Wey Education PLC Result of Placing (5878W)
15 November 2017 - 10:25PM
UK Regulatory
TIDMWEY
RNS Number : 5878W
Wey Education PLC
15 November 2017
For immediate release
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
Wey Education plc
("Wey Education", the "Company" or the "Group")
Result of the Placing
Further to the accelerated bookbuilding process announced
earlier today, Wey Education is pleased to announce that it has
raised gross proceeds of GBP5 million through a significantly
oversubscribed and scaled back placing (the "Placing") with
institutional and other investors of 22,727,273 new ordinary shares
(the "New Ordinary Shares") at a price of 22 pence per Placing
Share (the "Placing Price"). The Placing Price represents a
discount of 33.3 per cent. to the closing price on 14 November
2017, the last trading day prior to this announcement, and a
discount of approximately 7.1 per cent. to the average closing
price of the last 30 trading days. The New Ordinary Shares will
represent approximately 18 per cent. of the Enlarged Issued Share
Capital on Admission (assuming no other issuance of ordinary shares
prior to Admission).
The proceeds of the Placing will provide additional working
capital resources to the Group and subject to completion of the
acquisition, fund the consideration earn-out (if any) in respect of
the possible acquisition detailed in the Company's earlier
announcement today. A further announcement will be made about such
in due course.
Application for admission to trading on AIM for the 22,727,273
New Ordinary Shares being issued pursuant to the Placing has been
made and Admission is expected to take place on 20 November 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 Financial Conduct Authority, the Company
confirms that, following the Placing, its issued share capital will
comprise 126,270,507 Ordinary Shares of 1 pence each. All of these
Ordinary Shares have equal voting rights and none of the Ordinary
Shares are held in Treasury. The total number of voting rights in
the Company will therefore be 126,270,507 on Admission.
Wey Education's Chairman, David Massie, said: "We are very happy
to have concluded this placing and to have attracted a number of
significant institutional investors who we hope and trust will
support the Company in the long term as we pursue our plan to build
Wey into a leading international educational services provider. The
additional working capital provides the board with the confidence
to pursue a number of new initiatives particularly regarding
increased marketing in the UK and overseas, which we hope will
generate substantial returns over the medium term. Negotiations
regarding the proposed acquisition continue and we will make a
further announcement regarding such in due course."
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Enquiries:
Wey Education plc
+44 (0) 20 7518
David L Massie (Executive Chairman) 9700
+44 (0) 7785 957
958
WH Ireland Limited (Nominated
Adviser and Broker)
Mike Coe / Ed Allsopp (Corporate +44 (0) 117 945
Finance) 3470
Jasper Berry / Adam Pollock +44 (0) 207 220
(Corporate Broking) 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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