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LONDON - World Chess PLC (LSE:CHSS) announced Tuesday that its CEO Ilya Merenzon has subscribed for 24,390,243 new ordinary shares at 3.28 pence per share, raising approximately £800,000 for the company.
The subscription price reflects the average price realized by Merenzon from his recent sale of 17 million ordinary shares, according to a company press release. The new shares are expected to be admitted to the Official List and begin trading on the Main Market of the London Stock Exchange (LON:LSEG) around June 30, 2025.
Following the transaction, Merenzon will hold 401.06 million shares, representing approximately 52.4 percent of the company’s issued share capital. The total number of voting rights in the company will increase to 765,256,477 ordinary shares.
World Chess, which describes itself as a chess gaming and entertainment company, serves as the official commercial partner of the Fédération Internationale des Échecs (FIDE). The company has organized FIDE Championship Matches in the USA and UK, and develops Armageddon, a chess league for television.
The new shares will rank equally with existing ordinary shares. The company has applied for the shares to be admitted to trading on the London Stock Exchange.
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