Wey Education PLC Exercise of Options and Related Party Transaction (8523M)
19 Septiembre 2019 - 1:00AM
UK Regulatory
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) +44 (0) 7778 367 999
Barry Nichols-Grey (Executive Director
- Finance) +44 (0) 1873 813 900
WH Ireland Limited
(Nominated Advisor and Broker)
Mike Coe / Chris Savidge (Corporate
Finance) +44 (0) 117 945 3470
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END
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September 19, 2019 02:00 ET (06:00 GMT)
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