WeShop Update

THE 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 plc

AQSE: FIRE

(“FIRE”, “IamFire” or the “Company”)

WeShop Update

IamFire plc is pleased to provide an update on progress within its primary portfolio company, WeShop Holdings Limited (“WeShop”), regarding its partnership with Spring IM, a leading digital investment management company, which is reproduced below. 

Leading digital investment management company, Spring IM, is partnering with WeShop, the world’s first shoppable social media platform, to onboard 200,000 WeShop customers into Spring’s digital solutions.

WeShop is the world’s first shoppable social network that allows users to shop from top retailers and earn ‘shareback’ – ownership of WeShop company shares – which will see the company eventually 90% owned by its community of users.

WeShop’s community in the United Kingdom will be able to use Spring IM to set up ISA’s and JISA’s at zero cost and place the shares they have received through shopping, in their usual way, into this variety of investment products and services.

“Spring IM is a digital business that is disrupting the norm,” said Simon O’Donoghue, CEO of Spring IM. “Through this partnership Spring IM enables WeShop’s growing customer base of over 200,000 users simple access to our fully digital investment management Solution.”

WeShop Chairman Richard Griffiths said: “WeShop is a first-of-its kind venture, pioneering the belief of share democratisation. While we have seen the dramatic growth of online shopping platforms, and their profits, none of them are designed to benefit the people who keep them going, the shoppers. That’s why WeShop was born, building a totally shoppable platform that is owned by the community. The ability for a parent in our community to be able to deposit their free WeShop shares from simply doing their everyday shopping into a free JISA for their children is totally groundbreaking. Through the partnership with Spring IM, WeShop’s community will have easier access to some of the world’s leading regulated asset managers such as BlackRock, INVESCO, Fidelity & Vanguard. These global brand names in the world of finance add to our compliment of associated partners including UNICEF, John Lewis, eBay and Selfridges. This Christmas, parents will be able to do their Christmas shopping through WeShop with the added opportunity of being able to build a savings pot for their children.”

A private investor in many sectors and former chairman of music publisher Greensleeves Records, Mr Griffiths first had the idea for a community owned shopping platform 10 years ago. "It strikes me as completely unfair that big tech and ecommerce have created enormous valuations for the benefit of a few people and their shareholders, but all of that value has been built by their users," he said. “Allowing shoppers to own where they shop is fair and it's equitable and it's our aim to redistribute wealth into the hands of the people who create it.”

Shoppers on the platform, which lists retail chains including Asos, Selfridges, Net-A- Porter, The Body Shop, eBay and B&Q will be given free shares in WeShop for every qualifying purchase they make via the platform.

In addition to the free ‘shareback’ earned on every purchase, shoppers will further boost their stakes when they introduce new members, with 2.5% of the value spent by the new member given in shares.

This collaboration marks a significant milestone in Spring IM’s commitment to make investment management more accessible, informative, and interactive for all.

https://we.shop https://spring-im.com

IamFire Investments in WeShop and Community Social Investment Limited (“CSIL”)

IamFire currently holds £6.85m of Convertible Loan Notes (“CLNs”) directly in WeShop.  It also holds the right to subscribe for a further £0.9m in CLNs.  Should the current CLNs convert, it would result in FIRE holding some 2,758,333 shares in WeShop (prior to any further CLN subscription).

IamFire also holds approximately 23.6% of the issued share capital of CSIL which in turns holds 8,333,333 shares in WeShop as its only asset.  FIRE believes that these shares will be distributed in specie to CSIL shareholders in due course.

The aggregate holdings of IamFire in relation to WeShop and CSIL are outlined in the following table:

Instrument	Amount Held	Conversion Price	Conversion Date	Notes
CLN in WeShop	£4m	£3 per share in WeShop	18 May 2024	Convertible into 1,333,333 shares in WeShop
CLN in WeShop	£2.85m	£2 per share in WeShop	18 May 2024	Convertible into 1,425,000 shares in WeShop. £0.9m capacity remaining in CLN option.
Equity Holding in CSIL	2,452,675 shares23.5% of CSIL issued share capital			CSIL holds 8,333,333 shares in WeShop.  In specie distribution would result in approx. 1,950,000 shares in WeShop to IamFire

There are currently 28,669,415 shares in issue in WeShop.  Should the CLNs in the table convert and CSIL conducts a distribution in specie of its WeShop shares, then IamFire would hold approximately 4,718,333 shares in WeShop representing some 15% prior to any further share issuance. 

Based on the most recent fundraise in WeShop outlined above the value of the resultant IamFire holdings in WeShop would be £22.5m.

The Directors of the Company accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS

Enquiries:

Company:
[e-mail]

Peterhouse Capital Limited

Corporate Adviser:
Guy Miller: + 44 (0) 20 7220 9795 (Direct)

Narisha Ragoonanthun: + 44(0) 20 7220 9794 (Direct)

Corporate Broker

Tennyson Securities Limited
Peter Krens: [phone] (Direct)

About WeShop:

WeShop 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.

WeShop intends to be 90% owned by its community of users, so the more users shop, recommend and refer friends the more shares they will own in WeShop and the more they will share in its financial success.  Users of WeShop buy products from retailers through the platform, as they would normally, but in doing so they will earn shares in WeShop and benefit from aggregation as a community and the revenue streams generated from affiliate programs, data, promotion and advertising that the community through WeShop will generate. 

WeShop intends to be the first truly shoppable social network owned by its community of users.  By creating a disruptive online model it hopes to create a retail revolution which shares the financial success of online businesses with the users of those online businesses whose data, transactions and engagement has created them in the first place.

The App can be downloaded at www.we.shop

Links to recent press coverage of SoccerAid can be found at:

https://we.shop/socceraid-weshop-2023/

https://www.sportindustry.biz/news-categories/news/soccer-aid-scores-weshop-partnership/

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