£900k Further CLN Subscription into WeShop
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.
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