2 January 2017
Clear Leisure
Plc
(“Clear Leisure”, or “the
Company”)
Sosushi Company
srl Claim and Loan Facility
On 7 December 2017, the Company
announced that it intended to pursue two legal claims for an
approximate combined value of £2.5 million. On 28 December, at a
meeting of the shareholders of Sosushi Company Srl, (“Sosushi”), a
subsidiary of Clear Leisure in which the Company has a 99.3%
interest, the current sole director of Sosushi, who was appointed
by the Company, was authorised to file a claim to recover damages
against the former directors of Sosushi for gross mismanagement.
Further, Clear Leisure will also file a claim against previous
Sosushi directors and shareholders for approximately €1.7 million
(£1.5 million) in regards to Sosushi’s published accounts, which
Clear Leisure used as a primary basis for the investment decision
in 2012.
Additionally, the Board is pleased to announce that the Company
has entered into a further unsecured convertible loan facility
agreement (the “Facility") with Eufingest SA (“Eufingest”).
Under the Facility, Eufingest has provided €250,000 at an
interest rate of 2.5 per cent per annum. The Facility is
repayable on 31 March 2018 and the
proceeds will be used for working capital purposes.
The Company may repay the Facility early at any time without
penalty. At any time before 31 March
2018, Eufingest may convert the outstanding balance of the
Facility into ordinary shares of the Company at the rate of
1 pence per ordinary share.
In addition, Eufingest, has agreed to defer the payment of
€50,000 as announced by RNS on 7 December
2017, originally due by 31 December
2017, to 31 March 2018.
Following the provision of the additional €250,000, the total
amount of convertible loans outstanding with Eufingest amounts to
€2.7 million. The Facility is a clear demonstration of the ongoing
support from Eufingest for the management and board of Clear
Leisure.
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 (both of whom are independent of
Eufingest), having consulted with the Company's nominated adviser,
consider the terms of the transaction to be fair and reasonable
insofar as shareholders are concerned.
-ends-
For further information please
contact:
Clear Leisure
Plc
+39 335 296573
Francesco Gardin, CEO and Executive
Chairman
SP Angel Corporate Finance (Nominated Adviser & Joint
Broker) +44 (0)20
3407 0470
Jeff Keating / John Mackay / Charlie
Bouverat
Peterhouse Corporate Finance (Joint
Broker)
+44 (0) 20 7469 0935
Lucy Williams / Heena Karani
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. Under its existing
investment policy the Company can seek new investment
opportunities, in different sectors, including information
technology. For further information, please visit,
www.clearleisure.co.uk