Wey Education PLC Result of Placing (5878W)

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 
                                         [phone] 
 David L Massie (Executive Chairman)                9700 
                                        [phone] 
                                                     958 
 
 WH Ireland Limited (Nominated 
  Adviser and Broker) 
 Mike Coe / Ed Allsopp (Corporate        [phone] 
  Finance)                                          3470 
 Jasper Berry / Adam Pollock             [phone] 
  (Corporate Broking)                               1666 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 15, 2017 06:25 ET (11:25 GMT)