Wey Education PLC Investor evening and Property Transaction (1773X)
August 08 2018 - 3:00AM
UK Regulatory
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
info@wedu.co.uk 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: +44 (0) 207 518 9700
+44 (0) 778 595 7958
WH Ireland Limited
Mike Coe/Ed Allsopp (Corporate Finance) Tel: +44 (0) 117 945 3470
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END
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