Wey Education PLC Investor evening and Property Transaction (1773X)

TIDMWEY

RNS Number : 1773X

Wey Education PLC

08 August 2018

8 August 2018

WEY EDUCATION PLC

("Wey Education or the "Company")

Pre-Close Private Investor Evening 23 August 2018

Property Transaction

Investor Event

Wey Education Plc (WEY or the Company), the educational services company traded on AIM will go into close period on 31 August 2018 for the Preliminary Announcement of its results for the year to that date which are expected to be announced around 30 October 2018.

In advance of going into close period, the Company will hold another of its popular Investor Evenings targeted at non institutional investors on Thursday 23 August 2018.

The Company will also be making a pre close announcement at 7.00 a.m. on 23 August 2018.

Although the presentation may include an update on progress generally it is intended to focus the presentation on progress made with the various initiatives outlined in the company's interim announcement made on 8 May 2018 and in particular international developments. The company will also update investors on steps it is taking in relation to Artificial Intelligence and progress with its ambitions for the next financial year.

The presentation is open to both existing and potential shareholders but is by invitation only. The event will be held at Dukes Hotel, 35 St James's Place, London SW1A 1NY commencing at 5.15 p.m. and finishing at 6.30 p.m. sharp. The formal presentation will be followed by an informal session with drinks and canapes available.

To obtain an invitation, those wishing to attend should email [e-mail] giving:-

1. Your name and address; and

2. A contact telephone number.

Property Transaction

The Company has entered into an agreement with IAF Corporate Finance LLP ("IAF") (the "Agreement") to use the whole of the property leased by IAF at 43-44 New Bond Street (the "Property") as its Head Office and London Learning Centre. The full costs of rent, rates and service charge are estimated at GBP138,555 per annum. The offices are fully furnished and fitted out and no additional charge will be made for such.

Wey, which uses the Property as its Head Office, has previously shared the Property with IAF since 2012 and since 1 September 2016 has paid approximately 50% of the costs associated with the Property. Having looked at the costings of comparable premises and given the attractive rental, together with Wey's ambitions to open a London Learning Centre, which can be achieved at minimal cost as the Premises are all fitted out in suitable form, and that the Company is only committed to March 2020, the independent directors concluded this was an excellent opportunity for the Company, both financially and practically, at a price which compared favourably with the alternatives.

The Agreement will run until expiry of the current lease in March 2020. The effective date of the agreement is 13 August 2018.

As Mr Massie is Executive Chairman of the Company and is the owner of IAF, the Agreement constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. Accordingly, the independent directors of Wey, that is the directors save for Mr Massie, 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.

Enquiries:

 
 Wey Education Plc 
 David Massie (Executive Chairman)           Tel: [phone] 
                                              [phone] 
 WH Ireland Limited 
 Mike Coe/Ed Allsopp (Corporate Finance)     Tel: [phone] 
 
 

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August 08, 2018 04:00 ET (08:00 GMT)