WeShop Update
06/11/2023 08:28
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”, “IamFire” or the “Company”)
WeShop Update
IamFire plc is pleased to provide an update on progress within its primary
portfolio company, WeShop Holdings Limited (“WeShop”), regarding its
partnership with Spring IM, a leading digital investment management company,
which is reproduced below.
Leading digital investment management company, Spring IM, is partnering with
WeShop, the world’s first shoppable social media platform, to onboard
200,000 WeShop customers into Spring’s digital solutions.
WeShop is the world’s first shoppable social network that allows users to
shop from top retailers and earn ‘shareback’ – ownership of WeShop
company shares – which will see the company eventually 90% owned by its
community of users.
WeShop’s community in the United Kingdom will be able to use Spring IM to
set up ISA’s and JISA’s at zero cost and place the shares they have
received through shopping, in their usual way, into this variety of investment
products and services.
“Spring IM is a digital business that is disrupting the norm,” said Simon
O’Donoghue, CEO of Spring IM. “Through this partnership Spring IM enables
WeShop’s growing customer base of over 200,000 users simple access to our
fully digital investment management Solution.”
WeShop Chairman Richard Griffiths said: “WeShop is a first-of-its kind
venture, pioneering the belief of share democratisation. While we have seen
the dramatic growth of online shopping platforms, and their profits, none of
them are designed to benefit the people who keep them going, the shoppers.
That’s why WeShop was born, building a totally shoppable platform that is
owned by the community. The ability for a parent in our community to be able
to deposit their free WeShop shares from simply doing their everyday shopping
into a free JISA for their children is totally groundbreaking. Through the
partnership with Spring IM, WeShop’s community will have easier access to
some of the world’s leading regulated asset managers such as BlackRock,
INVESCO, Fidelity & Vanguard. These global brand names in the world of finance
add to our compliment of associated partners including UNICEF, John Lewis,
eBay and Selfridges. This Christmas, parents will be able to do their
Christmas shopping through WeShop with the added opportunity of being able to
build a savings pot for their children.”
A private investor in many sectors and former chairman of music publisher
Greensleeves Records, Mr Griffiths first had the idea for a community owned
shopping platform 10 years ago. "It strikes me as completely unfair that big
tech and ecommerce have created enormous valuations for the benefit of a few
people and their shareholders, but all of that value has been built by their
users," he said. “Allowing shoppers to own where they shop is fair and it's
equitable and it's our aim to redistribute wealth into the hands of the people
who create it.”
Shoppers on the platform, which lists retail chains including Asos,
Selfridges, Net-A- Porter, The Body Shop, eBay and B&Q will be given free
shares in WeShop for every qualifying purchase they make via the platform.
In addition to the free ‘shareback’ earned on every purchase, shoppers
will further boost their stakes when they introduce new members, with 2.5% of
the value spent by the new member given in shares.
This collaboration marks a significant milestone in Spring IM’s commitment
to make investment management more accessible, informative, and interactive
for all.
https://we.shop https://spring-im.com
IamFire Investments in WeShop and Community Social Investment Limited
(“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 the current CLNs convert, it would result in FIRE
holding some 2,758,333 shares in WeShop (prior to any further CLN
subscription).
IamFire 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 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 to IamFire
There are currently 28,669,415 shares in issue in WeShop. 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
representing some 15% prior to any further share issuance.
Based on the most recent fundraise in WeShop outlined above the value of the
resultant IamFire 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 Adviser:
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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