IMUTUAL PLC

Online money savers now have the chance to own 90 per cent of a major 'dotcom' business, with the launch of imutual PLC and its revolutionary free share offer.

Today sees the launch of a unique new company, imutual PLC, a 'consumer co-operative' that offers free shares to members of its cashback shopping website http://www.imutual.co.uk. The free-to-join website features deals and discount codes for hundreds of the UK's top online retailers, and members can earn cashback by using its links to make purchases. But the truly unique aspect is that members receive free shares in imutual PLC for actions such as clicking on its sponsored links and referring new members. imutual expects to gain over one million shareholder members in its first three years, courtesy of its unique free share offer. Ninety per cent of the company's shares are earmarked for members, who can receive dividends, vote at AGMs and benefit from any future sale of the company. And for a limited period, imutual is offering ten free shares for registering at its website at http://www.imutual.co.uk

imutual is the brainchild of Richard Yendall, who founded one of the first UK cashback sites Rpoints.com in 2003 and who famously organised conversion campaigns at several major building societies via his website www.carpetbagger.com.

Explaining the inspiration behind his new idea, Richard said: "Hundreds of commercial websites claim to offer shoppers the best deals, but often there is a conflict of interest between what's best for the consumer and what makes money for the company behind the website. People can trust imutual because it is owned and run by its members, with no outside shareholders.

"My vision is to create a powerful community of money-savers, consisting of millions of shareholder members, who work together for 'mutual' benefit. It really is a unique company, and given how people feel let down by the big banks and the 'system' in general, I believe imutual is an idea whose time has come."

About the shares

The company has been formed with 5 billion ordinary shares, of which 90 per cent are to be given to members of its website for actions which help to increase the value of the company. The remaining 10 per cent of shares will be held by staff, as an incentive to grow the business. Initially, the company's shares will not be listed on any stock exchange and cannot be sold or transferred, but shareholders have the right to receive dividends, receive accounts and annual reports and vote at the AGM. In the event that the company receives a takeover approach, members would be entitled to vote on any proposal and benefit from the acquisition.

About cashback

One of the immediate benefits to members of the imutual.co.uk website is the ability to earn free cashback at hundreds of the UK's best online stores. When members use imutual's link to visit their favourite retailers and make a purchase, imutual receives a commission which it then pays into the bank account of the member. Examples of cashback offers are:

  • Earn 6 per cent cashback on a hotel booking at Expedia

  • Earn £5 for your first home delivery order at Tesco

  • Earn £62 for switching to Scottish Power for gas and electricity

  • Try Lovefilm's rental service for free and earn £10

Since 2003, millions of UK consumers have used cashback websites, with families able to save hundreds of pounds every year. Imutual takes the concept one step further by creating a mutual cashback company.

CONTACT DETAILS

For further information on this story, please contact Richard Yendall using the details below:

E: richard@imutual.co.uk

M: 07968 312223

T: 0845 I-M-U-T-U-A-L (0845 4688825)

Contact Name:
Richard Yendall
Role:
CEO
Company:
IMUTUAL PLC
Contact Email:
click to reveal e-mail
Contact Phone:
07968 312223
Company Website:
http://www.imutual.co.uk
More Details:
http://www.imutual.co.uk