Business
WeShop Holdings Limited, Conversion of Conver...
WeShop Holdings Limited, Conversion of Conver....
About this update from Wecap Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\nCertain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain. WeCap plcAQSE: WCAP(\"WeCap\" or the \"Company\")WeShop Holdings LimitedConversion of Convertible Loan Notes Extension of Discounted Capital Bond Repayment DateWeCap plc is pleased to announce that it has converted all of the Convertible Loan Notes (“CLNs”) it holds in WeShop Holdings Limited (“WeShop”) into new ordinary shares in WeShop. As a result of the conversion WeCap will be issued with 3,208,333 shares in WeShop (“Conversion Shares”). This increases WeCap’s potential total holding in WeShop to 16.2%, the composition of which is outlined below. Furthermore, WeCap has agreed the extension of the Discounted Capital Bond it has issued to Hawk Holdings by a further 18 months. The DCB will now become repayable on 24 May 2026.CLN ConversionWeCap has subscribed for a total of £7.75m CLNs issued by WeShop. Under the terms of the CLNs WeCap had the right to convert these investments into ordinary shares of WeShop on 24 November 2024. On 19 November 2024, the Company announced that WeShop had confirmed that, as part of its listing process on a recognised stock exchange, WeShop’s audited accounts for the 12-month periods ending 31/12/2022 and 31/12/2023 have been signed off by their US auditor that is Public Company Accounting Oversight Board (\"PCAOB\") compliant. Following this news, the Company has elected to convert the CLNs. The breakdown of the CLNs and results of conversion are outlined in the table below:\t\t\t\t\t\tInstrument \t\t\tConversion Price\t\t\tResultant Equity\t\t\t\t\t\t\t£4m CLN in WeShop\t\t\t£3 per share\t\t\t1,333,333 shares in WeShop\t\t\t\t\t\t\t£3.75m CLN in WeShop\t\t\t£2 per share\t\t\t1,875,000 shares in WeShop\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tTotal\t\t\t\t\t\t3,208,333 shares in WeShop\t\t\tFollowing the conversion of these CLNs, WeShop will have 31,937,969 Ordinary Shares in issue. The Conversion Shares will represent approximately 10.05% of the WeShop issued share capital. In addition to the Co...