Wey Education PLC Exercise of Options and Related Party Transaction (8523M)

TIDMWEY

RNS Number : 8523M

Wey Education PLC

19 September 2019

19 September 2019

WEY EDUCATION PLC

("Wey" or "the Company")

Exercise of Share Options, Grants and Warrants

Related Party Transaction

Wey Education plc ("Wey" or the "Company"), the online educational services group, is pleased to announce that it has issued 5,183,847 new ordinary shares of 1 pence each ("Ordinary Shares") in the Company following the exercise of share options, grants and warrants held in the name of the Estate of David Massie, its former Executive Chairman.

Conditional Share Grants

The Company has issued 3,333,333 Ordinary Shares at par. The targets set as part of the long-term incentive plan awarded on 1 July 2015 were met.

Exercise of Options

Mr Massie's Estate has exercised options over 1,000,000 Ordinary shares in the share capital of the Company, granted in April 2015, at a price of 4.5 pence per share.

Exercise of Warrants

Mr Massie's Estate has exercised a warrant over 850,514 shares at a price of 3.88 pence per share.

Following these exercises and grants, all open share-based incentives outstanding with Mr Massie's estate have been satisfied.

Application for admission

Application has been made for the 5,183,847 new Ordinary Shares to be admitted to trading on AIM, which is expected to take place on 24 September 2019. The new Ordinary Shares will rank, pari pasu, with the existing Ordinary Shares in issue.

Following these transactions The Estate of David Massie's interest in the share capital of the Company is 28,601,362 Ordinary Shares, representing 20.97 per cent. 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 issued share capital will comprise 136,390,967 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 shares in the Company immediately following Admission will therefore be 136,390,967.

Related Party Transaction

The Company has now concluded all matters with IAF Corporate Finance LLP ("IAF") in relation to its London Learning Centre and overseas operations. In relation to termination of such agreements, the Company has agreed to pay IAF a final settlement of GBP40,000 in relation to the early termination of certain property and staff obligations.

As IAF is controlled by the Estate of David Massie, a significant shareholder in the Company, the transaction constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. Accordingly, the independent directors of Wey, having consulted with WH Ireland, the Company's nominated adviser, have concluded that the terms of the Agreement are fair and reasonable insofar as the interests of shareholders are concerned.

Comment

Barrie Whipp, Executive Chairman, commented "The Company has worked closely with David Massie's family to carefully manage its outstanding obligations. We are pleased to note that the estate's representatives have decided to increase its investment in The Company and are encouraged that this significant shareholder is supportive of our strategy."

 
 Enquiries: 
 Wey Education Plc 
 Barrie Whipp (Chairman)                    [phone] 
 Barry Nichols-Grey (Executive Director 
  - Finance)                                [phone] 
 
   WH Ireland Limited 
   (Nominated Advisor and Broker) 
 Mike Coe / Chris Savidge (Corporate 
  Finance)                                  [phone] 
 
 

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September 19, 2019 02:00 ET (06:00 GMT)