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LONDON - World Chess PLC (LSE:CHSS), the company known for its chess gaming and entertainment ventures, has announced the issuance of 25,757,575 new ordinary shares to its CEO Ilya Merenzon. The transaction includes the conversion of a convertible loan note and a subscription for new shares, increasing Merenzon’s stake in the company significantly.
On Monday, Merenzon converted a convertible loan note into 16,666,666 shares and subscribed to 9,090,909 additional shares at a price of 3.3p per share, investing £300,000. Alongside these transactions, Merenzon also engaged in an off-market purchase of 11.8 million shares at a total price of USD $566,400. Furthermore, he disposed of 6.77 million shares through a series of transactions on the London Stock Exchange (LON:LSEG), with the most recent disposal occurring today.
Following these series of transactions, Merenzon now holds approximately 54.8% of World Chess’s issued share capital, with a total of 406.2 million shares in his possession. This series of transactions is expected to be reflected in the company’s total voting rights, which, as of now, stand at 740,866,234 ordinary shares.
The new shares are set to be admitted to the Official List and to commence trading on the Main Market of the London Stock Exchange around June 9, 2025. These shares will rank equally with the existing ordinary shares of the company.
This announcement, containing inside information as defined under the Market Abuse Regulations, is part of the company’s ongoing efforts to expand the global appeal of chess. World Chess, in partnership with the Fédération Internationale des Échecs (FIDE), has been instrumental in organizing championship matches and developing platforms for chess enthusiasts.
The details of these transactions were initially disclosed to meet the requirements of the Financial Conduct Authority’s Disclosure Guidance & Transparency Rules. Investors and shareholders are advised to use the total figure of 740,866,234 as the denominator for calculating changes in their holdings.
The information for this article is based on a press release statement from World Chess PLC.
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