21 September
2017
Clear Leisure plc
("Clear Leisure", “the Group” or "the Company")
Agreements for €4.3m
of Mediapolis Debt Position and €500,000 Secured
Loan
Further to the announcement of 19 September by the Company of
its settlement negotiations with creditors of its subsidiary,
Mediapolis SpA, the Company is pleased to announce that it has now
exchanged letters with a creditor agreeing to a settlement of a
€4.3million (£3.8 million) debt owing by Mediapolis SpA, at
discount of 88.3 percent of the face value. This equates, on
a consolidated basis, to a significant improvement in the Group’s
balance sheet of approximately €3.8 million (£3.36 million or 1.07p
per share).
Completion is expected in the next few days.
The Company is financing the acquisition of the debt with a
€500,000 secured Loan from a UK private company.
Francesco Gardin, Chairman and
CEO of Clear Leisure, commented, “This agreement, following ten
months of complex negotiation, represents an important result in
the Company’s strategy of restructuring the Group’s debt and
ring-fencing of assets. During the past 18 months’ the Company has
negotiated discounts of €7.5 million on debt, equivalent to an
average discount of 80%.
“The Board is of the opinion that this debt purchase
significantly strengthens Mediapolis’s case to have the winding-up
petition dismissed, when the Ivrea Court reconvenes on 29
September.”
-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/ John Tracy/ Luis Brime
Berdugo
Peterhouse Corporate Finance (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. For further
information, please visit, www.clearleisure.co.uk