TIDMFIRE
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IAMFIRE PLC TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014, AS AMED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
IamFire plc
AQSE: FIRE
("IamFire" or the "Company")
AUDITED FINAL RESULTS FOR THE YEARED 30 APRIL 2022
CHAIRMAN'S STATEMENT
I am pleased to present the year end results for the Company for the year
ended 30 April 2022. Significant changes took place in the year as previously
outlined in the Company's interim results. John Taylor (as Chief Executive
Officer) and Sandy Barblett (as the Non-executive Chairman) joined the Board at
the end of September 2021 which coincided with the retirement as directors of
Burns Singh Tennent-Bhohi and Marc T Bamber. In addition, the Company
completed an equity fundraise of £369,000 which allowed the Company to enter a
period of review and consolidation, prior to embarking on an aggressive
execution of its investment strategy designed to return value to our
shareholders.
In November 2021, the Company announced the appointment of Fiona Wilmot as a
new Non-executive Director and the retirement of Jeremy Ross as a director.
Fiona took over the responsibilities of the finance function within the Company
and also those of Company Secretary. This has permitted IamFire to bring
several previously outsourced functions in house, allowing the streamlining of
processes and the stripping out of associated costs.
Investments
WeShop Holdings Limited
On 17 November 2021, the Company negotiated an option to subscribe up to £4.5m
into Convertible Loan Notes ("new CLNs") with Boanerges Limited ("Boanerges").
Any CLNs subscribed for can be converted into shares in Boanerges at 75 pence
per share. Boanerges has been renamed as WeShop Holdings Limited.
On 14 December 2021, the Company raised equity financing of £4,750,000 from a
range of mostly new investors. The majority of this new capital has been used
to subscribe for new CLNs in WeShop Holdings Limited following its acquisition
of the name, business and assets of Community Social Investment Limited ("CSIL"
- formerly WeShop Limited). A total of £4m has been subscribed into these CLNs
in two tranches of £2m in December 2021 and February 2022. WeShop Holdings
Limited has its shares traded on the JP Jenkins exchange platform.
The Company already holds CLNs (Previous CLNs) in CSIL. CSIL is now in effect
a shell company holding 33,333,333 shares in WeShop Holdings Limited. Should
the Previous CLNs convert then IamFire would have approximately a 25%
shareholding and therefore would be entitled to receive around 8m WeShop
Holdings Limited shares following any in specie distribution.
On 6 July 2022 IamFire announced that it had agreed to acquire the right to
subscribe a further £3.75m into WeShop Holdings Ltd via CLNs at £1 each. This
option to invest in the CLNs was purchased from CSIL (formerly WeShop Limited)
for a cash consideration of £250,000.
WeShop Holdings Ltd (herein referred to as "WeShop") is a social commerce
platform which seeks to address the perceived requirement for humans to connect
more meaningfully with eCommerce. The market is expected to grow by 24% per
annum to reach £1.1 trillion in 2025.
Major social media platforms, existing reward sites, and numerous start-ups
have tried to unlock this opportunity of combining social media with eCommerce
but as yet have not succeeded in any meaningful way. WeShop seeks to bring the
key ingredients of a social commerce play together in a way that could unlock
this enormous opportunity and in so doing can answer the needs of consumers,
retailers, and brand owners. WeShop is a community owned platform that allows
consumers to search for and buy products based on community reviews, and
rewards transactions and reviews with shares in WeShop called "WeShares".
The platform is now live to a limited user base consisting of approximately
30,000 users. The metrics so far indicate very positive virality effects, large
spends per customer and customer retention. WeShop has partnered with
influencer platforms such as Sheerluxe (www.sheerluxe.com) and with individual
influencers who share millions of followers in aggregate, to rapidly scale the
user base and drive transactions through the platform. The underlying
foundation of WeShop is to place the ownership of the majority in the hands of
its user base over time, as they are rewarded for purchases and referral
purchases in shares in WeShop. Once the user base has reached a critical mass
WeShop intends to list on an international stock exchange. WeShop participates
on the JP Jenkins matched buyer and seller platform for private companies where
they have been trading at around £3.75 per share, although in limited
quantities.
The Board has been monitoring the progress of the WeShop launch closely and
will continue to do so as more influencers and influencer platforms are
injected into the platform.
Bio2pure
Bio2pure is developing technology to clean up populated waterways and has
provided a shareholder update up to May 2022. The tendering activities,
primarily in India, continue to progress positively and successful Proof of
Concept treatments have been carried out in Chennai, Pondicherry and Varanasi
regions. It is hoped that these will lead to material contracts being signed.
IamFire currently owns 10% of the issued share capital of Bio2pure which it
acquired through the issuance of 4,000,000 IamFire shares at 20p per share in
August of 2020. Bio2pure reports difficult trading conditions in the UK and
Europe due to increasing prices and the market has not recovered to pre-Covid
levels. The Board is encouraged by recent company updates and the progress
Bio2pure is making in India post COVID restrictions. The Board has considered
the carrying value of its investment and has determined not to make any
impairment. More details can be found in Note 11 on page 42.
Financial Review
The Company's financial results for the year ended 30 April 2022 show a loss of
£424,822 (2021: loss of £321,993). Revenues of £nil (2021: £nil),
administrative costs of £373,715 (2021: £323,025), finance income of £360,000
(2021: £244,616) and finance costs of £396,263 (2021: £273,584).
As at 30 April 2022, the Company had cash reserves of £429,386 (2021: £8,871).
Outlook
The Board is confident that significant progress will be made in the next 12
months in both of its primary investments, WeShop and Bio2Pure. IamFire looks
forward to updating the market on these investments in the near term and the
Directors would like to thank shareholders for their continued support.
Sandy Barblett
Chairman
27 October 2022
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept responsibility for its content.
REGULATORY ANNOUNCEMENTS
Enquiries:
Company:
info@iamfireplc.com
Peterhouse Capital Limited (Corporate Advisor & Stockbroker):
Guy Miller: + 44 (0) 20 7469 0930 (Direct)
Corporate Broker
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)
STATEMENT OF COMPREHENSIVE INCOME
FOR YEARED 30 APRIL 2022
30 April 2022 30 April 2021
£ £
CONTINUING OPERATIONS
(Loss)/gain on revaluation of (14,844) 30,000
investments at fair value through
profit or loss
Administrative expenses (373,715) (323,025)
OPERATING LOSS (388,559) (293,025)
Finance costs (396,263) (273,584)
Finance income 360,000 244,616
LOSS BEFORE TAXATION (424,822) (321,993)
Taxation - -
LOSS FOR THE YEAR (424,822) (321,993)
Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME FOR THE (424,822) (321,993)
YEAR
Basic and diluted earnings per share
attributable to owners
(0.004) (0.011)
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2022
30 April 2022 30 April 2021
£ £
NON-CURRENT ASSETS
Property, plant and equipment 1,375 -
Investments at fair value through 800,000 814,677
profit or loss
801,375 814,677
CURRENT ASSETS
Trade and other receivables 99,473 12,890
Investments at fair value through 119,833 60,000
profit or loss
Financial assets held at fair value 9,153,440 4,793,456
through profit or loss
Cash and cash equivalents 429,386 8,871
9,802,132 4,875,217
TOTAL ASSETS 10,603,507 5,689,894
CURRENT LIABILITIES
Trade and other payables 32,799 97,524
NON-CURRENT LIABILITIES
Interest bearing loans and borrowings 5,070,098 4,673,835
TOTAL LIABILITIES 5,102,897 4,771,359
NET ASSETS 5,500,610 918,535
EQUITY
Share capital 1,020,087 593,504
Share premium 7,933,038 3,708,120
Other reserves 463,014 107,618
Retained earnings (3,915,529) (3,490,707)
TOTAL EQUITY 5,500,610 918,535
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022
Share capital Share premium Other reserves Retained Total equity
earnings
£ £ £ £ £
Balance at 1 May 526,733 2,344,890 107,618 (3,168,714) (189,473)
2020
Loss for the period - - - (321,993) (321,993)
Total comprehensive (321,993) (321,993)
income - - -
Issue of share 66,771 1,363,230 - - 1,430,001
capital
Balance at 30 April 593,504 3,708,120 107,618 (3,490,707) 918,535
2021
Loss for the period - - - (424,822) (424,822)
Total comprehensive (424,822) (424,822)
income - - -
Issue of share 426,583 4,404,417 - - 4,831,000
capital (net of
issue costs)
Grant of options/ - (179,499) 355,396 - 175,897
warrants
Balance at 30 April 1,020,087 7,933,038 463,014 (3,915,529) 5,500,610
2022
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 30 APRIL 2022
Year ended Year ended
30 April 30 April
2022 2021
£ £
Cash flows from operating activities
Loss for the year (424,822) (321,993)
Adjustments for:
Depreciation 172 -
Finance costs 396,263 273,584
Finance income (360,000) (244,616)
Loss/(Gain) on revaluation of investments 14,844 (30,000)
Increase in other receivables (86,567) (4,730)
Share based payments 175,897 -
Decrease in trade and other payables (64,725) (125,620)
Net cash outflow from operating activities (348,938) (453,375)
Investing activities
Purchase of investments at FVTPL (60,000) (45,000)
Purchase of property, plant and equipment (1,547) -
Interest received - 13
Investment in convertible loan notes (4,000,000) (4,527,161)
Net cash outflow from investing activities (4,061,547) (4,572,148)
Financing activities
Proceeds from issue of ordinary shares (net 4,831,000 630,000
of issue costs)
Issue of discounted capital bond - 4,400,000
Amount introduced by Directors - 3,315
Net cash inflow from financing activities 4,831,000 5,033,315
Net increase in cash and cash equivalents 420,515 7,792
Cash and cash equivalents at beginning of 8,871 1,079
year
Cash and cash equivalents at end of year 429,386 8,871
END
(END) Dow Jones Newswires
October 27, 2022 05:46 ET (09:46 GMT)
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