REG-Clear Leisure Plc: Sipiem Court Hearing

Quantum Blockchain TechnologiesAnnouncement

10/02/2020 09:40

10 February 2020

Clear Leisure Plc
(“Clear Leisure” or “the Company”)

Update on Sipiem Court Hearing

The board of Clear Leisure (AIM: CLP) is pleased to give shareholders an
update on the first hearing in respect of the legal action against the former
directors of Sipiem SpA which was held on 5 February 2020 in the Venice Court.

Legal representatives of all parties involved in the claim appeared in Court,
including the legal representatives of two insurance companies, (among the
largest operating in Europe) which have provided professional indemnity cover
to the majority of the eight defendants. The insurance documents seen by the
Directors indicate that, for this specific case, the professional insurance
cover is €1,000,000 per year, per insurance company. Therefore, €2,000,000
per year of cover has been provided. The alleged misconduct described in the
claim took place over a number of years.

The judge has set deadlines for the submissions of further documents and
reconvened the parties for the second hearing on 6 May 2020. It is difficult
to predict the length of time before any conclusion in this action is reached
but our legal advisers have estimated between two to three years.

Francesco Gardin: “The Sipiem trial has finally started, and we are very
pleased that two of the largest European insurance groups are involved, having
provided professional insurance cover to several of the defendants. We are now
assessing options with our lawyers to increase further the legal pressure on
the defendants.”

-ends-

For further information please contact:

Clear Leisure Plc            +39 335 296573
Francesco Gardin, CEO and Executive Chairman

SP Angel Corporate Finance (Nominated Adviser & Broker)      +44 (0)20
3470 0470
Jeff Keating / John Mackay                                 
                                                   
        

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 which has
recently realigned its strategic focus to technology related investments, with
special regard to interactive media, blockchain and AI sectors. The Company
also owns shareholdings in a number of historic investments primarily in the
Italian real estate companies, which it is currently seeking compensation
through court action.

For further information, please visit, www.clearleisure.co.uk



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