WHIreland acted as nomad and sole broker to Wey Education plc (“Wey”) on a fundraising (via an Accelerated Book Build) to raise £5m. The funds are to be used to provide additional working capital resources for Wey and to fund a possible complementary acquisition.
WHIreland acted for Wey on its IPO to AIM in December 2015. Since then significant progress has been made which is reflected in its valuation at the placing price.
Using state of the art digital technology, Wey operates two main divisions – InterHigh, a non-selective fee paying secondary school, established in 2005 and a pioneer in online education, and a B2B division serving other educational companies and schools – Wey ecademy. Wey also has two developing schools – an online language school teaching English as a Foreign Language, Quoralexis and a premium fee paying online school offering a selective education, Infinity Education.
Adam Pollock, Head of Corporate and Institutional Broking, WHIreland, said: “This land mark fundraise for Wey clearly demonstrates that AIM is an excellent platform for small, ambitious growth companies to help realise their potential. We are delighted with the interest in the Wey story which led to a significantly oversubscribed placing, which was well executed by our team.”
Wey Education’s Chairman, David Massie, said: “We are very happy to have successfully concluded the fundraising through which WHIreland introduced a number of new institutional investors to the shareholder list who we hope and trust will support the Company in the long term as we pursue our plan to build Wey into a leading international educational services provider.