Issue of Convertible Loan Note / PDMR Disclosure
CEO reinvests £550,000 in convertible loan note after disposing 29.3 million shares.
- Convertible loan note amount £550,000
- Conversion price 3.3 pence per share
- Conversion deadline 29 June 2026
- CEO shareholding after disposals 375.22m shares (52.47% of issued capital)
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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.
| a) | Name | Ilya Merenzon |
| 2. | Reason for the notification | |
| a) | Position/status | CEO |
| b) | Initial notification / Amendment | Initial Notification |
| a) | Name | World Chess plc |
| b) | LEI | 213800BKR3RT23F9DN71 |
| 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 |
| 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 |
| a) | Name | World Chess plc |
| b) | LEI | 213800BKR3RT23F9DN71 |
| 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 |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.