Phase 3 trial stage not be able to add more but possible he could have done for their Discuva platform. I wonder who will replace him.
The Clinical Trials Register has been updated for both Ri-CoDIFy trials.
Ri-CoDIFy 1 is now recruiting in 133 locations and Ri-CoDIFy 2 in 87. Centres have opened in several previously unlisted countries including Belarus, Belgium, Brazil, Bulgaria, Czechia, Chile, Germany, Greece, Hungary, Korea, Mexico, Peru, Poland Russia and Spain.
Truly a global trial with an impressive number of study centres now open for recruitment - hopefully will inject some pace into the speed of recruitment.
Tremendous spread as well (20%). :(
Tremendous news for Summit.
' Biomedical Advanced Research and Development Authority (‘BARDA’) has expanded its award for the clinical and regulatory development of Summit’s precision antibiotic ridinilazole for the treatment of C. difficile infection (‘CDI’) by $8.8 million. The additional funding is being provided to support a new clinical trial in adolescent patients and brings the total value of the award to up to $72.5 million'
I am moving onto the NASDAQ soon & I am now with Interactive Investors & have just rounded my investment to 51,000 shares by Buying a mere 755 shares as the current SP is cheaper than chips & by being with Interactive Investors once my share certs get added in I can move onto the NASDAQ as Interactive Investors also trade on the NASDAQ.I may add a few more before the close in February. Now showing as Strong Buy
Todays RNS is fantastic news & is a further endorsement of Summits C-Diff drug.I am looking forward to being on the NASDAQ in the next month.
I have now heard back from ii who have asked for the share certificates as soon as possible as they wish to put them back onto AIM using the crest system & they then will go through crest onto the NASDAQ before the close on AIM.I also understand that crest will still exist after delisting on AIM.
I will update after the next move.
I would also like to add:
1) The advice from ii is after they had spoken to their trading dept.
2) I have found Interactive Investors very helpful & I am pleased to have gone with them.
Meet the new investor detailed in todays second RNS
https://www.marketscreener.com/business-leaders/Mahkam-Zanganeh-05T3R9-E/biography/
Hi PharmaGiles - Thanks for your post & I believe that you are right about the status of your ADD's in your ISA.
I will update when I have had replies from II.
Thanks Chris
I think with ii the shares (or at least mine) are held in a nominee account. I'm hoping the conversion for these therefore will be relatively straightforward without me needing to convert to certificates - that's my hope at least.
Regarding holding the converted ADS's an ISA (once delisted from AIM) as I understand it (and I'm no tax expert) it lies with who is the "beneficial owner" of the underlying investment. Link below - and looking at the american depository section under qualifying investments
https://www.gov.uk/guidance/stocks-and-shares-investments-for-isa-managers#qualifying-investments-for-stocks-and-shares-isas
So if I interpret this correctly, and according to the circular (last part of my previous post), the shareholder will be the "beneficial owner" of the unlisted security and thus nothing should change in the view of the HMRC i.e. the ADS's should still be qualifying for the ISA - or at least that's my take.. Like I say I'm no expert but I'm hoping to keep all my converted ordinary shares in my ISA once converted to ADS's..
Hi Pharma Giles,
I have just posted the following on ADVFN:
'Hi All I have been having conversations with Summit as well in fact yesterday.
My understanding is that once one has converted back to share certificates it will then be up to your Broker to go through Bank of New York Mellon who hold the ADD'S see details below.
Through the Bank of New York Mellon the UK shares certificates are surrended via your Broker & the shares are then replaced on a 5 for 1 conversion & then we will able to trade on the NASDAQ through our platforms.
At present I have asked Interactive Investors(II) to confirm the route. the guy I spoke to was not sure. I will get an e-mail hopefully soon to let me know the route.
Understand that not all Brokers will work with Mellon but I believe that II will.
I am still waiting for Barclays to complete the process of converting my shares on their platform into share certificate's been a month now & expect it will take a further 2 to 3 weeks to receive my Certificates.The Share Centre took one week.
My aim is to have Summit $ ADD's in a UK Stock ISA & be able to trade on the NASDAQ but any Sells will need to be converted into Sterling before being deposited back into my Stock ISA as cash.
I would also add that the legal basis is that the Companies share capital is always denoted in Ordinary Shares so one can just hold onto them & decide latter to Sell them.
I will keep you all posted.
Details of Bank dealing with Summit ADD's:
Summit Therapeutics
CUSIP: 86627R102
Bank of New York Mellon'
Hi Chris - ii are OK. I hold SUMM ordinary shares in an ISA with them, and also SMMT ADSs . Although you can currently buy SUMM in your ISA they couldn't confirm with me whether we will still be able to hold in their ISA following the delisting? There is some information in the shareholders circular which I've pasted below (page 25). It doesn't specifically mention ISA's but thoughts/take on this are always welcome.
"UK tax treatment"
"Many investors purchase AIM-quoted shares because they are classed as unlisted/unquoted securities
which may qualify for relief from inheritance taxation and certain other preferential tax benefits. Summit
cannot and does not provide any form of taxation advice to Shareholders and therefore Shareholders are
strongly advised to seek their own taxation advice to confirm the consequences for them of continuing to
hold unlisted Ordinary Shares or converting Ordinary Shares into ADS form.
The Company’s understanding of the current position under UK taxation law is as follows (but it should be
noted that the Company has not taken steps to confirm the current position with HMRC and therefore the
following should not be relied upon by Shareholders without taking further advice):
l following the AIM Delisting, Ordinary Shares should continue to be accepted by HMRC as qualifying
as unlisted/unquoted securities for the purposes of certain specific UK tax rules (notably, the UK
inheritance tax business property relief rules). Therefore, those Shareholders who elect to continue to
hold unlisted Ordinary Shares should continue to be regarded as holding unlisted/unquoted securities
under those same rules; and
l those Shareholders who elect to convert their holdings of Ordinary Shares to Nasdaq listed ADSs
should similarly still be regarded as holding unlisted/unquoted securities for the purposes of the same
specific UK tax rules as are referred to above, on the basis that the issuer of the ADSs, contractually
governed by the law of the State of New York, regards the Shareholder as the beneficial owner of the
underlying Ordinary Shares. Each ADS is a financial instrument which represents five Ordinary Shares
held on deposit with the Depositary’s Custodian on behalf of the ADS holder. As the ADS holder retains
similar rights to a direct holder of Ordinary Shares (rights to vote, rights to dividend, etc.) subject in all
instances to the terms and conditions of the governing deposit agreement and it is the ADS rather
than the Ordinary Shares themselves that are listed, the Company understands that the listing of ADSs
on Nasdaq and the AIM Delisting should not cause the Ordinary Shares to be treated by HMRC as
listed/quoted securities ceasing to qualify for relief under the specific UK tax rules referred to above (in
particular, under the UK inheritance tax business property relief rules)."
Hi All - I am in the process of converting my online shares into share certificates for which Barclays are still processing my request from last year.Following advice from a Broker I have decided to go with 'Interactive Investor Services Limited (IIS)' at a cost of just under £10 per month plus transaction costs which are not too high.
I was told by the Broker I spoke to this morning that it would be better that I move to a new platform now in order to transfer shares using 'Crest' which will end in February.
IIS trade on the NASDAQ & my account will be able to do this having set it all up including some form of certification in addition I will be putting the shares into a 'Stock ISA'.Any future Sells of my shares will need to be converted into Sterling before the monies are credited to my 'Stock ISA' which can have shares denominated in a foreign currency but not holding US $.
In short I will be able to 'Trade' through an online account my shares in Summit on the NASDAQ likely to be selling not Buying anymore.Regards to all.
I will keep you all posted as it all progress but please do your own research.