Issue of Equity & Management Appointment
AEC is pleased to announce that it has appointed Dr Sam Malafeh in the position of Deputy Chief Executive Officer of the Group. He will commence his duties effective from 16 September 2016.
Dr Sam Malafeh, aged 36, has a PhD in economics from the University of Auckland. He has been in the education business from the start of his working career beginning as lecturer and researcher then moving on to be Head of Business Faculty (2008 to 2009); Chief Operating Officer (2009 – 2011) and Chief Executive Officer (2011 to 2016) of a Ntec Tertiary Group which operates four educational centres in New Zealand, with high international student enrolment, offering a variety of programmes in association with a number of UK Universities.
The appointment of Dr Malafeh would therefore not only strengthen the management of the AEC Group but will enable AEC to widen the scope of the educational programmes that it offers. He will also explore both the organic as well as inorganic potential for further growth.
On joining the Group Dr Malafeh has agreed to subscribe for new Ordinary Shares at par value of 5p each on the following basis:
|
Date |
Amount |
Subscription price |
Number of shares |
|
|
Tranche 1 |
On appointment |
£200,000 |
5p |
4,000,000 |
|
Tranche 2 |
On or before 15 January 2017 |
£100,000 |
5p |
2,000,000 |
|
Tranche 3 |
On or before 15 March 2017 |
£150,000 |
5p |
3,000,000 |
Application for admission to trading on AIM of the 4,000,000 new Ordinary Shares being issued pursuant to Tranche 1 has been made and admission is expected to take place on 9 September 2016. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue.
In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the FCA, the Company confirms that, immediately following the issue of the Tranche 1 new ordinary shares, its issued share capital will comprise 84,130,063 Ordinary Shares of 5 pence each. All Ordinary Shares shall have equal voting rights and none of the Ordinary Shares will be held in treasury. The total number of voting rights in the Company will therefore be 84,130,063.
