IamFire Plc WeShop Update and Extension of Discounted Capital Bond
21 Septembre 2023 - 8:00AM
UK Regulatory
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
AQUIS: FIRE
("FIRE", "IamFire" or the "Company")
WeShop Update
Extension of Discounted Capital Bond
IamFire plc is pleased to provide an update on progress within its primary
portfolio company, WeShop Holdings Limited ("WeShop"), showing an increase of
118% annualised sales figures through the platform for the 3 months ended August
2023 compared to the 3 months ended May 2023.
As announced on 20 June 2023, FIRE's holding in WeShop has a see-through value
of £22.5m based on WeShop's last fundraise at £4.76 per share and assuming that
the Convertible Loan Notes outlined below convert to equity. Taking in to
account a Discounted Capital Bond liability of around £5.5m, the £17m equity
value equates to a net asset value ("NAV") per share in FIRE of around 4.9p per
share from this investment holding alone.
IamFire is also pleased to announce that it has extended the Discounted Capital
Bond ("DCB") with Hawk Investment Holdings Limited until 24 November 2023.
WeShop Update Highlights
· £72m Annualised Gross Merchant Value ("GMV") based on £18m of sales in the 3
months to 31 August 2023. 118% increase on the 3 months to 31 May 2023 figure
(£33m).
· Over 315,000 total purchases through the platform to date, an increase of
75% since 31 May 2023 (c.180,000).
· £38.1m of cumulative sales through the platform as at 31 August 2023, an
increase of 89% since 31 May 2023 (c.£20.1m).
· Over 290,000 user downloads for the WeShop platform as at 18 September 2023,
an increase of 26% since 31 May 2023.
· New online retailers are being added to the platform on a continuous basis,
with recent additions including Temu.com, one of the US and UK's fastest growing
eCommerce platforms, TUI and Savage x Fenty by Rhianna.
For ease of reference the figures above are contained in the following table:
31-May-23 31-Aug-23 % change
Annualised GMV (£M) (trailing 3 months) 33.0 72.0 +118%
Cumulative GMV (£M) (end-period) 20.1 38.1 +89%
No. of Transactions (end-period, cumulative) 180,000 315,000 +75%
User Downloads (end-period, cumulative) 230,000 290,000* +26%
Richard Griffiths, Chairman of WeShop Holdings Limited said:
"The growth of WeShop over the last 3 months continues to validate the
proposition the company was founded on. We are witnessing consistent and
sustained increases in users, transaction value through the platform and the
benefits that users gain through referrals to their own social networks. Our
marketing channels are reaping real rewards in terms of increasing the brand's
exposure and we continue to attract leading social media influencers to WeShop,
who in turn help to attract further users from their follower groups. Our growth
momentum continues to accelerate and the focus remains on pursuing this
relentlessly as we build the world's first shoppable social network that will be
owned primarily by its user community."
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.
Extension of DCB
IamFire plc is has extended the Discounted Capital Bond ("DCB") with Hawk
Investment Holdings Limited ("the Bondholder") until 24 November 2023.
As announced on 27 August 2020, Fire entered into the DCB with the Bondholder
pursuant to the terms and conditions of the DCB agreement. The Bond was due to
expire on 25 September 2023 following a previous extension as announced by the
Company on 30 August 2023.
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
(END) Dow Jones Newswires
September 21, 2023 02:00 ET (06:00 GMT)
WeCap (AQSE:WCAP)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
WeCap (AQSE:WCAP)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
