Business
Replacement: Issue of Convertible Loan Note / PDMR
Replacement: Issue of Convertible Loan Note / PDMR.
About this update from World Chess Plc
[{"type":"text","content":"\n\nThe following amendment has been made to the 'Issue of Convertible Loan Note / PDMR Disclosure' announcement released on 13 May 2025 at 13:10 under RNS No 4904I.\n \n'Nature of the transaction' given under section 4b of both PDMR forms has been changed to 'sale of ordinary shares'.\n \nAll other details remain unchanged.\n \nThe full amended text is shown below.\n \nWorld Chess Plc\n(\"World Chess\" or the \"Company\")\n \nIssue of Convertible Loan Note / PDMR Disclosure\n \nWorld 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.\n \nMr 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:\n \n● Convertible by Mr Merenzon in whole or in part at any time up until 29 June 2026;\n● Any unconverted amounts will automatically convert on 30 June 2026;\n● Conversion at 3.3 pence per Share, being the average price of the recent disposals by Mr Merenzon; and\n● Non-interest bearing.\n \nFollowing 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.\nThis 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).\nFor more information, visit: www.worldchess.com or contact:\n \n \n\n\n\n\nWorld Chess\nIlya Merenzon, CEO\n\n\n [email protected]\n\n\n\n\n \n\n\n \n\n\n\n\nNovum Securities Limited - Financial Adviser\nDavid Coffman / Anastassiya Eley\n\n\n+44 (0) 20 7399 9400\n\n\n\n\n \n\n\n \n\n\n\n\n \nNotes to Editors\nAbout World Chess Plc\nWorld 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 rev...