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”)
Subscription for a
further £2m of WeShop Holdings Limited Convertible Loan Notes
Further to its announcement on 6 July
2022, 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 in WeShop Holdings Limited (“WeShop”), it
has yesterday agreed to subscribe for £2m of Convertible Loan Notes
(CLNs) in WeShop.
Following a 4 for 1 share consolidation in WeShop Holdings Ltd,
the conversion price has been amended to £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 today’s £2m CLN into WeShop
shares, FIRE would receive 1,000,000 WeShop consolidated Ordinary
Shares comprising almost 3.5% of the existing Ordinary Share
capital of WeShop.
IamFire retains the right to invest up to a further £1,750,000
on the same terms under the CLN Instrument.
As announced on 22 December 2021
and 16 February 2022, FIRE has
previously invested £4m in WeShop via an earlier convertible loan
note (announced on 17 November 2021).
Should the Company elect to convert this £4m CLN into equity in
WeShop it would be entitled to receive a further 1,333,333 WeShop
consolidated Ordinary Shares.
The Company also holds convertible loan notes issued by
Community Social Investment Limited ("CSIL" - formerly known as
WeShop Limited). CSIL is now, in effect, a shell company
holding 8,333,333 shares in WeShop. Should these CSIL convertible
loan notes convert, IamFire would own or control approximately 25%
of the issued share capital of CSIL entitling IamFire to receive
around 2.08m WeShop Holdings Limited
shares in the event of any in specie distribution of CSIL
assets.
On 21 November 2022, the Company
released an encouraging update on the WeShop soft launch of the
platform in the United
Kingdom.
Sandy Barblett, Chairman of IamFire said:
“The Board continues to be impressed with the progress that the
WeShop platform is making. Early adopters have introduced
their networks and there is increasing evidence of viral network
effects as a result of recommendations and referrals. Today’s £2m
further subscription will continue our support of the WeShop social
commerce platform and continue to drive subscriber numbers.”
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.