Wey Education is raising £5m at 22p a share and it may acquire an educational services business.
The shares are being issued at a one-third discount to the previous day’s share price. The share price has risen to 36.25p.
The potential acquisition would cost up to £2.17m with initial cash consideration of £1.47m with the rest based on the confirmed increase in turnover for the year to August 2017. The company provides Key Stage 3, GCSE and iGCSE and last year generated an unaudited pre-tax profit of £133,000 on revenues of £1.03m.
In the year to August 2017, Wey increased revenues by three-fifths to £2.4m and it moved into profit for the first time.
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