28 November
2016
Clear Leisure plc
("Clear Leisure", "the Group" or "the Company")
Bond Holder Meeting
on 16
December 2016
Clear Leisure (AIM: CLR), the leisure and property focused
investment company, is pleased to announce that it has written to
holders of its EUR 9.9m redeemable
Bond (“the Bond"), due on 15 December
2017, calling a meeting at 10
am on 16 December 2016, at the
Company's registered office 22 Great James Street, London WC1N 3ES to seek bondholder approval
for the following:
a. To amend the final
maturity of the bonds from 15 December
2017 to 15 December 2018,
and
b. To alter the
repayment/redemption amount to be paid at final maturity from
114.49% to 103.03% of the nominal amount of the Bonds (giving an
effective 1.0% annual interest rate, compared to the current
7.0%).
Bonds with a principal value of EUR
6.9m are entitled to vote of which EUR 3.0m are held by Eufingest, which has
confirmed they will vote in favour of the resolutions.
Eufingest and its associates own 27.52% of the Company's equity
and therefore the amendment of the terms falls to be treated as a
related party transaction under the rules of AIM. The directors of
Clear Leisure consider, having consulted with its Nominated
Adviser, that the revised terms are fair and reasonable insofar as
its shareholders are concerned.
The meeting requires a quorum of 75% of the voting bondholders.
If the meeting is inquorate, a second meeting will be held on
30 December 2016 at which time, any
number of bondholders present, or via proxy, will represent a valid
quorum.
Bondholders who wish to vote and whose Bonds are held in the
name of a broker, dealer, commercial bank, trust company or other
nominee institution (including as CDIs) must contact such nominee
promptly and instruct or make arrangements with such nominee to
vote in accordance with the customary procedures of the Clearing
Systems on behalf of the Bondholders. Proxies are due no later than
10am on 14
December 2015.
In the event the resolutions are passed, the Company will
achieve a total reduction of EUR
792,000 (£671,000) on the interest charged on this bond.
Francesco Gardin, CEO
and Executive Chairman of Clear Leisure, commented, “We
continue to focus on reduction of Company costs, both at the
holding and subsidiary level, thus strengthening the Group’s
consolidated balance sheet. Eufingest continues to be a supportive
strategic shareholder and lender to the Group.”
-ends-
For further information please
contact:
Clear Leisure plc
Francesco Gardin, CEO and Executive Chairman |
+39 335 296573 |
ZAI Corporate Finance (Nominated
Adviser)
Tim Cofman/Jamie Spotswood/Peter Trevelyan-Clark |
+44 (0)20 7060 2220 |
Peterhouse Corporate Finance (Joint
Broker)
Lucy Williams / Heena Karani |
+44 (0) 20 7469 0935 |
Cadogan 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
with a portfolio of companies primarily encompassing the leisure
and real estate sectors mainly in Italy. The Company may be either a passive or
active investor and Clear Leisure's investment rationale ranges
from acquiring minority positions with strategic influence through
to larger controlling positions. For further information, please
visit, www.clearleisure.com