Wey Education PLC Pre close trading update (0849Y)
February 28 2017 - 8:02AM
UK Regulatory
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
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