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”)
Conversion of
£4.5m of Convertible Loan Notes in Community Social Investment
Limited
IamFire plc is pleased to announce that it has agreed to
convert £4.5m of the Company’s Convertible Loan Notes in
Community Social Investments Limited (“CSIL”) (formerly known as
WeShop Limited). These notes, plus accrued interest, will
convert in to 2,452,675 shares in CSIL, representing around 23.5%
of its then enlarged issued share capital. Another party has
also elected to convert its CLNs in CSIL and will also hold around
23.5% of the then increased enlarged issued share
capital.
Following the sale of the business, name and assets of WeShop
Limited to WeShop Holdings Limited (“WeShop”), CSIL became, in
effect, a shell company holding 8,333,333 shares in WeShop.
Therefore, should any in specie distribution of these
shares occur, FIRE will receive approximately 23.5% of the nett
proceeds or shares in WeShop, that being approximately 1.96m shares. WeShop shares are currently
traded on the JP Jenkins matched bargain exchange.
The Directors of the Company accept responsibility for the
contents of this 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.
