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

 
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") 
 
 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: 
info@iamfireplc.com 
 
Peterhouse Capital Limited 
 
Corporate Advisor: 
Guy Miller: + 44 (0) 20 7469 0930 (Direct) 
 
Corporate Broker 
 
Lucy Williams: +44 (0) 20 7469 0930 
Duncan Vasey: +44 (0) 20 7220 9797 (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 30, 2023 03:30 ET (07:30 GMT)

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