Business Description

ChallengerX plc, incorporated on 7 June 2021 and registered in England and Wales under the Companies Act 2006 with company number 13440398. The Group ( ChallengerX and its subsidiary SportsX) employs both traditional and non-traditional marketing strategies to rapidly “professionalise” amateur and semi-professional sports clubs around the world.  These clubs are often non-professionally managed and unable to grow, develop, and monetise their community of supporters and fans.  As a result, primarily due to limited budgets, these clubs often languish in mediocrity on a relatively permanent basis.  The Group intends to allow these same clubs to breakout of “the middle” by quickly improving the clubs’ revenues and ability to recruit better players and sponsors.  This is intended to create a virtuous cycle of growth and success for the Group’s clients.  The Group will earn revenues primarily through revenue-sharing agreements but will ultimately expect to create the most value through its 10% to 20% ownership in the social tokens it mints and manages on behalf of its most promising clients.


John May has been a practicing Chartered Accountant for over 40 years providing services across a broad range of clients from SMEs to PLCs of international repute. He was a Senior Partner in the leading Chartered Accountancy firm, now Crowe UK, for 17 of those years, including 8 years on the Managing Board, where he was involved with developing marketing strategy in the capacity as National Marketing Partner, and the Chairman of the Thames Valley Offices for 9 years. More recently Mr. May has been in the board of companies which require his experience and corporate governance skills, particularly in relation to Audit Committee and statutory responsibilities. These companies are predominantly in the fintech, clean power, health-tech and ethical mining industries. Past directorships include Tomco Energy Plc, Petrolatina Energy Plc, Hayward Tyler Group Plc and London & Boston Investments. Current directorships include Pires Investments Plc, City & Westminster Corporate Finance LLP and Red Leopard Holdings Plc.

Lucas Caneda is a professional rugby player with Sarlat Rugby, a team incubated by the UNIQORN Incubator-Accelerator in southwest France. Hailing from Argentina, Mr. Caneda serves as the Company’s business development director where he is in charge of outreach to prospective sports team clients as well as general business development. Prior to joining the Company, he served as a technical service specialist at TecnoCientífica S.A.

Stuart Adam

Stuart Adam has over 30 years of experience as a professionally qualified accountant across a wide range of financial accounting, reporting, control and management functions in both public and private sectors, and for a  broad range of clients from SMEs to PLCs,  including several AIM and LSE listed companies. He is currently senior partner in City & Westminster Corporate Finance LLP, an independent corporate finance and business advisory firm which is authorised and regulated by the FCA. He is also a Chartered Member of the Chartered Institute for Securities & Investment

Nick Martin
Nick Martin

Nick has been managing director of Premier Office (UK) Limited (“Premier Office”) for the past 15 years, a print supplier in the south of the UK. In addition to his role at Premier Office, Nick serves as chairman of Tik Tok Technologies Limited (a company incorporated in England & Wales, with company number 10221419; for the avoidance of doubt, the company has no connection with TikTok app or its parent company ByteDance Ltd) and is a director of Flash Corp UK Technologies Limited (“Flash Corp”). At Flash Corp, Nick is involved in the development of Flashbet, a gaming app that enjoys the benefit of a patent granted in the US. In 2023, Challenger X acquired a renewable 13-month license over the rights of FlashBet Wheel App’s design and technology in UK and Europe.


Broker and Aquis Corporate Adviser

First Sentinel Corporate Finance Limited

72 Charlotte Street, London, W1T 4QQ

Legal Adviser

Fladgate LLP

16 Great Queen Street, London WC2B 5DG


MAH, Chartered Accountants, 2nd Floor, 154 Bishopsgate, London, EC2M 4LN.


Neville Registrars Limited

Neville House, Steelpark Road, Halesowen, B62 8HD

Registered Office

16 Great Queen Street, London, WC2B 5DG

Major Shareholders

Shares in Issue

ChallengerX plc Ordinary shares of 0.10 pence. 

Number of shares in issue: 423,140,556

Number of shares in public hands: 72%

The initial share capital of the company was admitted to trading on the Access Segment of the Aquis Stock Exchange Growth Market (‘Aquis’) on the 23rd December, 2021.

There are 1,546,341 shares in the Treasury.

The Company currently has 2,875,850 warrants in issue representing 0.68% of the enlarged share capital.

Significant Shareholders

Based on information provided to the Company as at 19 October 2023, as far as the Directors are aware, the following are Directors or shareholders interested in 5% or more of the issued share capital of the company.


NameNo. Ordinary Shares% Issued Share CapitalNotes
Barnard Nominees LTD59,150,00013.98% 
Seguro Nominees Limited55,233,56213.05% 
Dominique Einhorn 46,875,00010.48% 
M6 Limited37,500,0008.67%1
Tunch Kashif29,208,2296.75% 


  1. Dominique Einhorn owns 77% of M6 Limited

Corporate Governance

Details of Committees of the Board of Directors and their Responsibilities

The Board meets on a formal basis as necessary and generally at least once per quarter. At those meetings a detailed report on finances is presented and discussed. The Board considers risk and strategy at each meeting. 

An Audit Committee is established and comprises  John May and Stuart Adam. The Committee meets with the auditors, considers the results and the audit process, and satisfies itself as to the auditor’s independence. 

The Company has a Remuneration Committee, which is comprised of John May and Stuart Adam. The Aquis Rule Compliance Committee comprises John May and Stuart Adam and coordinates with the Corporate Advisor to monitor Aquis rule compliance.

Statement of Directors’ Responsibilities

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that year. In preparing those financial statements, the directors are required to:

– Select suitable accounting policies and then apply them consistently;

– Make judgments and estimates that are reasonable and prudent;

– State whether any applicable accounting standards have been followed subject to any departures disclosed and explained in the financial statements;

– Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company and the Group will continue in business.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 1985 and 2006. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. All Directors have service contracts, none of which has a duration of longer than 12 months.

Compliance with the Corporate Governance Code

The Board recognises its responsibility for the proper management of the Company and is committed to maintaining a high standard of corporate governance. The Directors recognise the importance of sound corporate governance commensurate with the size and nature of the Company and the interests of its Shareholders.

The Board of Directors has therefore decided to apply the QCA Corporate Governance Code (“QCA Code”).  Details of how the Company complies with the QCA Code, can be found here

Directors’ Share Dealing Code

The Company has adopted the Share Dealing Code for dealings in its securities by Directors and certain employees which is appropriate for a company whose shares are traded on the Access segment of the Aquis Stock Exchange Growth Market. This will constitute the Company’s share dealing policy for the purpose of compliance with the UK Market Abuse Regulation and the relevant part of the Aquis Stock Exchange Access Rulebook.

Takeover Code

The City Code on Takeovers and Mergers applies to the Company and governs, inter alia, transactions which may result in a change of control of the Company.

Client Facing Website

Regulatory Announcements

CXS – Allotment of shares 24 6 24

24 Junes 2024


10 June 2024


10 June 2024


10 June 2024

CXS_RNS_Resignation of Corporate Adviser.2024.6.5

6 June 2024

CXS_RNS_Resignation of Corporate Adviser.2024.6.5 (1)

6 June 2024

CX Management Accounts 31.3.24

29 April 2024

CXS – AGM results

4 April 2024

CX 31 12 23 Interim accounts

26 March 2024

CX – RNS Notice of AGM

12 March 2024

Proxy AGM 2024

12 March 2024

CX notice of 2024 AGM

12 March 2024

PDMR notification – RNS announcement

26 February 2024

Appointment of Nick Martin

16 February 2024

CX Management Accounts 31 12 23

26 January 2024

ChallengerX Annual Report and Financial Statements 30 June 2023

21 December 2023

CX Final Results RNS 2023

21 December 2023

TR-1: Standard form for notification of major holdings

13 November 2023

CX Management Accounts 30 9 23

31 October 2023

FlashBet App Rights Acquisition and Equity Issue 17 8 23

17 August 2023

CX Management Accounts 30 6 23

28 July 2023

CX Management Accounts 31 3 23

28 April 2023

CXS Interim Accounts

29 March 2023

CXS Issue of Equity and Warrants RNS

13 February 2023

CX Management Accounts RNS

31 January 2023

25 January 2023

 CXS Changes in Board Composition

9 January 2023

Results of AGM

30 December 2022

ChallengerX PLC Annual Report and Financial Statements

23 December 2022 

CX Amendment Final Results RNS 23 12 22

23 December 2022 

ChallengerX Notice and Documents
8 December 2022

ChallengerX Form of Proxy

7 December 2022

ChallengerX Notice of AGM

7 December 2022

ChallengerX Signs Digital Asset Monetization Agreement with Triad Endeavour Sports & Entertainment

16 June 2022

ChallengerX Signs Digital Asset Monetization Agreement with the North Louisiana Football Alliance

31 May 2022

ChallengerX to Launch “Money Pages” Digital Asset Monetization Module

25 May 2022

ChallengerX Signs Digital Asset Monetization Agreement with TV Broadcaster, FOXD Network

10 May 2022

CXS Changes in Board Composition

3 May 2022

ChallengerX Signs Five Year Digital Asset Monetization Agreement with The American Arena League

21 April 2022

ChallengerX Signs Exclusive Digital Asset Monetization Agreement with New Zealand Rugby Legend, Liam Messam.

11 April 2022

Interim report for the period ended 31 December 2021

 31 December 2021

Changes in Leadership and Board Composition PR Newswire

18 February 2022

Market Updates

11 February 2022

Market Updates

9 February 2022

Press Release on 1st day of trading

23 December 2021

Financial Announcements

Circulars and Notices