IamFire Plc - Conversion £4.5m of CLNs in Community Social Investment

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:
[e-mail]

Peterhouse Capital Limited

Corporate Advisor:
Guy Miller: + 44 (0) 20 7469 0930 (Direct)

Corporate Broker

Lucy Williams: [phone]
Duncan Vasey: [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.

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