IamFire Plc WeShop Update

 
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") 
 
WeShop Update 
 
IamFire plcis 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 at31 May 2023were 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 ofWeShop Holdings Limitedsaid: 
 
"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 
inWeShop. 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|Conversion|Notes                    | 
|          |                |Price     |Date      |                         | 
+----------+----------------+----------+----------+-------------------------+ 
|CLN in    |£4m             |£3 per    |18 May    |Convertible into         | 
|WeShop    |                |share in  |2024      |1,333,333 shares in      | 
|          |                |WeShop    |          |WeShop                   | 
+----------+----------------+----------+----------+-------------------------+ 
|CLN in    |£2.85m          |£2 per    |18 May    |Convertible into         | 
|WeShop    |                |share in  |2024      |1,425,000 shares in      | 
|          |                |WeShop    |          |WeShop. £0.9m capacity   | 
|          |                |          |          |remaining in CLN option. | 
+----------+----------------+----------+----------+-------------------------+ 
|Equity    |2,452,675 shares|          |          |CSIL holds 8,333,333     | 
|Holding in|                |          |          |shares in WeShop.  In    | 
|CSIL      |23.5% of CSIL   |          |          |specie distribution would| 
|          |issued share    |          |          |result in approx.        | 
|          |capital         |          |          |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: 
[e-mail] 
 
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: [phone] (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/ 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

June 20, 2023 02:00 ET (06:00 GMT)