Wey Education to acquire complementary education business
Wey Education
47.25p
00:27 26/05/21
London-based group Wey Education launched a share in issue on Wednesday as it aimed to raise £5m in order to fund the acquisition of complementary education business Target for as much as £2.17m.
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Funds from the sale of the new shares, issued via placing at 22p each, would then be used to cover the acquisition – first as a £1.47m initial cash consideration and then as a £700,000 earnout based on the level of increase in turnover to the year ended 31 August.
Wey Education's executive chairman, David Massie, said, "Wey has made significant progress since its admission to AIM in December 2015 towards building a leading online educational services company operating from the UK but selling worldwide.
"Having recently announced our first annual profit, the Placing will provide the group with funds to expand its marketing, domestically and internationally, pursue our adoption of Artificial Intelligence within our teaching methodology as well as providing working capital for growth.
"The target acquisition, if completed, will accelerate our B2B business which is growing significantly year on year," he concluded.
As of 1115 GMT, shares had retreated 16.36% to 27.60p.