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 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      Conversion Date Notes 
                                Price 
 
CLN in WeShop   £4m             £3 per share in 23 May 2023     Convertible 
                                WeShop                          into 1,333,333 
                                                                shares in 
                                                                WeShop. 
 
CLN in WeShop   £2.7m           £2 per share in 23 May 2023     Convertible 
                                WeShop                          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. 
 
 
 
END

(END) Dow Jones Newswires

March 14, 2023 03:00 ET (07:00 GMT)

Grafico Azioni WeCap (AQSE:WCAP)
Storico
Da Nov 2024 a Dic 2024 Clicca qui per i Grafici di WeCap
Grafico Azioni WeCap (AQSE:WCAP)
Storico
Da Dic 2023 a Dic 2024 Clicca qui per i Grafici di WeCap