Wey Education PLC Trading Update and Issue of Equity (7240T)
10 January 2017 - 6:00PM
UK Regulatory
TIDMWEY
RNS Number : 7240T
Wey Education PLC
10 January 2017
10 January 2017
WEY EDUCATION PLC
("Wey", the "Group" or the "Company")
Trading update, AGM results and payment of deferred
consideration
-- Significant rise in student numbers and turnover in current year
-- AGM results
-- Deferred Consideration for InterHigh Education acquisition
-- Total number of shares in issue after admission of the
deferred consideration is 98,411,605
Wey Education plc (AIM: WEY.L), the education group operating an
established online independent secondary school in the UK,
announces a trading update and the payment of the deferred
consideration for InterHigh.
Trading update
The current financial year has started strongly with a
significant rise in student numbers year on year and with a
corresponding significant increase in turnover. Implementation of
the new IT system which will facilitate considerable expansion of
student numbers across multiple brands is proceeding satisfactorily
and in accordance with the planned timetable. The Company
anticipates announcing its interim results for the current year in
April and looks forward to reporting on further progress both
operationally and financially at that time.
AGM Results
The Company is pleased to confirm that shareholders approved all
resolutions proposed at the Annual General Meeting of the Company
held yesterday.
Deferred Consideration
The Company's acquisition of InterHigh in 2015, included an
entitlement to the vendor for deferred consideration over the years
to 31 August 2015 and 2016 of an amount equal to 50 per cent. of
the incremental growth in turnover of the InterHigh business for
each of the years, to be satisfied as to 50 per cent. in cash and
50 per cent. in shares. InterHigh's turnover for the year ended 31
August 2016 was GBP1,488,860 which exceeded the turnover for the
year ended 31 August 2015 by GBP406,616. Accordingly, the Group is
today paying GBP101,654 in cash and issued 2,640,364 new ordinary
shares ("New Ordinary Shares") at the average market price of
3.850p per New Ordinary Share to the vendor of InterHigh. The
vendor is restricted from dealing in their entire holding including
the New Ordinary Shares until around 13 January 2018 (being twelve
months after the date the deferred consideration shares are issued
for the year ended 31 August 2016). Mr and Mrs P Daniell (who
control the vendor) and who are respectively the Principal of
InterHigh and a director of the Company are now interested in a
total of 13,065,157 Ordinary Shares representing approximately
13.28 per cent. of the Company's issued share capital.
Application will be made for the 2,640,364 new Ordinary Shares
to be admitted to trading on AIM, which is expected to take place
on 13 January 2017. The New Ordinary Shares will rank pari passu
with the existing Ordinary Shares in issue.
In accordance with the provisions of the Disclosure Guidance and
Transparency Rules of the FCA, the Company confirms that, following
this issue, its issued share capital will comprise 98,411,605
Ordinary Shares of 1 pence each. All Ordinary Shares shall have
equal voting rights and none of the Ordinary Shares are held in
treasury. The total number of voting rights in the Company
immediately following Admission will therefore be 98,411,605.
Enquiries:
Wey Education Plc
David Massie (Chairman) Tel: +44 (0) 77 85957
958
WH Ireland Limited
Mike Coe/Ed Allsopp (Corporate Finance) Tel: +44 (0) 117 945
3470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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