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WEY Wey Education Plc

47.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Wey Education Plc LSE:WEY London Ordinary Share GB00B54NKM12 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 47.25 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Wey Education PLC Pre close trading update (0849Y)

28/02/2017 1:02pm

UK Regulatory


Wey Education (LSE:WEY)
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From Mar 2019 to Mar 2024

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TIDMWEY

RNS Number : 0849Y

Wey Education PLC

28 February 2017

28 February 2017

WEY EDUCATION PLC

("Wey Education" or the "Company")

Pre close Trading update

   --    Turnover up over 65% on comparable period 2015/16 
   --    Trading result to be significantly better than 2015/16 
   --    Cash balances healthy 
   --    Issue of shares to Chairman in payment of directors fees 

Wey Education Plc (AIM: WEY.L), issues the following trading update prior to entering the close period for its interim results for the six months to 28 February 2017 which are scheduled to be announced on 18 April 2017.

The Company confirms the growth it reported in its trading update of 10 January 2017 and the number of students on the roll are now at its highest ever level.

As a result, the Company expects to report turnover for the six months to 28 February 2017 to be approximately 50% higher than the corresponding period last year. The trading result for the period is expected to be significantly better than the corresponding period in 2015/16.

Cash balances remain healthy and are expected to be in excess of the position at 31 August 2016 of GBP909,942 despite increased expenditure on marketing, the cost of development of the new IT platform and the payment of deferred consideration referred to below.

Current liabilities have decreased partly as a result of the final payment of GBP203,308 of deferred consideration in a mixture of cash and shares to the vendors of Interhigh as announced on 10 January 2017. Ignoring deferred income on advance payment of tuition fees and deposits total creditors of the Group are expected to be less than GBP150,000.

David Massie, the Chairman of the Company, has agreed to have his annual salary of GBP33,000 for the year to 31 August 2017 satisfied by the issue of new Ordinary Shares in the Company, to be credited as fully paid at 3.88p being 103.5% of the middle market price which prevailed for the 5 days before the proposal by the Company's Remuneration Committee on 17 February 2017.

As a result, the Company will issue 425,257 new Ordinary Shares on each of 28 February 2017 and 31 August 2017. In addition, it will issue a warrant over a further 850,514 new Ordinary Shares to Mr. Massie exercisable at the same price for a period of five years. Application will be made for the 425,257 new Ordinary Shares to be admitted to trading on AIM, which is expected to take place on 6 March 2017. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue.

Taking into account the issue of the 425,257 new Ordinary Shares the relevant share interest of Mr Massie in the Company will therefore be 17,516,507 Ordinary Shares, representing approximately 17.72% of the Company's issued share capital.

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 98,836,862 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 98,836,862.

 
 1    Details of the person discharging managerial responsibilities/person closely associated 
---  -------------------------------------------------------------------------------------------------- 
 a)   Name                                                          David Massie 
---  ------------------------------------------------------------  ------------------------------------ 
 2    Reason for the notification 
---  -------------------------------------------------------------------------------------------------- 
 a)   Position/status                                               Director 
---  ------------------------------------------------------------  ------------------------------------ 
 b)   Initial notification/ Amendment                               Initial Notification 
---  ------------------------------------------------------------  ------------------------------------ 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
---  -------------------------------------------------------------------------------------------------- 
 a)   Name                                                          Wey Education plc 
---  ------------------------------------------------------------  ------------------------------------ 
 b)   LEI                                                           N/A 
---  ------------------------------------------------------------  ------------------------------------ 
 4    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
       each type of transaction; (iii) each date; and (iv) each place where transactions have been 
       conducted 
---  -------------------------------------------------------------------------------------------------- 
 a)   Description of the financial instrument, type of instrument   Ordinary shares of 1p each 
 
       Identification code 
 
                                                                     GB00B54NKM12 
---  ------------------------------------------------------------  ------------------------------------ 
 b)   Nature of the transaction                                     Payment of directors fees in shares 
---  ------------------------------------------------------------  ------------------------------------ 
 c)   Price(s) and volume(s)                                         Price(s)   Volume(s) 
                                                                     ---------  ---------- 
                                                                      3.88p      425,257 
                                                                     ---------  ---------- 
---  ------------------------------------------------------------  ------------------------------------ 
 d)    Aggregated information 
         *    Aggregated volume                                       425,257 
                                                                      GBP16,500 
 
         *    Price 
---  ------------------------------------------------------------  ------------------------------------ 
 e)   Date of the transaction                                       28 February 2017 
---  ------------------------------------------------------------  ------------------------------------ 
 f)   Place of the transaction                                      n/a 
---  ------------------------------------------------------------  ------------------------------------ 
 

Enquiries:

 
 Wey Education Plc 
 David Massie (Chairman)            Tel: +44 (0) 207 518 
                                     9700 
                                             +44 (0) 778 595 7958 
 WH Ireland Limited 
 Mike Coe/Ed Allsopp (Corporate     Tel: +44 (0) 117 945 
  Finance)                           3470 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUWRORBRAUUAR

(END) Dow Jones Newswires

February 28, 2017 08:02 ET (13:02 GMT)

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