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World Chess PLC on Thursday affirmed its intention to float on AIM as it seeks to profit from the growing interest in the chess worldwide.
World Chess is a chess organisation seeking to promote ‘the mass market appeal of chess’ through the commercial offering of chess-related activities.
The company seeks to raise up to €8 million but does not specify how many shares will be issued or at what price.
Novum Securities Ltd is acting as Financial Adviser to the company and retail investors will be able to register interest in the IPO by applying through PrimaryBid prior to admission.
World Chess operates ‘top-level tournaments’ and the official online gaming platform of the International Chess Federation. It promotes other sports, merchandise and lifestyle and social activities related to chess.
The directors believe that admission will enable access to capital on an ongoing basis to fund the group's growth trajectory through investment in its online platform and marketing strategies, and will also improve the group's public profile.
Chief Executive Officer Ilya Merenzon said: ‘We believe chess is the only remaining mass participation sport not yet fully benefitting from the creativity and investment of the commercial sector. As the business world begins to recognise the opportunity to profitably offer chess fans more of what they want, there is an incredible opportunity to continue increasing interest in chess worldwide.
‘Our goal is to build on the foundations of millennia of people playing chess for fun as well as for intellectual challenge, reinvent the game of chess so it fits more easily into modern lifestyles and, above all, ensure chess is accessible to more people.’
It is expected that trading in the company's shares will commence in November this year.
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