REG-Clear Leisure Plc: Sipiem Ownership Ruling

Quantum Blockchain TechnologiesAnnouncement

13/02/2020 07:05

13 February 2020

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

Sipiem Ownership Ruling

In March 2016, the Company announced the result of a favourable ruling by the
Turin Court which assigned to Clear Leisure a controlling interest of 50.17%
in Sipiem SpA (“Sipiem”).  Under Italian law the ruling was a
‘fast-track’ ruling, obtained to prevent potential damage to Sipiem by the
minority shareholder who had tried, illegally, to take control of the company.

On 10 February 2020, much earlier than expected, the Turin Court confirmed its
ruling given in February 2016 and specifically that Clear Leisure be approved
as Sipiem’s controlling shareholder, as it was before July 2015 and that
Sipiem’s minority shareholder had, in 2015, illegally tried to remove
control of the company from Clear Leisure.

The original ‘fast-track’ ruling had allowed the Company to bring a claim
against the former directors and members of the internal audit committee of
Sipiem which is being heard in the Venice Court, and was last referred to in
the announcement on 10 February 2020.

This ruling by the Turin court is extremely relevant, as it confirms the
illegal behaviours of both Sipiem’s former directors and the members of its
internal audit committee, thereby making their position in the Venice court
claim case considerably more difficult.

Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented,
“We are extremely pleased by the Turin Court ruling, as it shows that Clear
Leisure 2017 Ltd’s €10.8m claim, currently being discussed in the Venice
Court, is against defendants who have acted against the law.

“While the Venice court case will go ahead as planned, Monday’s ruling,
according to our lawyers, makes our position in the case even stronger.

“We will now increase the legal pressure against the defendant of the case
with a number of options which have already been identified by our legal team.
Moreover, this new judgement, which we believe increases the chance of a
positive outcome to our claim, could make the case potentially more attractive
to specialised legal claims buyers, should Clear Leisure 2017 Ltd consider
this route.”

-ends-

For further information please contact:

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

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

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 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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