The Company announced on 16 May 2018 that it had exchanged a conditional agreement to acquire the entire issued share capital of Communicate English School Limited for a consideration of £2.34 million, subject to adjustments for surplus cash on Completion. The consideration is to be satisfied on Completion as to £1.65 million in cash and £0.69 million by the issue of 13,800,000 New Ordinary Shares at a price of five pence each.
In order to meet the cash element of the Consideration and to provide additional funding for the Enlarged Group, the Company has also announced a conditional placing of up to 100,000,000 New Ordinary Shares to raise a total of up to £4.0 million (before expenses).
The Issue Price of four pence per Placing Share represents a discount of 23.8 per cent. against the mid-market price of 5.25 pence per share at which the Ordinary Shares were quoted on AIM as at close of trading on 15 May 2018, the last trading day prior to announcement of the Acquisition and Placing. The Placing is conditional, amongst other matters, upon the passing of certain Resolutions in order to ensure that the Directors have the necessary authorities and powers to allot the New Ordinary Shares
