Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Clear Leisure Plc (CLP)

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Monday 18 August, 2014

Clear Leisure Plc

Trading Update

Trading Update

Clear Leisure plc

18 August 2014

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

Trading Update

Clear Leisure, the AIM traded specialist investment company (AIM: CLP), provides the following trading update.

Mediapolis Project

The Company is pleased to advise that it has received a formal letter from the government of Regione Piemonte in support of the Mediapolis project.

In 2003, the Company made an application to Regione Piemonte for a building permit on a greenfield site on which it planned to build the Mediapolis theme park. In 2009, the building permit was approved and formally registered on a legal register of planned developments (‘Piano Particolareggiato’). Since then, however, the Mediapolis project has been unsuccessful in calling the requisite planning meeting (‘Conferenza dei servizi’) with the government of Regione Piemonte, which is a necessary step in converting the building permit into the construction one.

In January 2014, the Mediapolis project filed a debt restructuring plan with the court (‘Tribunale di Ivrea’) that was rejected in May 2014 on the grounds of uncertainty that the construction permit would be received by Mediapolis in accordance with the restructuring plan.

As announced on 13 June 2014, under the ‘Sblocca Italia’ legislation, mayors of Italian towns were granted the discretion to promote specific projects that were felt to have previously been blocked by earlier legislation. The mayor of Albiano d’Ivrea supported Mediapolis as a good example of a project that would benefit from the ‘Sblocca Italia’ legislation.

In respect of the letter received from Regione Piemonte, the Board advises that its contents confirm the rights of the building licence as well as the commercial rights owned by Mediapolis. The Board further advises that the Regione Piemonte also confirms its full administrative support to provide all the necessary documentation within the next 18 months.

The Board considers this outcome extremely positive for the Company especially as the letter provides that the Mediapolis licences are also granted rights of transferability onto other parcels of land within the Regione Piemonte. This will allow the Company to separate the land asset from the rights in the licences and seek buyers for the assets separately. It also allows the Company to continue with its plan to build the Mediapolis theme park, but in a location more suited to such a major development, such as a location which already has access and power infrastructure in place and has previously housed some other commercial development.

Based on an appraisal presented on 31 July 2014, the licences owned by Mediapolis, which are confirmed by Regione Piemonte, include building rights for:

100,000 sqm for commercial use
30,000 sqm for hotels
10,000 sqm for boutique shops
5,000 sqm for logistics
15,000 sqm for common areas

External appraisal has valued the licences in the region of EUR 35.6 million with the land valued additionally at EUR 1.5 million. It is the intention of the Company to shortly offer the licences on the open market and the Company is of the opinion that there is demand for the licences in the region from existing business that own brownfield land for which building approval is being sought but has not yet been granted.

Ondaland

The Company is further pleased to announce that it entered into a non-binding agreement to acquire 100% of the real estate assets related to Ondaland waterpark. The terms of the acquisition are such that the assets would be acquired by virtue of the Company assuming the outstanding bank debt and the acquisition will be cash and equity free.

It is envisaged that Tempo Libero e Turismo S.p.A (“TLT”), the park’s long-standing management company, will continue to run the day to day operations for an initial period of nine years and an option to renew its contract for a further nine years. TLT and will pay Clear Leisure, the new sole owner of the park, an annual rent of EUR 700,000 which covers the debt servicing costs.

The transaction is subject to due diligence and approval by the lending bank.

Financial Results

The Company advises that it was previously unable to gain access to certain financial information in relation to its assets. As a result of the above, the Company is now in the process of collecting the necessary financial information related to its two major assets (Mediapolis and Ondaland) and its other Italian subsidiaries. At this time, it is not yet possible to determine a precise date for the release of the audited 2013 final results or the unaudited interim results to 30 June 2014.

Working capital

In October 2012, the Board of the Company stated that no new shares would be issued, in order to prevent further dilution to the share price. As a result of the transactions identified above and to provide the Company with sufficient working capital until the assets are realised or generate sufficient revenue, the Company is considering a placing of £500,000 to allow it to pursue its short-term strategy.

The Company looks forward to updating shareholders further in due course.

-ends-

 

For further information please contact:

 
Clear Leisure Plc +39 02 4795 1642
Alfredo Villa, CEO
 
Cairn Financial Advisers LLP (Nominated Adviser and Joint Broker) +44 (0) 20 7148 7900
Jo Turner
 
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 pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy but also other European countries. 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


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