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Summit Announces Results of Court Meeting and General Meeting
Summit Therapeutics plc (‘Summit’ or the ‘Company’) Summit Announces Results of Court Meeting and General Meeting Oxford, UK, and Cambridge, MA, US, August
About this update from Summit Therapeutics Inc.
[{"type":"text","content":"Summit Therapeutics plc (‘Summit’ or the ‘Company’)\n 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 p...