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

Quantum Blockchain TechnologiesAnnouncement

02/01/2018 14:35

                                                                                                                    
2 January 2017

Clear Leisure Plc

(“Clear Leisure”, or “the Company”)

Sosushi Company srl Claim and Loan Facility

On 7 December 2017, the Company announced that it intended to pursue two legal
claims for an approximate combined value of £2.5 million. On 28 December, at
a meeting of the shareholders of Sosushi Company Srl, (“Sosushi”), a
subsidiary of Clear Leisure in which the Company has a 99.3% interest, the
current sole director of Sosushi, who was appointed by the Company, was
authorised to file a claim to recover damages against the former directors of
Sosushi for gross mismanagement. Further, Clear Leisure will also file a claim
against previous Sosushi directors and shareholders for approximately €1.7
million (£1.5 million) in regards to Sosushi’s published accounts, which
Clear Leisure used as a primary basis for the investment decision in 2012.

Additionally, the Board is pleased to announce that the Company has entered
into a further unsecured convertible loan facility agreement (the
“Facility") with Eufingest SA (“Eufingest”).

Under the Facility, Eufingest has provided €250,000 at an interest rate of
2.5 per cent per annum.  The Facility is repayable on 31 March 2018 and the
proceeds will be used for working capital purposes.

The Company may repay the Facility early at any time without penalty. At any
time before 31 March 2018, Eufingest may convert the outstanding balance of
the Facility into ordinary shares of the Company at the rate of 1 pence per
ordinary share.

In addition, Eufingest, has agreed to defer the payment of €50,000 as
announced by RNS on 7 December 2017, originally due by 31 December 2017, to 31
March 2018.

Following the provision of the additional €250,000, the total amount of
convertible loans outstanding with Eufingest amounts to €2.7 million. The
Facility is a clear demonstration of the ongoing support from Eufingest for
the management and board of Clear Leisure.

Eufingest is the beneficial holder of more than 10 per cent of the ordinary
share capital of the Company.  Eufingest is therefore a "related party" for
the purposes of the AIM Rules.

The directors of the Company (both of whom are independent of Eufingest),
having consulted with the Company's nominated adviser, consider the terms of
the transaction to be fair and reasonable insofar as shareholders are
concerned.

-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                      
                                           

Peterhouse Corporate Finance (Joint
Broker)                              +44 (0) 20
7469 0935
Lucy Williams / Heena Karani

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. Under its existing investment policy the Company can seek new
investment opportunities, in different sectors, including information
technology. For further information, please visit, www.clearleisure.co.uk



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