Conversion £4.5m of CLNs in Community Social Investment
30/05/2023 08:30
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.
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