REG - World Chess PLC - Issue of Convertible Loan Note / PDMR Disclosure

World ChessAnnouncement

13/05/2025 13:15

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RNS Number : 4904I  World Chess PLC  13 May 2025

World Chess Plc
("World Chess" or the "Company")

 

Issue of Convertible Loan Note / PDMR Disclosure

 

World Chess PLC (LSE: CHSS), a leading chess organisation committed to
expanding the global appeal of chess, announces the issue of a convertible
loan note ("CLN") to Ilya Merenzon, its CEO and largest shareholder.

 

Mr Merenzon has recently disposed of 29.3 million ordinary shares ("Shares")
in the Company and he has agreed to reinvest the expected net proceeds (after
all related deductions) of £550,000 in the CLN.  The key terms of the CLN
are as follows:

 

●    Convertible by Mr Merenzon in whole or in part at any time up until
29 June 2026;

●    Any unconverted amounts will automatically convert on 30 June 2026;

●    Conversion at 3.3 pence per Share, being the average price of the
recent disposals by Mr Merenzon; and

●    Non-interest bearing.

 

Following his recent disposals, Mr Merenzon holds 375.22m ordinary shares in
the Company, representing approximately 52.47 per cent. of the Company's
issued share capital.

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

For more information, visit: www.worldchess.com (http://www.worldchess.com/)
or contact:

 

 

 World Chess                                    merenzon@worldchess.com

 Ilya Merenzon, CEO

 Novum Securities Limited - Financial Adviser  +44 (0) 20 7399 9400

 David Coffman / Anastassiya Eley

 

Notes to Editors

About World Chess Plc

World Chess (LSE: CHSS) is a London-based chess gaming and entertainment
company and Fédération Internationale des Échecs ('FIDE') official
commercial partner. World Chess organised the FIDE Championship Matches in the
USA, and the UK, and revolutionised the sport by signing the biggest media
partnerships in history. World Chess develops Armageddon, the chess league for
prime-time television. World Chess also runs FIDE Online Arena, the exclusive
official chess gaming platform. More at worldchess.com
(https://worldchess.com/) .

 

 1.                Details of the person discharging managerial responsibilities / person closely
                   associated
 a)                Name                                                         Ilya Merenzon
 2.                Reason for the notification
 a)                Position/status                                              CEO
 b)                Initial notification / Amendment                             Initial Notification
 3.                Details of the issuer, emission allowance market participant, auction
                   platform, auctioneer or auction monitor
 a)                Name                                                         World Chess plc
 b)                LEI                                                          213800BKR3RT23F9DN71
 4.                Details of the transaction(s): section to be repeated for (i) each type of
                   instrument; (ii) each type of transaction; (iii) each date; and (iv) each
                   place where transactions have been conducted
 a)                Description of the financial instrument, type of instrument  Ordinary Shares of £0.0001
                   Identification code                                          ISIN: GB00BN70RC41
 b)                Nature of the transaction                                    Purchase or ordinary shares
 c)                Price(s) and volume(s)

Price (s)  Volume (s)
                                                                                £0.0345    9,300,000

 d)                Aggregate information
                   - Aggregate volume                                           9,300,000
                   - Total Price                                                £320,850
 e)                Date of the transaction                                      8/5/2025 and 9/5/2025
 f)                Place of the transaction                                     London Stock Exchange
 g)                Additional information                                       N/A

d)

Aggregate information

- Aggregate volume

9,300,000

- Total Price

£320,850

e)

Date of the transaction

8/5/2025 and 9/5/2025

f)

Place of the transaction

London Stock Exchange

g)

Additional information

N/A

 

 1.                Details of the person discharging managerial responsibilities / person closely
                   associated
 a)                Name                                                         Ilya Merenzon
 2.                Reason for the notification
 a)                Position/status                                              CEO
 b)                Initial notification / Amendment                             Initial Notification
 3.                Details of the issuer, emission allowance market participant, auction
                   platform, auctioneer or auction monitor
 a)                Name                                                         World Chess plc
 b)                LEI                                                          213800BKR3RT23F9DN71
 4.                Details of the transaction(s): section to be repeated for (i) each type of
                   instrument; (ii) each type of transaction; (iii) each date; and (iv) each
                   place where transactions have been conducted
 a)                Description of the financial instrument, type of instrument  Ordinary Shares of £0.0001
                   Identification code                                          ISIN: GB00BN70RC41
 b)                Nature of the transaction                                    Purchase or ordinary shares
 c)                Price(s) and volume(s)

Price (s)  Volume (s)
                                                                                £0.0325    20,000,000

 d)                Aggregate information
                   - Aggregate volume                                           20,000,000
                   - Total Price                                                £650,000
 e)                Date of the transaction                                      13/5/2025
 f)                Place of the transaction                                     Outside of a trading venue
 g)                Additional information                                       N/A

d)

Aggregate information

- Aggregate volume

20,000,000

- Total Price

£650,000

e)

Date of the transaction

13/5/2025

f)

Place of the transaction

Outside of a trading venue

g)

Additional information

N/A

 

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