WeShop Community Update 2023
25th October 2023
Dear WeShop Community,
Following the recent vote which closed on 11/10/2023, the board has agreed to implement the following recommendations.
We will be planning & developing a mechanism within the WeShop app to set-up a stockbroking account, allowing members to buy and sell shares powered by an FCA (Financial Conduct Authority) regulated firm.
We will be planning & developing a mechanism within the WeShop app to set-up ISAs (Individual Savings Account) and multiple JISAs (Junior Independent Savings Account), powered by an FCA (Financial Conduct Authority) regulated firm.
We will be planning & developing a prize draw mechanism whereby members will have the opportunity to receive prizes of shares on a weekly basis.
We have suspended all new share withdrawals using the historic buyback provision, and instead will use the funds to grow the business through user acquisition, with a view to increasing the value of the business leading to a potential IPO.
We will provisionally agree to renew the Soccer Aid for UNICEF sponsorship for 2024.
WeShop is a community and we look forward to continuing to build the business together.
WeShop.
For more information on what this means for you as a WeShop member, and the results of the vote, please read our FAQs below.
Who was given the chance to vote and how many shares represented the count towards the results?
We communicated the vote to everyone that was subscribed to receive emails from WeShop due to GDPR (General Data Protection Act). We sent multiple push notifications to everyone who had opted to receive them and we dedicated the app home page to the Community Vote.
Over 630,000 shares were counted as part of the vote.
For the sake of being completely impartial, employees & directors were not eligible to vote.
When will I be able to sell my shares?
WeShop anticipates that members of the community will be able to sell the available (settled) shares once it is listed on a recognised stock exchange which is planned for 2024.
Why is the share buyback provision no longer available?
The aim of WeShop has always been to enable our community to own shares in the company which can then be added to a portfolio or sold once the company has been listed, on a recognised stock exchange.
For a limited time, WeShop took the decision to purchase shares from our community. By continuing to buy back shares, WeShop would have limited its ability to invest in and to grow the business for the benefit of the wider community.
What is an IPO and why an IPO?
IPO is an acronym for Initial Public Offering.
An IPO, is when a company decides to go public and make its shares available on the stock market for the first time. This creates a mechanism by which shares can be traded.
Why has WeShop delayed the IPO that was planned for 2023?
Due to global market conditions the investment community’s appetite for IPOs has not been as strong as in recent years.
The timing of WeShop’s anticipated IPO is critical to maximise the share value for the community.
Why should I continue to use WeShop, as there are other sites that offer alternative rewards?
First and foremost the shares you earn are free for simply shopping the same way you always have.
The Shareback rewards you are earning via WeShop are linked to the WeShop share price, which has the potential to increase in value over time.
We are actively looking to partner with regulated 3rd parties who can provide tax efficient financial products (ISAs, JISAs, etc.) to help our community and their families.
By supporting WeShop you will continue to accrue shares in a business owned by you, the WeShop community.
Dear WeShop Community,
Following the recent vote which closed on 11/10/2023, the board has agreed to implement the following recommendations.
We will be planning & developing a mechanism within the WeShop app to set-up a stockbroking account, allowing members to buy and sell shares powered by an FCA (Financial Conduct Authority) regulated firm.
We will be planning & developing a mechanism within the WeShop app to set-up ISAs (Individual Savings Account) and multiple JISAs (Junior Independent Savings Account), powered by an FCA (Financial Conduct Authority) regulated firm.
We will be planning & developing a prize draw mechanism whereby members will have the opportunity to receive prizes of shares on a weekly basis.
We have suspended all new share withdrawals using the historic buyback provision, and instead will use the funds to grow the business through user acquisition, with a view to increasing the value of the business leading to a potential IPO.
We will provisionally agree to renew the Soccer Aid for UNICEF sponsorship for 2024.
WeShop is a community and we look forward to continuing to build the business together.
WeShop.
For more information on what this means for you as a WeShop member, and the results of the vote, please read our FAQs below.
Who was given the chance to vote and how many shares represented the count towards the results?
We communicated the vote to everyone that was subscribed to receive emails from WeShop due to GDPR (General Data Protection Act). We sent multiple push notifications to everyone who had opted to receive them and we dedicated the app home page to the Community Vote.
Over 630,000 shares were counted as part of the vote.
For the sake of being completely impartial, employees & directors were not eligible to vote.
When will I be able to sell my shares?
WeShop anticipates that members of the community will be able to sell the available (settled) shares once it is listed on a recognised stock exchange which is planned for 2024.
Why is the share buyback provision no longer available?
The aim of WeShop has always been to enable our community to own shares in the company which can then be added to a portfolio or sold once the company has been listed, on a recognised stock exchange.
For a limited time, WeShop took the decision to purchase shares from our community. By continuing to buy back shares, WeShop would have limited its ability to invest in and to grow the business for the benefit of the wider community.
What is an IPO and why an IPO?
IPO is an acronym for Initial Public Offering.
An IPO, is when a company decides to go public and make its shares available on the stock market for the first time. This creates a mechanism by which shares can be traded.
Why has WeShop delayed the IPO that was planned for 2023?
Due to global market conditions the investment community’s appetite for IPOs has not been as strong as in recent years.
The timing of WeShop’s anticipated IPO is critical to maximise the share value for the community.
Why should I continue to use WeShop, as there are other sites that offer alternative rewards?
First and foremost the shares you earn are free for simply shopping the same way you always have.
The Shareback rewards you are earning via WeShop are linked to the WeShop share price, which has the potential to increase in value over time.
We are actively looking to partner with regulated 3rd parties who can provide tax efficient financial products (ISAs, JISAs, etc.) to help our community and their families.
By supporting WeShop you will continue to accrue shares in a business owned by you, the WeShop community.
Updated on: 14/08/2024