29 Jun 2017 07:00
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