WeShop Update
20/06/2023 07:00
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”)
WeShop Update
IamFire plc is pleased to provide an update on progress within its primary
portfolio company, WeShop Holdings Limited (“WeShop”).
WeShop Update Highlights
* Six-figure equity fundraise at a share price of £4.76 per share, valuing
WeShop at c. £130m giving IamFire a see-through holding of £22.5m assuming
CLNs outlined below convert to equity.
* Sponsorship of SoccerAid for UNICEF resulting in national and international
exposure of the WeShop brand, and continued uptake from various creators and
influencers which enables viral uptake of the app.
* User downloads for the WeShop platform as at 31 May 2023 were over 230,000
up from 43,000 last reported by FIRE on 21 November 2022.
* Total purchases through the platform now total over 180,000 with an
annualised gross merchandise value (“GMV”) of £33.4m as at the end of May
2023 (over a 3 month average) compared to the last reported figure of £27.9m
for March 2023. Total GMV to date is £22.1m through the platform.
* The list of retailers affiliated to WeShop continues to grow with recent
additions including John Lewis, Argos, Habitat, Sports Direct, TicketMaster,
booking.com and Skyscanner. This adds to the existing list of over 1,000 UK
retailers.
Richard Griffiths, Chairman of WeShop Holdings Limited said:
“WeShop’s growth continues to impress and over £20m has been spent
through the platform. We now enter the next phase of the company’s growth
which will be enhanced through digital marketing and national advertising
campaigns. Our partnership with SoccerAid for UNICEF 2023 has increased the
public profile of the company whilst at the same time supporting an incredibly
important cause. The WeShop team continues to work tirelessly to achieve its
goal of building the world’s first shoppable social network owned by its
community.”
IamFire Investments in WeShop Holdings and CSIL
IamFire currently holds £6.85m of Convertible Loan Notes (CLNs) directly
in WeShop. It also holds the right to subscribe for a further £0.9m in
CLNs. Should these convert it would result in FIRE holding some 2,758,333
shares in WeShop (prior to any further uptake).
It also holds approximately 23.6% of the issued share capital of CSIL which in
turns holds 8,333,333 shares in WeShop as its only asset. FIRE believes that
these shares will be distributed in specie to CSIL shareholders in due course.
The aggregate holdings of IamFire in relation to WeShop Holdings Limited and
CSIL are outlined in the following table:
Instrument Amount Held Conversion Price Conversion Date Notes
CLN in WeShop £4m £3 per share in WeShop 18 May 2024 Convertible into 1,333,333 shares in WeShop
CLN in WeShop £2.85m £2 per share in WeShop 18 May 2024 Convertible into 1,425,000 shares in WeShop. £0.9m capacity remaining in CLN option.
Equity Holding in CSIL 2,452,675 shares 23.5% of CSIL issued share capital 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 28,669,415 shares in issue in WeShop Holdings
Limited. Should the CLNs in the table convert and CSIL conducts a
distribution in specie of its WeShop shares, then IamFire would hold
approximately 4,718,333 shares in WeShop Holdings Limited representing some
15% prior to any further share issuance.
Based on the most recent fundraise in WeShop Holdings outlined above the value
of the resultant FIRE holdings in WeShop would be £22.5m.
The Directors of the Company accept responsibility for the contents of this
announcement.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Company:
info@iamfireplc.com
Peterhouse Capital Limited
Corporate Advisor:
Guy Miller: + 44 (0) 20 7220 9795 (Direct)
Narisha Ragoonanthun: + 44(0) 20 7220 9794 (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.
The App can be downloaded at www.we.shop
Links to recent press coverage of SoccerAid can be found at:
https://we.shop/socceraid-weshop-2023/
https://www.sportindustry.biz/news-categories/news/soccer-aid-scores-weshop-partnership/
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