Results: SUMM

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Summit Corp - sorry when's the placing? Why are the shares sliding?

Biotech outfit Summitt (SUMM) may have some interesting IP but it is pretty early stage, years away from generating a cent in revenues, other than the odd grant, and it is munching up cash at an alarming rate. Results came out the other day for the year to January 31 2016 and they really do beg the question: when's the placing? Perhaps that is why the shares have slumped from c150p at the start of the year to just 112p today?
 

EPIC SUMM
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Summit Corporation – Follow Jim Mellon and buy at 115p

In August’s edition of an obscure online publication, Jim Mellon tipped Summit PLC (SUMM) to do great things. Mr Mellon’s track record and judgement in picking winners on AIM is second to none. Summit is a company Ben used to follow quite closely. The science it is developing is truly marvellous, even if its path has been a horribly bumpy ride lower for long term shareholders. No one is going to pretend that this has been a good stock hold over a long period of time, but that is in the past. Now priced at 115p (last seen) this could be a good opportunity to buy into a business, which has previously offered so much incredible potential.

EPIC SUMM
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Summit Corporation: No complaints here

If you have any complaints about this morning’s placement by Summit Corporation (SUMM) then I am afraid you can’t have done your research properly. This is a company with an established track record of savagely discounted dilution and its CEO, Glynn Edwards, even told you it needed money, less than two weeks ago.

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