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.
(“FIRE” or the “Company”)
Subscription of £2m in to WeShop Holdings Limited Convertible Loan Notes
Update on WeShop Holdings Limited
1. Execution of Option to Subscribe £2m into Convertible Loan Notes of WeShop Holdings Limited (“WeShop”).
IamFire plc is pleased to announce that it has agreed to subscribe to £2m of an option to invest up to £4,500,000 in Convertible Loan Notes (CLNs) in WeShop. On 17 November 2021, FIRE announced that it had agreed an option to subscribe for up to £4,500,000 in to WeShop by way of CLNs. The option is available to be exercised until 18 February 2022 in tranches of £500,000 or above. FIRE will have the right to convert any CLNs subscribed for at a conversion price of 75 pence per WeShop share on the “Conversion Date”, which is 18 May 2023. WeShop shares are currently trading on the JP Jenkins share trading platform.
2. Update on WeShop Holdings Limited
WeShop has released its native mobile applications into the iOS app store and into the Google Android store. The platform is also live at www.we.shop. All versions of the platform are by invitation only as WeShop admits a number of content creators, influencers and talent with exclusive access before the full launch in Q1 2022.
Richard Griffiths Chairman of WeShop, said:
”WeShop is a shoppable social network where personal recommendations are truly valuable. We have aggregated the majority of the top 1,000 retailers in the UK onto one platform, giving the WeShop community access to over 1 billion products across multiple categories.
The WeShop platform allows users to shop and help each other by reviewing, asking about or recommending products. And most importantly 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 we hope 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.
Indeed, even during the first week since launch to invitees only we are seeing increasing social interaction between the community via referrals and recommendations leading to significant transactions flow. It is incredibly exciting to see the combination of online shopping and social media in action.
Over the next few months, as we run towards the full launch in Q1 2022 will be onboarding more users and partners to WeShop and we look forward to keeping the community up to date with the exciting developments.”
3. Sandy Barblett, Chairman of IamFire said:
“The Board has been monitoring the initial roll out of the WeShop platform across native mobile apps and in web form. Interactions amongst the initial invitation only user base have been truly impressive and transactions are flowing freely with users being credited with WeShop shares following purchases, recommendations and referral. The initial signs of virality are particularly evident. The full execution plan is well on track with the full launch due in Q1 2022. We have immense confidence in the globally impressive team that WeShop has gathered, including some of the UK’s largest PR and Social Media marketing companies, as the full roll out approaches.”
The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.
REGULATORY ANNOUNCEMENT ENDS
Peterhouse Capital Limited
Guy Miller: + 44 (0) 20 7469 0930 (Direct)
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)