Issue of Equity
World Chess PLC announced an agreement with an existing shareholder for the subscription of 14,285,714 new ordinary shares at €0.014 per share. This equates to a total consideration of €200,000. The consideration is due within 30 business days, after which the subscription shares will be issued. Following the issue, application will be made for the admission of these shares to trading on the Main Market of the London Stock Exchange, ranking equally with the existing ordinary shares.
Select text to share a quote on X · sign in to keep highlights & notes in your CHSS notes
World Chess plc (LSE: CHSS), a leading chess organisation that develops and operates worldchess.com, the official online gaming platform of the International Chess Federation (FIDE), today is pleased to announce that it has signed an agreement ("Agreement") with an existing shareholder whereby the shareholder will subscribe for 14,285,714 new ordinary shares of 0.01p each in the Company ("Subscription Shares") at a price of €0.014 per share equating to an aggregate consideration of €200,000 ("Consideration"). The Consideration is payable within 30 (thirty) business days following this announcement. The Subscription Shares are to be issued following the receipt of the Consideration in full.
Application for admission of Subscription Shares to trading on the Main Market of the London Stock Exchange will be made following issue. The Subscription Shares rank pari passu with the existing ordinary shares of the Company.
Ilya Merenzon, Chief Executive Officer of World Chess, commented:
"We are pleased to announce that one of our existing shareholders has committed to increasing their investment in World Chess, reaffirming their confidence in our Company. We look forward to sharing further updates on our progress in due course."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.