focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
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Read the rns:
Takeover code waiver
"The Fundraising is not being underwritten and is conditional (amongst
other things) upon the passing by the Company's shareholders
("Shareholders") of a resolution to approve a waiver (the "Rule 9
Waiver"), which has been granted by the Takeover Panel, of certain
obligations that would otherwise arise on Mr Duggan in connection with
the Subscription pursuant to rule 9 of the City Code on Takeovers and
Mergers (the "City Code"). "
Substantial holdings - Placing. Warrants at 10% above placing price of 21p.
"Robert W. Duggan is a substantial Shareholder and Glyn Edwards is a
director of the Company. Both Mr Duggan and Mr Edwards are therefore
related parties pursuant to the AIM Rules. Mr Duggan's participation in
the Subscription and Mr Edwards' participation in the Placing, by way of
subscription for 452,475 Placing Shares and receipt of 67,870 Investor
Warrants, are deemed to be related party transactions (the "Related
Party Transactions"). "
Takeover waiver no longer applies from 24th Feb
" The Takeover Panel has confirmed that the Company will remain subject to
the Code until such time as both (1) the proposed Board Restructuring
has occurred, resulting in the Company's place of central management and
control no longer being in the United Kingdom, Channel Islands and Isle
of Man and (2) the Company's shares are no longer admitted to trading on
AIM. Subject inter alia to the Cancellation Resolution being approved,
it is expected that the Company will no longer be subject to the Code
from 24 February 2020. "
" For so long as both the Company's place of central management and
control is outside the United Kingdom, Channel Islands and Isle of Man
and the Company's shares are not traded on a regulated market or
multilateral trading facility in the UK, the Code will not apply to the
Company. Therefore in those circumstances Shareholders would not receive
the protections afforded by the Code in the event there is a subsequent
offer to acquire their shares in the Company."
The placing provides funding for 10months.
"The Company's existing cash and funding arrangements will be sufficient
to fund the Company's operating expenses, including the ongoing Phase 3
clinical trial of ridinilazole for the treatment of C. difficile
infection, and capital expenditure requirements through to 31 January
2020. If approved and completed, the Company expects that the
Fundraising will extend this runway by approximately 12 months to 31
January 2021. "
https://www.summitplc.com/app/uploads/2019/12/2019-RNS_42-Proposed-Fundraising-and-Notice-of-GM_FINAL.pdf
I have stayed with SUMM via HL SIP. While a little concerned about the liquidity of the ADD I like the science behind this company. The world needs new antibiotics and if SUMM delivers that drug it could sell for decades.
Tweet today re BARDA investment - all good exposure:
$SUMM Summit Therapeutics pleased with new BARDA partnership investment http://tinyurl.com/rtsxku8 via @proactive_UK@Summitplc #SUMM
https://twitter.com/home
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..