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", "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  Conversion  Notes 
                                       Price       Date 
CLN in      £4m                        £3 per      18 May      Convertible 
WeShop                                 share in    2024        into 
                                       WeShop                  1,333,333 
                                                               shares in 
                                                               WeShop 
CLN in      £2.85m                     £2 per      18 May      Convertible 
WeShop                                 share in    2024        into 
                                       WeShop                  1,425,000 
                                                               shares in 
                                                               WeShop. £0.9m 
                                                               capacity 
                                                               remaining in 
                                                               CLN option. 
Equity      2,452,675 shares23.5% of                           CSIL holds 
Holding in  CSIL issued share capital                          8,333,333 
CSIL                                                           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/ 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END
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