4th Jan 2016 11:55
LONDON (Alliance News) - Wey Education PLC on Monday said it is paying GBP76,507 in cash and issuing 1.8 million new shares at 4.25 pence each to the sellers of the InterHigh business acquired in 2015.
The education group, which operates an online independent secondary school in the UK, said InterHigh's revenue for the year ended August 31, 2015 was GBP1.1 million, which was GBP306,027 higher than that recorded in the prior year.
Established in 2005 and based in Wales, InterHigh was founded by Paul and Jacqui Daniell, who sold the company to Wey Education. Under the terms of the deal, the sellers were entitled to an initial GBP776,217 payment in cash and shares, as well as deferred payments over the following two years equal to half of the incremental growth in revenue.
The sellers are restricted from dealing in the new shares issued until around November 2017, according to Wey Education.
Paul and Jacqui Daniell now own 10.4 million shares in Wey Education, equivalent to roughly 11% of the AIM-listed company.
Shares in Wey Education were untraded shortly before midday on Monday, having last traded on December 18 at 4.00p.
By Sam Agini; [email protected]; @samuelagini
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