11th Dec 2015 09:39
LONDON (Alliance News) - Wey Eduction PLC shares were untraded on Friday morning after the group started trading on AIM after its move from ISDX.
The company placed 50.0 million shares at 3.5 pence per share to raise a total of GBP1.75 million, which will be used to back its further development, meet the costs of admission and repay debt. Its market capitalisation upon admission was GBP3.3 million.
Wey is a holding company with two operating businesses. The first, InterHigh, is an online independent secondary school in the UK, while the second, Wey Consultancy, offers consulting services to parties looking to sponsor free schools and academies.
"Our admission to AIM today represents an exciting phase in the company's development. The funds raised provide us with the funding to take advantage of the significant organic growth and acquisition opportunities in the UK online education sector and in international markets," said David Massie, the company's non-executive chairman.
"Our goal is to become the UK market leader in the online education sector and to deliver meaningful returns to shareholders while providing a quality education to our students," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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