Wey Education PLC New Online Language School and Investor Evening (4885J)
29 June 2017 - 4:00PM
UK Regulatory
TIDMWEY
RNS Number : 4885J
Wey Education PLC
29 June 2017
29 June 2017
WEY EDUCATION PLC
("Wey Education" or the "Company")
Launch of New Online Language School
Private Investor Evening 19 July 2017
Share Issue
Total Voting Rights
Wey Education Plc (AIM: WEY.L) the educational services
provider, announces that in September 2017 it will expand its
activities by opening an Online Language School using the IT
platform, newly developed for its mainstream online schools
business.
The new language school to be called "Quoralexis" will initially
offer tuition in English as a Foreign Language ("EFL") but is
intended in due course to expand the offering into a range of
foreign languages. The Company has considerable experience in
teaching EFL to secondary school age pupils attending its online
schools but this will create a new profit centre within the group
and will facilitate an expansion into teaching all age groups
rather than just secondary school pupils and will be available on a
global basis.
The Company has developed considerable experience of teaching
foreign languages at iGCSE and A level online, where in addition to
modern European Languages such as French, German and Spanish, the
Company has offered more exotic choices such as Latin. The Company
believes that there is an attractive opportunity to provide
interactive online language teaching to students of all ages,
either seeking an academic qualification or a better working
knowledge of the relevant language. The business will be operated
from the Company's existing offices with a dedicated General
Manager using the Company's existing systems and resources.
Private Investor Evening 19 July 2017
The Company will hold a briefing session for private investors
in London on 19 July 2017 commencing at 5.15 p.m. The intention of
the evening is to enable both existing and interested private
investors to gain a better understanding of the Company's
activities and to give them an opportunity to meet senior
management and directors. It is proposed that the briefing will
consist of a description of the Company's activities and markets, a
demonstration of an online lesson utilising the Company's new IT
platform together with an explanation of the Company's expansion
strategy. It will be followed by a Q&A session. Refreshments
will be served.
Numbers are limited and entrance is by invitation only. To
obtain an invitation, those wishing to attend should email
david.massie@wedu.co.uk giving:-
1. Your name and address; and
2. A contact telephone number
For statistical purposes it would be helpful if those seeking an
invitation would advise in their application whether they are an
existing shareholder or not.
Details of the event are as follows:
Date: Wednesday 19 July 2017
Time: 5.15 p.m.
Location: Dukes Hotel, 35 St James's Place, St. James's, London SW1A 1NY
Share Issue
The Company is today, issuing to David Massie, its Chairman, a
total of 2,666,666 new ordinary shares of 1p each in the Company
upon the satisfactory completion of targets as detailed in the
Company's Admission Document in December 2015. 1,000,000 shares are
to be credited as fully paid and 1,666,666 granted at par.
The first tranche was awarded to Mr Massie on the 26 March 2015
conditionally on the achievement of certain targets relating to the
favourable conclusion of litigation the Company took against its
former CEO and the growth in the Company's market capitalisation.
That target has been achieved.
The second tranche are part of a long term incentive awarded to
Mr Massie on 1 July 2015 conditionally on the middle market price
of the Company's shares trading for a continuous period of 60
business days. This tranche was conditional on the middle market
share price trading at 10p or higher. That target has now been
achieved.
Under this incentive plan, Mr Massie retains options over a
further 3,333,334 ordinary shares. Of these, 1,666,666 are
conditional upon the Company's share price trading at 15p or more,
and 1,666,667 are conditional upon the Company's share price
trading at 20p or more, both for continuous periods of 60 business
days.
Application will be made for the 2,666,666 ordinary shares to be
admitted to trading on AIM which is expected to take place on 6
July 2017. The new ordinary shares will rank pari passu with the
existing ordinary shares in issue.
Following this issue, Mr Massie will hold a total of 20,183,173
ordinary shares of the Company representing 19.5% of the Company's
issued share capital.
Total Voting Rights
In accordance with the provisions of the Disclosure Guidance and
Transparency Rules of the FCA, the Company confirms that following
this issue, its share capital will comprise 103,543,234 ordinary
shares of 1p each. All ordinary shares shall have equal voting
rights and none of the ordinary shares are held in treasury. The
total number of voting shares in the Company immediately following
admission of these new shares will therefore be 103,543,234.
Enquiries:
Wey Education Plc +44 (0) 207 518 9700
David Massie (Chairman) +44 (0)7885 957958
WH Ireland Limited
(Nominated Advisor and Broker)
Mike Coe/Ed Allsopp (Corporate Finance) +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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