Clear Leisure Plc Bond Conversion
09 November 2020 - 6:00PM
UK Regulatory
TIDMCLP
9 November 2020
Clear Leisure Plc
("Clear Leisure" or "the Company")
Conversion of Eufingest Loans into Company's Bond
The board of Clear Leisure (AIM: CLP) is pleased to announce that the Company
has entered into a binding agreement with Eufingest SA ("Eufingest") to convert
all Eufingest's outstanding loans plus accrued interest to date, amounting to EUR
3,423,707 (the "Eufingest Loans") into either the Company's Zero Coupon Bond or
a new, similar bond security ("the Bond") with a maturity date of 15 December
2022 and a yield to maturity of 1%.
As part of the agreement with Eufingest, the Company will provide a security
over any proceeds arising from the Company's claim against Sipiem (referred to
most recently in the Company's announcement of 27 October 2020). It has also
been agreed that Eufingest will have the right to convert, at any time, the
Bond into new Clear Leisure ordinary shares at a conversion price of 1p per
ordinary share.
Eufingest already holds EUR3m of the Zero Coupon Bond the total face value of
which currently in issue is EUR4.8m.
Eufingest is a substantial shareholder in the Company as defined by the AIM
Rules for Companies. The conversion of the Eufingest Loans into the Bond and
extension of the repayment date is therefore a related party transaction
pursuant to AIM Rule 13 of the AIM Rules for Companies. The directors of the
Company, having consulted with its nominated adviser, consider that the
transaction is fair and reasonable insofar as its shareholders are concerned.
Francesco Gardin, Executive Chairman and CEO of Clear Leisure, commented, "We
are very pleased by Eufingest's long term commitment to the Company. Setting
the maturity date of all existing loans into a Zero Coupon Bond to 15 December
2022 allows the Company to focus on its new technology investments strategy,
while accomodating a reasonable time for the outcome of current litigation."
-ends-
For further information please contact:
Clear Leisure Plc
+39 335 296573
Francesco Gardin, CEO and Executive Chairman
SP Angel Corporate Finance (Nominated Adviser & Broker) +44 (0)20 3470
0470
Jeff Keating / John
Mackay
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 the 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. The Company has recently realigned its strategic focus
to technology related investments, with special regard to interactive media,
blockchain and AI sectors. For further information, please visit,
www.clearleisure.co.uk
END
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