Summit Corporation PLC : Director Disclosure Update

Summit Corporation plc
('Summit' or 'the Company')

DIRECTOR UPDATE: NOTIFICATION UNDER AIM RULE 17 AND SCHEDULE 2(g)

Oxford, UK, 27 January 2014 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy and C. difficile infection, confirms the following disclosure in relation to the directors of the Company pursuant to AIM Rule 17 and Schedule 2 (g):  

Dr Frank Murdoch Armstrong (age 57) Appointed 22/11/2012

There is no other disclosure requirement pursuant to Aim Rule 17 and Schedule 2 (g) of the AIM Rules in connection with Frank Armstrong.

Glyn Owain Edwards (age 58) Appointed 04/04/2012

There is no other disclosure requirement pursuant to Aim Rule 17 and Schedule 2 (g) of the AIM Rules in connection with Glyn Edwards.

James (Jim) Mellon (age 56) Appointed 22/11/2012

¹Company listed on the Hong Kong Stock Exchange
²Entered into voluntary liquidation on 3 January 2008, there were no unsatisfied creditors.

Further disclosures:
The Company has been informed by Mr Mellon that there is an arrest warrant in his name which was originally issued by the South Korean prosecutor's office on 19 December 2000 and subsequently reissued on 14 January 2004. The warrant was due to remain valid and effective until 12 March 2010. The arrest warrant pertains to Mr Mellon's alleged involvement in a conspiracy with Seung-Hyun Jin (''Mr Jin'') and Chang-Kon Koh to manipulate the share price of Regent Securities Co., Ltd ("Regent") and a failure to make adequate investigations in connection with the provision of certain loans by one of Regent's subsidiaries to Mr Jin. Mr Mellon has informed the Company that he denies these allegations which are without substance.

On 8 April 2003, Regent Pacific Fund, a company of which Jim Mellon was a director, entered into a voluntary liquidation. There were no unsatisfied creditors.

On 9 December 2005 Undervalued Assets Fund - Series One, a company of which Jim Mellon was a director, entered into a voluntary liquidation. There were no unsatisfied creditors.

Asian Opportunity Fund 1998 - Series I commenced voluntary liquidation on 5 February 2008 pursuant to its Articles and Association. Jim Mellon was a director within the 12 month periods preceding such date. There were no unsatisfied creditors.

Jim Mellon was also previously a director of Regent Global Fund and Undervalued Assets Greater China Fund Series III, both of which went into voluntary liquidation. These two funds were liquidated with the consent of shareholders as the directors recommended that due to a decline in the size of the funds, they were uneconomic. There were no unsatisfied creditors.

There is no other disclosure requirement pursuant to Aim Rule 17 and Schedule 2 (g) of the AIM Rules in connection with Jim Mellon.

Barry John Price (age 70) Re-appointed 06/06/2013

There is no other disclosure requirement pursuant to Aim Rule 17 and Schedule 2 (g) of the AIM Rules in connection with Barry Price.

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Notes to Editors

About Summit
Summit is an Oxford, UK based drug discovery and development Company targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection.  Summit is listed on the AIM market of the London Stock Exchange and trades under the ticker symbol SUMM. Further information is available at www.summitplc.com and follow Summit on Twitter (@summitplc).

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