Clear Leisure Plc Loan Facility
28 October 2016 - 5:00PM
UK Regulatory
TIDMCLP
28 October, 2016
Clear Leisure plc
("Clear Leisure" or "the Company")
LOAN FACILITY FOR EUR 50,000 FROM RELATED PARTY
The Board is pleased to announce that the Company has entered into an unsecured
convertible loan facility agreement (the Facility") with Eufingest S.A
("Eufingest"), a Swiss investor and major shareholder in the Company.
Under the Facility, Eufingest provides EUR 50,000 at an interest rate of 2.5
per cent per annum. The Facility is repayable on 31 December 2016.
The proceeds of the Facility will be used to fund subsidiaries costs.
The Company may repay the Facility early at any time without penalty. At any
time before 31 December 2016, Eufingest may convert the outstanding balance of
the Facility into Shares at the rate of 0.75 pence per Share.
Eufingest is the beneficial holder of more than 10 per cent of the ordinary
share capital of the Company. Eufingest is therefore a "related party" for the
purposes of the AIM Rules.
The Directors of the Company (each of whom is independent from Eufingest),
having consulted with the Company's NOMAD, consider the terms of the
transaction to be fair and reasonable insofar as shareholders are concerned.
Eufingest, as the largest shareholder, remains fully supportive of the Board's
efforts to realise value from its investments.
Francesco Gardin, CEO and Chairman of Clear Leisure, commented, "We are pleased
to have secured this loan from one of our longest standing shareholders and
which will enable us to continue the process of restructuring the Company to
help us realise the value of our non-core assets."
-ends-
For further information please contact:
Clear Leisure plc +39 335 296573
Francesco Gardin, CEO and Executive Chairman
ZAI Corporate Finance (Nominated Adviser) +44 (0)20 7060 2220
Tim Cofman/Jamie Spotswood/Peter Trevelyan-Clark
Peterhouse Corporate Finance (Broker) +44 (0) 20 7469 0935
Lucy Williams / Heena Karani
Cadogan Leander (Financial PR) +44 (0) 7795 168 157
Christian Taylor-Wilkinson
About Clear Leisure Plc
Clear Leisure plc (AIM: CLP) is an AIM listed investment company with a
portfolio of companies primarily encompassing the leisure and real estate
sectors mainly in Italy. The focus of management is to pursue the monetisation
of all of the Company's existing assets, through selected realisations,
court-led recoveries of misappropriated assets and substantial debt-recovery
processes. For further information, please visit, www.clearleisure.com
END
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