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LONDON - World Chess PLC (LSE:CHSS), recognized for promoting chess worldwide, has announced amendments to its €6 million loan facility through its subsidiary, World Chess Events Limited. The changes include an extension of the loan’s maturity date to December 31, 2026, and an increase in the interest rate from 4% to 12% per annum starting May 1, 2025. Additional minor adjustments to the loan terms were also made.
These modifications aim to provide the company with greater flexibility to execute its expansion strategies while sustaining a supportive financial framework. Ilya Merenzon, CEO of World Chess, expressed contentment with the revised terms, believing they will aid the company’s growth objectives.
World Chess, a London-based entity, is the commercial partner of the International Chess Federation (FIDE). It has gained recognition for organizing FIDE Championship Matches and establishing significant media partnerships. The company also developed Armageddon, a chess league designed for prime-time TV, and operates the FIDE Online Arena, the official chess gaming platform.
The announcement of the loan facility amendments was considered inside information under the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 before its disclosure.
This news article is based on a press release statement.
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