REG-Clear Leisure Plc: Disposal and Loan Facility <Origin Href="QuoteRef">CLPC.L</Origin>

Quantum Blockchain TechnologiesAnnouncement

21/06/2016 10:15

21 June 2016 
 
 Clear Leisure plc 
 ("Clear Leisure" or "the Company") 
 
 DISPOSAL OF NON-CORE ASSET AND 
 LOAN FACILITY FOR EUR 50,000 FROM RELATED PARTY 
 
 Clear Leisure (AIM: CLP) advises that the Company has disposed of its 9.9%
holding in Ascend Capital Limited, being 5,500 shares, for a total
consideration of £50,000 (£9.09 per share). The Company has not incurred any
loss by this sale, as the 31 December 2014, carrying value of the holding in
Ascend Capital Limited was EUR 60,000 (£47,000). 
 

 Although the transaction adds just a modest amount to the Company’s working
capital, the positive outcome is the result of the thorough investigation
which the new board is undertaking to deliver returns to shareholders. A
detailed review of the Board’s progress will accompany the publication of
the 2015 annual accounts before the end of June 2016. 
 
 The Board is also pleased to announce that the Company has entered into a new
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 a facility of EUR 50,000 at an
interest rate of 2.5 per cent per annum.  The Facility is repayable on 30
September 2016.  The Facility will be fully drawn down immediately. 
 
 The proceeds of the Facility will be used to fund the cost of ascertaining
and realising the Company’s asset portfolio. 
 
 The Company may repay the Facility early at any time without penalty.  At
any time before 30 September 2016, Eufingest may convert the outstanding
balance of the Facility into Shares at the rate of 0.75 pence per Share. 
 
 To date, Eufingest has provided a total of five convertible loans. The
amounts to be repaid between 15 September and 31 December 2016, including
interest, are EUR 516,874.38 and £303,500. 
 
 Eufingest is the beneficial holder of more than 10 per cent of the ordinary
share capital of the Company.  Eufingest is 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. As previously
reported in a Trading Update dated 30 March 2016, a facility of £200,000,
also provided by Eufingest, was drawn down on 15 March 2016 and is repayable
no later than 15 September 2016. A second facility for £100,000, also
provided by Eufingest, was drawn down on 5 May 2016 and is repayable no later
than 30 September 2016. 
 
 Francesco Gardin, CEO and Chairman of Clear Leisure, commented , "We are
pleased to have secured this further loan from one of our longest standing
shareholders, which will enable us to continue the process of restructuring
the Company to help us realise the value of our non-core assets, as in the
case of the 9.9% of Ascend Capital Ltd disposal." 
 
 -ends- 
 
 For further information please contact: 
 
  Clear Leisure plc Francesco Gardin, CEO and Executive Chairman              +39 335 296573         
  ZAI Corporate Finance (Nominated Adviser) Tim Cofman/Jamie Spotswood        +44 (0)20 7060 2220    
  Peterhouse Corporate Finance (Joint Broker) Lucy Williams / Heena Karani    +44 (0) 20 7469 0935   
  Cadogan Leander (Financial PR) Christian Taylor-Wilkinson                   +44 (0) 7795 168 157   
 
 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 Company may be either a passive or active
investor and Clear Leisure’s investment rationale ranges from acquiring
minority positions with strategic influence through to larger controlling
positions. For further information, please visit, www.clearleisure.com 
 


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