REG-Clear Leisure Plc: Mediapolis Court Update <Origin Href="QuoteRef">CLPC.L</Origin>

Quantum Blockchain TechnologiesAnnouncement

27/02/2018 12:20

                                                                                                                
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



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