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25 April 2024
World Chess Plc
("World Chess" or the "Company" or the "Group")
Put Option Agreement
World Chess plc (LSE: CHSS), a prominent chess organisation committed to enhancing the global mass market appeal of chess by introducing a variety of innovative chess-related activities, announces that it has entered into a Put Option Agreement (the "Agreement") with an existing shareholder ("the Investor").
Under the terms of the Agreement, the Investor will subscribe for new ordinary shares ("Shares") of the Company at 0.0375 EUR ("Exercise Price") per share up to a total amount of 1,500,001.05 EUR, subject to exercise by the Company in the following tranches:
|
Tranche |
Exercise Period |
Subscription Amount |
Number of Shares |
|
1. |
From signing the agreement to 01.06.24 |
400,000.20 EUR |
10,666,672 |
|
2. |
From 30.07.24 to 01.09.24 |
500,000.85 EUR |
13,333,356 |
|
3. |
From 30.10.24 to 31.12.24 |
600,000 EUR |
16,000,000 |
The Investor will have the right to refuse to exercise a request for execution of any tranche of the Agreement if from the date of signing of this agreement but before the end of the respective Exercise Period (i) the Company issues Shares at below the Exercise Price, (ii) a subscription(s) occurs for Shares by a party other than the Investor where the aggregate amount exceeds 1,000,000 EUR, or (iii) the Company issues a new class of shares.
The Investor may arrange for a third party to perform the subscription subject to certain conditions.
For more information, please visit https://worldchess.com/investors or contact:
|
World Chess Ilya Merenzon, CEO
|
Via Yellow Jersey PR
|
|
Novum Securities Limited - Financial Advisor David Coffman / George Duxberry
|
+44 (0) 20 7399 9400
|
|
Allenby Capital Limited - Broker Joscelin Pinnington / Tony Quirke (Sales) John Depasquale / Lauren Wright (Corporate Finance)
|
+44 (0) 20 3328 5656 |
|
Yellow Jersey PR Charles Goodwin Annabelle Wills |
+44 (0) 774 778 8221 +44 (0) 777 519 4357 |
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 organized the FIDE Championship Matches in the USA, and the UK, and revolutionized 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.
