IamFire Plc Subscription of £150k WeShop CLNs and Date Extended

 
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") 
 
       Subscription for a further £150k of WeShop Holdings Limited CLNs 
 
        Extension in Conversion Date of CLNs in WeShop Holdings Limited 
 
IamFire plc is pleased to announce that, following its acquisition of the right 
to subscribe for a Convertible Loan Note Instrument ("CLN Instrument") 
constituting up to £3,750,000 convertible loan notes ("CLNs") in WeShop 
Holdings Limited ("WeShop"), it has agreed to subscribe for a further £150,000 
of CLNs in WeShop.  This follows the Company's previous subscriptions of £2.7m 
in the same instrument announced in November 2022, December 2022 and March 
2023. 
 
Under the terms of the CLNs, IamFire retains the right to subscribe for a 
further £900,000 of CLNs under the same terms.  The conversion date was 
originally agreed to be 18 May 2023, at which point the CLNs would either be 
converted into equity or remain as a debt instrument.  IamFire and WeShop 
Holdings have agreed to extend the conversion date to 18 May 2024 and to give 
IamFire the right to convert into equity at any point up to that date. 
 
The conversion price for these CLNs is £2 per consolidated WeShop Ordinary 
Share. WeShop currently has a total of 28,668,415 consolidated Ordinary Shares 
in issue. 
 
Should the Company elect to convert the entire £2.85m of CLNs into WeShop 
shares, FIRE would receive 1,425,000 WeShop consolidated Ordinary Shares 
comprising almost 5% of the existing Ordinary Share capital of WeShop. 
 
As announced on 22 December 2021 and 16 February 2022, FIRE has previously 
invested £4m in WeShop via an earlier convertible loan note (announced on 17 
November 2021). Should the Company elect to convert this £4m convertible loan 
note into equity in WeShop, it would be entitled to receive a further 1,333,333 
WeShop consolidated Ordinary Shares.  An extension date to 18 May 2024 has also 
been applied to this convertible loan note. 
 
The Company also holds convertible loan notes issued by Community Social 
Investment Limited ("CSIL" - formerly known as WeShop Limited).  CSIL is now, 
in effect, a shell company holding 8,333,333 shares in WeShop. Should these 
CSIL convertible loan notes convert, IamFire would own or control approximately 
25% of the issued share capital of CSIL, entitling IamFire to receive around 
2.08m WeShop Holdings Limited shares in the event of any in specie distribution 
of CSIL assets. 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
END 
 
Enquiries: 
 
Company: 
info@iamfireplc.com 
 
Corporate Advisor: 
 
Peterhouse Capital Limited 
Guy Miller: + 44 (0) 20 7469 0930 (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. 
 
 
 
END
(END) Dow Jones Newswires
May 23, 2023 05:07 ET (09:07 GMT)
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