Business
Subscription of £150k WeShop CLNs and Date E...
Subscription of £150k WeShop CLNs and Date E....
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\nSubscription for a further £150k of WeShop Holdings Limited CLNs\n\nExtension in Conversion Date of CLNs in WeShop Holdings Limited\n\nIamFire plc is pleased to announce that, following its acquisition of the right to subscribe for a Convertible Loan Note Instrument (“CLN Instrument”) constituting up to £3,750,000 convertible loan notes (“CLNs”) in WeShop Holdings Limited (“WeShop”), it has agreed to subscribe for a further £150,000 of CLNs in WeShop. This follows the Company’s previous subscriptions of £2.7m in the same instrument announced in November 2022, December 2022 and March 2023. \n\nUnder the terms of the CLNs, IamFire retains the right to subscribe for a further £900,000 of CLNs under the same terms. The conversion date was originally agreed to be 18 May 2023, at which point the CLNs would either be converted into equity or remain as a debt instrument. IamFire and WeShop Holdings have agreed to extend the conversion date to 18 May 2024 and to give IamFire the right to convert into equity at any point up to that date. \n\nThe conversion price for these CLNs is £2 per consolidated WeShop Ordinary Share. WeShop currently has a total of 28,668,415 consolidated Ordinary Shares in issue.\n\nShould the Company elect to convert the entire £2.85m of CLNs into WeShop shares, FIRE would receive 1,425,000 WeShop consolidated Ordinary Shares comprising almost 5% of the existing Ordinary Share capital of WeShop.\n\nAs announced on 22 December 2021 and 16 February 2022, FIRE has previously invested £4m in WeShop via an earlier convertible loan note (announced on 17 November 2021). Should the Company elect to convert this £4m convertible loan note into equity in WeShop, it would be entitled to receive a further 1,333,333 WeShop consolidated Ordinary Shares. An extension date to 18 May 2024 has also been applied to this convertible loan n...