# Wey Education PLC Significant rise in student numbers and turnover

- Link: https://www.directorstalkinterviews.com/wey-education-plc-significant-rise-student-numbers-turnover/412720413
- Published: 2017-01-10T07:16:33+00:00
- Author: Giles Arbor

**Wey Education plc** (LON:WEY), the education group operating an established online
independent secondary school in the UK, announced today a trading update and the
payment of the deferred consideration for InterHigh.
 · Significant rise in student
numbers and turnover in current year · AGM results · Deferred Consideration for 
InterHigh Education acquisition · Total number of shares in issue after admission
of the deferred consideration is 98,411,605 Trading update

The current financial year has started strongly with a significant rise in student
numbers year on year and with a corresponding significant increase in turnover. 
Implementation of the new IT system which will facilitate considerable expansion
of student numbers across multiple brands is proceeding satisfactorily and in accordance
with the planned timetable. The Company anticipates announcing its interim results
for the current year in April and looks forward to reporting on further progress
both operationally and financially at that time.

AGM Results
 The Company is pleased to confirm that shareholders approved all resolutions
proposed at the Annual General Meeting of the Company held yesterday.

Deferred Consideration
 Wey Education plc acquisition of InterHigh in 2015, included
an entitlement to the vendor for deferred consideration over the years to 31 August
2015 and 2016 of an amount equal to 50 per cent. of the incremental growth in turnover
of the InterHigh business for each of the years, to be satisfied as to 50 per cent.
in cash and 50 per cent. in shares. InterHigh’s turnover for the year ended 31 August
2016 was £1,488,860 which exceeded the turnover for the year ended 31 August 2015
by £406,616. Accordingly, the Group is today paying £101,654 in cash and issued 
2,640,364 new ordinary shares (“New Ordinary Shares”) at the average market price
of 3.850p per New Ordinary Share to the vendor of InterHigh. The vendor is restricted
from dealing in their entire holding including the New Ordinary Shares until around
13 January 2018 (being twelve months after the date the deferred consideration shares
are issued for the year ended 31 August 2016). Mr and Mrs P Daniell (who control
the vendor) and who are respectively the Principal of InterHigh and a director of
the Company are now interested in a total of 13,065,157 Ordinary Shares representing
approximately 13.28 per cent. of the Company’s issued share capital. Application
will be made for the 2,640,364 new Ordinary Shares to be admitted to trading on 
AIM, which is expected to take place on 13 January 2017. The New Ordinary Shares
will rank pari passu with the existing Ordinary Shares in issue.

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