(Alliance News) - IamFire PLC on Monday said its biggest investee, WeShop Holdings Ltd, has entered a "groundbreaking" partnership with digital investment management company Spring Investment Management Ltd.
The London-based investment issuer focused on opportunities in the social commerce, life sciences and natural resources sectors, described WeShop as "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."
IamFire said WeShop customers gain free shares for every qualifying purchase, and can obtain extra shares as a reward if they introduce new members. WeShop's listings include products from a variety of brands including Asos PLC, The Body Shop International Ltd and eBay Inc.
Under the new partnership, IamFire said UK customers of British Virgin Islands-based WeShop will be able to set up individual savings accounts and junior ISAs at no cost using Spring IM, and place their WeShop shares into these schemes.
"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," proclaimed WeShop Chair Richard Griffiths.
"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 [Inc]...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."
IamFire holds GBP6.9 million of convertible loan notes in WeShop, along with the right to subscribe for a further GBP900,000. If converted, these would give IamFire 2.8 million shares in WeShop. IamFire also holds an approximate 23.6% shareholding in Community Social Investment Ltd, which holds 8.3 million shares in WeShop.
IamFire shares were flat at 1.25p each in London on Monday afternoon.
By Emma Curzon, Alliance News reporter
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