Business
WeShop Update and Extension of Discounted Cap...
WeShop Update and Extension of Discounted Cap....
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.\nIamFire plc\nAQUIS: FIRE\n(“FIRE”, “IamFire” or the “Company”)\nWeShop Update \nExtension of Discounted Capital Bond\nIamFire 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. \nAs 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. \nIamFire is also pleased to announce that it has extended the Discounted Capital Bond (“DCB”) with Hawk Investment Holdings Limited until 24 November 2023.\n\nWeShop Update Highlights\n\n£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).\nOver 315,000 total purchases through the platform to date, an increase of 75% since 31 May 2023 (c.180,000).\n £38.1m of cumulative sales through the platform as at 31 August 2023, an increase of 89% since 31 May 2023 (c.£20.1m).\nOver 290,000 user downloads for the WeShop platform as at 18 September 2023, an increase of 26% since 31 May 2023.\nNew 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:\n\n\n\n\n\n\n\n\n\n\n31-May-23\n\n\n\n31-Aug-23\n\n\n\n% change\n\n\n\n\n\n\n\n\nAnnualised GMV (£M) (trailing 3 months)\n\n\n\n33.0\n\n\n\n7...