WeCap Plc £900k Further CLN Subscription into WeShop
January 17 2024 - 2:00AM
UK Regulatory
TIDMWCAP
WeCap Plc
AQSE: WCAP
("WeCap" or the "Company")
Subscription for a further £900k of WeShop Holdings Limited CLNs
WeCap plc is pleased to announce that, it has subscribed for a further £900,000
of CLNs in WeShop. This follows the Company's previous subscriptions of £2.85m
in the same instrument.
The conversion price for the CLNs is £2 per WeShop ordinary share and a maturity
date of 24 November 2024.
WeCap has previously invested £4m into WeShop via an earlier convertible loan
note ("First CLNs") with a conversion price of £3 and a maturity date of 24
November 2024.
The Company also holds an equity stake in Community Social Investment
Limited ("CSIL" - formerly known as WeShop Limited). This equates to around
23.5% of CSIL which is now, in effect, a shell company holding 8,333,333 shares
in WeShop. This position would entitle WeCap to receive around 1.95m WeShop
shares in the event of any in specie distribution of CSIL assets. WeShop
currently has a total of 28,669,415 consolidated ordinary shares in issue.
WeCap's interest in WeShop would be around 15.3% on conversion of the CLNs, the
First CLNs and the distribution in specie of CSIL. Based on the most recent
fundraise into WeShop, the value of the WeCap holdings in WeShop would be
approximately £24.6m.
The Directors of the Company accept responsibility for the contents of this
announcement.
END
Enquiries:
Company:
info@iamfireplc.com
Corporate Advisor:
Peterhouse Capital Limited
Guy Miller/Narisha Ragoonanthun: + 44 (0) 20 7469 0930 (Direct)
Corporate Broker:
Tennyson Securities Limited
Peter Krens: +44 (0) 20 7186 9033 (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.
This information was brought to you by Cision http://news.cision.com
END
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