Clear Leisure Plc Loan Facility
November 18 2016 - 8:21AM
UK Regulatory
TIDMCLP
18 November, 2016
Clear Leisure plc
("Clear Leisure" or "the Company")
LOAN FACILITY
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 300,000 at an interest rate of 2.5
per cent per annum. The Facility is repayable on 30 April 2017 and the
proceeds will be used for working capital purposes and to retire subsidiary
bank debt at a discount.
The Company may repay the Facility early at any time without penalty. At any
time before 30 April 2017, Eufingest may convert the outstanding balance of the
Facility into Shares at the rate of 0.85 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 and this facility when drawn down
will increase the amount outstanding to Eufingest to GBP 894,124.00 plus their
EUR 3,000,000 holding of bonds issued by the Company.
Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented, "We
will continue to reduce bank debt accrued by certain subsidiaries, which
ultimately results in the Group having a stronger consolidated balance sheet."
-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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