27 February 2018
Clear Leisure Plc
(“Clear Leisure” or “the Company”)
Mediapolis
Recognition of First Charge over Asset and Credit Position
The Company is pleased to announce that the proposal of the
receiver to Mediapolis (as announced by the Company on 22 February 2017) made to the Ivrea Court, that
Clear Leisure 2017 Limited (“CL2017”), the Company’s wholly owned
subsidiary, holds a first charge over the land plot owned by
Mediapolis Srl has now been approved by the Court in the amount of
€2,678,357.
This figure excludes part of the accrued interest claimed by the
Company on debt acquired from certain Italian banks in 2017, but
which has not been accepted as part of the first charge. This is
due to a time limit on the number of years which interest can be
accrued on the principal sum in bankruptcy claims.
The Court approval means that any proceeds from the disposal of
the Mediapolis land, up to €2,678,357 (subject to deduction of
costs of sale), will be payable to CL2017.
Not included in the first charge, but formally recognised by the
Court as due to Clear Leisure, is unsecured debt amounting to
€8,211,897 which comprises €2,715,475 of accrued interest due to
CL2017 and €5,496,421 acquired by the Company from Olivetti
Multiservices SpA (“Olivetti”). Due to the legal complexity of a
valid transfer of a first charge whilst a company has been declared
bankrupt, the transfer on the Ivrea Land Register of the first
charge acquired from Olivetti remains pending.
While a €3m debt claimed by the Ministry of the Economy position
is still being assessed by the receiver, €165,718.53 of amounts due
by Mediapolis to certain creditors have so far been ranked above
unsecured creditors, but below the first charge. Thus, the current
value of unsecured creditors approved by the Court amounts to
€8,749,860, of which €8,211,897 or 93.85% (which does not take into
account the €3m debt claimed by the Ministry of the Economy which
is still being assessed), is due to CL2017. All proceeds from the
disposal of the Mediapolis assets, after payment of the first
charge of €2,678,357 and the €165,719 ranked above unsecured
creditors, including certain fees of the receiver, will be
distributed pro-rata to the unsecured creditors.
Creditors have 15 days to challenge the ruling, with regards to
their own approved creditor position.
Francesco Gardin, CEO and
Executive Chairman of Clear Leisure, commented: “The Court
confirmation of the receiver’s proposal in favour of Clear Leisure
2017 Limited’s first charge over the Mediapolis land, is a positive
result which sets a floor for our rights.
Meanwhile, the Company will pursue the final goal of obtaining
clear ownership of the Mediapolis land, using its position as the
largest creditor, which we have reached by buying debt at a
discount of nearly 80% during 2016 and 2017.
Taking into account the interest accrued from the credits
acquired, the discount is now calculated as being considerably
higher than 80%. Had this not been done, we would currently have no
rights over any funds invested into Mediapolis before July 2015, when the new Board was appointed and
adopted its new strategy to reduce the debt on its portfolio of
Italian assets. Moreover, we are in the process of assessing
additional debt positions acquired by Clear Leisure in 2016 and
2017, which are very likely to increase further the current
approved unsecured €8,211,897 creditors position.”
Market Abuse Regulation (MAR)
Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
-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
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