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 AMENDED ("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
(“FIRE” or the
“Company”)
Further
Subscription of £200,000 in CLNs in WeShop Holdings Limited
(“WeShop”)
WeShop Update
IamFire plc is pleased to announce that, following its
acquisition of the right to subscribe for a Convertible Loan Note
Instrument (“CLN Instrument”) constituting up to £3,750,000
convertible loan notes (“CLNs”) in WeShop Holdings
Limited (“WeShop”), it has agreed to subscribe for a further
£200,000 of CLNs. This follows the Company’s subscription of
£2m in the CLN Instrument announced on 29
November 2022 and a further £500,000 subscription announced
on 28 December 2022. The total subscription in the CLN
Instrument therefore totals £2,700,000. FIRE is also pleased
to provide an update on WeShop performance.
CLN Subscription
The conversion price under the CLN Instrument is £2 per
consolidated WeShop Ordinary Share. WeShop currently has a total of
28,668,415 consolidated Ordinary Shares in issue.
Should the Company elect to convert the entire £2.7m of CLNs
into WeShop shares, FIRE would receive 1,350,000 WeShop
consolidated Ordinary Shares comprising almost 4.7% of the existing
Ordinary Share capital of WeShop.
As a result of this subscription and the previous subscriptions
announced on 29 November and 28 December
2022, IamFire retains the right to invest up to a further
£1,050,000 on the same terms under the CLN Instrument.
WeShop Update Highlights
- User downloads for the WeShop platform as at 9 March
2023 were over 100,000 up from 43,000 last reported by FIRE on
21 November 2022.
- Total purchases through the platform now total over 100,000
with an annualised Gross Merchandise Value of £27.9m as at the end
of February 2023 (over a 4 month
average) compared to the last reported figure of £12.1m for
October 2022.
- The list of retailers affiliated to WeShop continues to grow
with recent additions including John
Lewis, Sports Direct, TicketMaster, booking.com and
skyscanner. This adds to the existing list of some 750
UK retailers.
Richard Griffiths, Chairman
of WeShop Holdings Limited said:
“The continued growth of the WeShop community demonstrates the
strength of the underlying proposition of community ownership in
the platform. It is encouraging to see so many influencers
from a variety of backgrounds becoming engaged as ambassadors and
also to see the continued conversion of blue-chip affiliate
retailer partners coming on board. I look forward to further
and rapid developments throughout 2023 which I anticipate to be a
seminal period for WeShop’s scaling and progress.”
IamFire Investments in WeShop Holdings
and CSIL
IamFire currently holds £6.7m of Convertible Loan Notes (CLNs)
in WeShop. It holds the right to subscribe for a further
£1.05m in CLNs. In addition, it holds a £4.5m CLN
in Community Social Investments Limited (“CSIL”)
(formerly WeShop Limited), the conversion of which is
anticipated to complete in the near future. Should that CLN
convert in full then IamFire would hold approximately 23.6% of the
issued share capital of CSIL which in turns holds 8,333,333 shares
in WeShop. The aggregate holdings of IamFire in relation to
WeShop and CSIL are outlined in the following table:
| Instrument |
Amount Held |
Conversion Price |
Conversion Date |
Notes |
| CLN in WeShop |
£4m |
£3 per share in WeShop |
23 May 2023 |
Convertible into 1,333,333 shares in
WeShop. |
| CLN in WeShop |
£2.7m |
£2 per share in WeShop |
23 May 2023 |
Convertible into 1,350,000 shares in
WeShop, of which £1.05m capacity remaining in CLN
option. |
| CLN in CSIL |
£4.5m |
|
TBC |
Convertible into 23.46% of
CSIL. CSIL holds 8,333,333 shares in WeShop. In specie
distribution would result in approx. 1,950,000 shares in
WeShop |
There are currently some 28,658,415 shares in issue in
WeShop. Should all the instruments in the table convert and
CSIL conducts a distribution in specie of its WeShop shares then
IamFire would hold approximately 4,633,333 shares in WeShop
Holdings Limited representing some 16% prior to any further share
issuance.
The Directors of the Company, who have issued this RIS
announcement, accept responsibility for its content.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Company:
info@iamfireplc.com
Peterhouse Capital Limited
Corporate Advisor:
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)
About WeShop:
WeShop is a social commerce platform that allows users to shop
and help each other by reviewing, asking about or recommending
products. It is affiliated to the vast majority of the UK’s top
1,000 online retailers. Instead of rewarding the users with
cashback, discount codes or vouchers, WeShop allows users to earn
shares in the business.
WeShop intends to be 90% owned by its community of users, so the
more users shop, recommend and refer friends the more shares they
will own in WeShop and the more they will share in its financial
success. Users of WeShop buy products from retailers through
the platform, as they would normally, but in doing so they will
earn shares in WeShop and benefit from aggregation as a community
and the revenue streams generated from affiliate programs, data,
promotion and advertising that the community through WeShop will
generate.
WeShop intends to be the first truly shoppable social network owned
by its community of users. By creating a disruptive online
model it hopes to create a retail revolution which shares the
financial success of online businesses with the users of those
online businesses whose data, transactions and engagement has
created them in the first place.
