REG - World Chess PLC - Put Option Agreement

World ChessAnnouncement

25/04/2024 15:00

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RNS Number : 0891M  World Chess PLC  25 April 2024

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
(https://worldchess.com/investors)  or contact:

 World Chess                                           Via Yellow Jersey PR

 Ilya Merenzon, CEO

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

 David Coffman / George Duxberry

 Allenby Capital Limited - Broker                      +44 (0) 20 3328 5656

 Joscelin Pinnington / Tony Quirke (Sales)

 John Depasquale / Lauren Wright (Corporate Finance)

 Yellow Jersey PR

 Charles Goodwin                                       +44 (0) 774 778 8221

 Annabelle Wills                                       +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
(http://worldchess.com/) .

 

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