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 £150k of WeShop Holdings Limited CLNs
Extension in
Conversion Date of CLNs in WeShop Holdings Limited
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
£150,000 of CLNs in WeShop. This follows the Company’s
previous subscriptions of £2.7m in the same instrument announced in
November 2022, December 2022 and March 2023.
Under the terms of the CLNs, IamFire retains the right to
subscribe for a further £900,000 of CLNs under the same
terms. The conversion date was originally agreed to be
18 May 2023, at which point the CLNs
would either be converted into equity or remain as a debt
instrument. IamFire and WeShop Holdings have agreed to extend
the conversion date to 18 May 2024
and to give IamFire the right to convert into equity at any point
up to that date.
The conversion price for these CLNs 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 £2.85m of CLNs
into WeShop shares, FIRE would receive 1,425,000 WeShop
consolidated Ordinary Shares comprising almost 5% of the existing
Ordinary Share capital of WeShop.
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 convertible loan note into
equity in WeShop, it would be entitled to receive a further
1,333,333 WeShop consolidated Ordinary Shares. An extension
date to 18 May 2024 has also been
applied to this convertible loan note.
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.
The Directors of the Company accept responsibility for the
contents of this announcement.
END
Enquiries:
Company:
info@iamfireplc.com
Corporate Advisor:
Peterhouse Capital Limited
Guy Miller: + 44 (0) 20 7469 0930
(Direct)
Corporate Broker:
Tennyson Securities Limited
Peter Krens: +44 (0) 20 7186 9033
(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.