WeCap Plc £900k Further CLN Subscription into WeShop

 
TIDMWCAP 
 
WeCap Plc 
 
AQSE: WCAP 
 
("WeCap" or the "Company") 
 
Subscription for a further £900k of WeShop Holdings Limited CLNs 
 
WeCap plc is pleased to announce that, it has subscribed for a further £900,000 
of CLNs in WeShop.  This follows the Company's previous subscriptions of £2.85m 
in the same instrument. 
 
The conversion price for the CLNs is £2 per WeShop ordinary share and a maturity 
date of 24 November 2024. 
 
WeCap has previously invested £4m into WeShop via an earlier convertible loan 
note  ("First CLNs") with a conversion price of £3 and a maturity date of 24 
November 2024. 
 
The Company also holds an equity stake in Community Social Investment 
Limited ("CSIL" - formerly known as WeShop Limited).  This equates to around 
23.5% of CSIL which is now, in effect, a shell company holding 8,333,333 shares 
in WeShop.  This position would entitle WeCap to receive around 1.95m WeShop 
shares in the event of any in specie distribution of CSIL assets. WeShop 
currently has a total of 28,669,415 consolidated ordinary shares in issue. 
 
WeCap's interest in WeShop would be around 15.3% on conversion of the CLNs, the 
First CLNs and the distribution in specie of CSIL. Based on the most recent 
fundraise into WeShop, the value of the WeCap holdings in WeShop would be 
approximately £24.6m. 
 
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/Narisha Ragoonanthun: + 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. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END

(END) Dow Jones Newswires

January 17, 2024 02:00 ET (07:00 GMT)

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