Business
WeShop Update and Extension of Conversion Dat...
WeShop Update and Extension of Conversion Dat....
About this update from Wecap Plc
[{"type":"text","content":"\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.IamFire plcAQSE: FIRE(“FIRE”, “IamFire” or the “Company”)WeShop UpdateExtension of Conversion Date of CLNs in WeShopIamFire plc is pleased to provide an update on progress within its primary portfolio company, WeShop Holdings Limited (“WeShop”), showing an increase of 240% in annualised sales figures through the platform for the 3 months ending in November 2023 compared to the 3 months ending in May 2023. This increase is accompanied by a 52% increase in user numbers, showing strong growth and an increase in spend per customer.As announced on 21 September 2023, FIRE’s holding in WeShop has a see-through value of £22.5m based on WeShop’s last fundraising 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 (“DCB”) 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 date at which the CLNs convert from 18 May 2024 to 24 November 2024, to coincide with the maturity of a DCB with Hawk Investment Holdings Limited.WeShop Update Highlights\t£112.4m Annualised Gross Merchant Value (“GMV”) based on £28.1m of sales in the 3 months to 30 November 2023. 240% increase as at 30 November 2023, on the 3 months to 31 May 2023 figure (£33m).\tOver 505,000 total purchases through the platform to date, with an increase of 180% since 31 May 2023 to 30 November 2023 (c.180,000 for the six months to 30 November 2023).\t £66.2m of cumulative sales through the platform as at 30 November 2023, with an increase of 230% since 31 May 2023 (c.£20.1m).\tOver 350,000 user downloads for the WeShop platform as at 30 November 2023, an increase of 52% since 31 May 2023.For ease of reference the figures above are contained in the following table:\t\t\t\t\t\t\t\t\t31-May-23\t\t\t31-Aug-23\t\t\t30-Nov-23\t\t\...