RE: Wecap.... Can't sell for the next 12 months20 Nov 2025 08:33
WECAP PLC (WCAP PZ)
BUY
SEE THROUGH VALUATION NOW 43P/SHARE AFTER WESHOP’S NASDAQ LISTING
Tennyson Securities, Technology Research 20 November 2025
Shares in WeShop Holdings, the principal portfolio company of AQSE-listed investment company, WeCap (WCAP PZ) rose sharply on Nasdaq yesterday, closing the day at $200 per share, valuing the company’s Class A Equity at $2.2 billion. WeCap’s overall investment in WeShop equates to 11.8% of the outstanding Class A WeShop shares (WeCap owns 806,022 Class A shares directly and 2,083,333 shares indirectly through its 23.5% holding in CSIL; total Class A shares outstanding at WeShop as of today are 10,937,064). Using yesterday’s closing price, this equates to a see-through equity valuation for WeCap of £189.8 million, or 42.91 pence per share (note here, we are adjusting the value for the £6.965 million Discounted Capital Bond repayable in May 2026).