Business
Conversion £4.5m of CLNs in Community Social...
Conversion £4.5m of CLNs in Community Social....
About this update from Wecap Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n\nTHE 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.\n\nIamFire plc\n\nAQSE: FIRE\n\n(“FIRE” or the “Company”)\n\nConversion of £4.5m of Convertible Loan Notes in Community Social Investment Limited\n\nIamFire plc is pleased to announce that it has agreed to convert £4.5m of the Company’s Convertible Loan Notes in Community Social Investments Limited (“CSIL”) (formerly known as WeShop Limited). These notes, plus accrued interest, will convert in to 2,452,675 shares in CSIL, representing around 23.5% of its then enlarged issued share capital. Another party has also elected to convert its CLNs in CSIL and will also hold around 23.5% of the then increased enlarged issued share capital. \n\nFollowing the sale of the business, name and assets of WeShop Limited to WeShop Holdings Limited (“WeShop”), CSIL became, in effect, a shell company holding 8,333,333 shares in WeShop. Therefore, should any in specie distribution of these shares occur, FIRE will receive approximately 23.5% of the nett proceeds or shares in WeShop, that being approximately 1.96m shares. WeShop shares are currently traded on the JP Jenkins matched bargain exchange.\n\nThe Directors of the Company accept responsibility for the contents of this announcement.\n\nENDS\n\nEnquiries:\n\nCompany:\[email protected]\n\nPeterhouse Capital Limited\n\nCorporate Advisor:\nGuy Miller: + 44 (0) 20 7469 0930 (Direct)\n\nCorporate Broker\n\nLucy Williams: +44 (0) 20 7469 0930\nDuncan Vasey: +44 (0) 20 7220 9797 (Direct)\n\nAbout WeShop:\n\nWeShop 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.\n\nWeShop intends to be 90% owned by its community of users, so the more users shop, recommend and refer friends the more shares they will o...