TIDMTSI
RNS Number : 2635X
Two Shields Investments PLC
27 August 2020
Two Shields Investments plc
("TSI", or the "Company")
WeShop Update
Two Shields Investments plc, the AIM quoted investment company
with a strategy to build a high-quality portfolio of investments in
fast growing and scalable digital and technology enabled
businesses, is pleased to reproduce the following announcement
issued last night by WeShop Limited ("WeShop"), in which TSI
currently has a 10.7% shareholding.
"WeShop is pleased to update shareholders with some significant
developments.
Highlights include:
-- GBP9,000,000 fundraise completed through the issue of a convertible loan note
-- Option granted for a further GBP2,777,777 cash investment
-- Board changes including appointment of Yoav Keren, CEO of BrandShield to the Board
Financing
The Convertible Loan Note
The company is pleased to say that terms have been agreed, and
completion happened on a GBP9,000,000 convertible loan note. The
terms of the loan note are:
-- Interest rate of 8% per annum for a 36-month period
-- Unsecured from any debenture
-- Conversion triggers which include an IPO, an exit or further funding rounds
-- Conversion would occur at a 20% discount to the price of the conversion event
Option to acquire 10% for GBP2,777,777
The lead investor on the convertible loan note has also taken a
6-month option whereby it allows them to invest a further
GBP2,777,777 into the business at a GBP25m valuation as equity
which would give them a 10% stake in the company. Details of the
Lead investor shall be released in the coming days.
Board Changes
On the 13th August, Yoav Keren was appointed to the Board as
Non-Executive Director.
Yoav is the founder and CEO of Brandshield. BrandShield is an
online threat hunting company, specialized in monitoring, detection
and removal of online threats such as phishing attempts, executive
impersonation, counterfeit products, trademark infringements and
more. BrandShield was established to revolutionize the way
companies can protect their digital assets outside their security
perimeter.
Commenting Yoav Keren:
"I am excited to be joining the WeShop board at a such important
time for the company. I hope to be able to use my experience to
help WeShop fulfil its potential and become a leader in the social
e-commerce space. Furthermore, my appointment will help strengthen
the connection between BrandShield, and extend the collaboration
between the companies."
CEO of WeShop, Paul Ellerbeck, said:
"The Coronavirus pandemic has been enlightening in so many ways
and we have come through it stronger than ever. I would like to
sincerely thank the loyalty and belief of those team members who
have continued to work so hard during difficult times, and also the
recognition of certain shareholders who have continued to support
the business. We welcome our new investors and Yoav as stakeholders
and look forward to working with them going forward. For now
though, we move forward at pace to define social commerce, fully
launch the product, complete new integrations, and achieve a public
market listing. I look forward to giving a much more extensive
update as we approach launch in Q4."
Chairman of TSI, Andrew Lawley, said:
"WeShop is a visionary and highly innovative business that from
inception has identified the long term value in social commerce as
the cornerstone of the future of on line shopping, the growth of
which has been greatly accelerated by the global pandemic.
The business has patiently developed its own proprietary, and
globally scaleable, e-commerce platform and established links with
key partners to be able to offer its users an unparalleled
selection of product within a personalised, highly interactive and
rewarding social commerce model. The business is now ready to
launch more fully in Q4 and this significant GBP9m investment is
not only a robust endorsement of the quality of the business but
will also ensure that the launch, future growth and its plans set
up to give the best possible outcomes in terms of success.
TSI has been a long term investor and supporter of WeShop and is
furthermore excited about the synergy with BrandShield, another of
our key investments. BrandShield provides leading online security
and fraud detection services and the appointment of Yoav Keren as a
director of WeShop further reinforces a partnership that will offer
users a safe and protected online experience."
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (eu) 596/2014.
-Ends-
For further information please visit https://twoshields.co.uk/
or contact:
Andrew Lawley Two Shields Investments Tel: +44 (0)20 3143
plc 8300
Spark Advisory Partners
Neil Baldwin / Limited +44 (0) 20 3368
Andrew Emmott (Nominated Adviser) 3554
Turner Pope Investments
(TPI) Ltd +44 (0) 20 3621
Andy Thacker (Brokers) 4120
Notes to Editors:
Two Shields Investments plc, the AIM quoted investment company
with a strategy to build a portfolio of high-quality investments in
fast growing, scalable digital and technology enabled businesses,
including those in the cyber security, e-commerce services and
consumer sectors. The Company has appointed an experienced Board of
Directors with a proven pedigree in the origination, acquisition,
development & sale of projects and creating value for
shareholders. The investment mandate covers unquoted and quoted
businesses, as well as direct project investment. Where appropriate
the Board will apply its extensive combined experience to directly
support investee businesses achieve their growth potential.
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END
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