18 November,
2016
Clear Leisure
plc
("Clear Leisure" or "the
Company")
LOAN FACILITY
The Board is pleased to announce that the Company has entered
into an 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 EUR 300,000 at an interest rate of 2.5 per cent
per annum. The Facility is repayable on 30 April 2017 and the proceeds will be used for
working capital purposes and to retire subsidiary bank debt at a
discount.
The Company may repay the Facility early at any time without
penalty. At any time before 30
April 2017, Eufingest may convert the outstanding balance of
the Facility into Shares at the rate of 0.85
pence per Share.
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 (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 and
this facility when drawn down will increase the amount outstanding
to Eufingest to £ 894,124.00 plus their EUR
3,000,000 holding of bonds issued by the Company.
Francesco Gardin, CEO and
Executive Chairman of Clear Leisure, commented, “We will
continue to reduce bank debt accrued by certain subsidiaries, which
ultimately results in the Group having a stronger consolidated
balance sheet.”
-ends-
For further information please
contact:
Clear Leisure
plc
+39 335 296573
Francesco Gardin, CEO and
Executive Chairman
ZAI Corporate Finance (Nominated
Adviser)
+44 (0)20 7060 2220
Tim Cofman/Jamie Spotswood/Peter
Trevelyan-Clark
Peterhouse Corporate Finance
(Broker)
+44 (0) 20 7469 0935
Lucy Williams / Heena Karani
Cadogan 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.com