4 Jan 2016 11:35
4 January 2016
Wey Education plc
("Wey Education", the "Company" or the "Group")
AGM and payment of deferred consideration
Wey Education plc (AIM: WEY.L), the education group operating an established online independent secondary school in the UK, is pleased to confirm that shareholders approved all resolutions proposed at the Annual General Meeting of the Company held earlier today.
The Company's acquisition of InterHigh 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 2015 was £1,082,244, which exceeded the turnover for the year ended 31 August 2014 by £306,027. Accordingly, the Group is today paying £76,507 in cash and issued 1,800,159 new ordinary shares ("New Ordinary Shares") at the average market price of 4.25p per New Ordinary Share to the vendor of InterHigh. The vendor is restricted from dealing in the New Ordinary Shares until around November 2017 (with the exact date being twelve months after the date any additional 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 and Chief Executive Officer of InterHigh are now interested in a total of 10,424,793 Ordinary Shares representing approximately 10.89 per cent. of the Company's issued share capital.
Application will be made for the New Ordinary Shares to be admitted to AIM on 8 January 2016. Upon admission, the enlarged issued share capital of the Company will be 95,771,241. This number should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company.
Enquiries:
Wey Education plc David L. Massie (Non-Executive Chairman) www.weyeducation.com | +44 (0) 20 7518 9700 |
WH Ireland Limited (NOMAD and BROKER) | +44 (0) 20 7220 1666 |
John Wakefield Ed Allsopp
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Yellow Jersey PR Alistair de Kare-Silver Dominic Barretto |
+44 (0) 7738 076 304
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Notes to Editors
Wey Education is a holding company of an educational group with two trading divisions. Through InterHigh the Company owns and operates a fully interactive, online independent secondary school in the UK, offering IGCSEs, 'AS' Levels and 'A' Levels. Through Wey Consultancy it operates a consultancy business, assisting parties seeking to sponsor free schools and academies.