IamFire Plc WeShop Update and Extension of Discounted Capital Bond

 
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
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