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 [email protected] in the first instance.

 Information  X 
Enter a valid email address

Clear Leisure Plc (CLP)

  Print      Mail a friend       Annual reports

Monday 12 September, 2016

Clear Leisure Plc

Operational Update

12 September 2016

Clear Leisure plc
 
("Clear Leisure", "the Group" or "the Company")

Operational Update

Clear Leisure (AIM: CLR), the leisure and property focused investment company, is pleased to provide an operational update following the recent passing of the one-year anniversary of the appointment of the Company’s new Board and executive management team.

  • The entire focus of management remains the monetisation of all of the Company’s existing assets, through selected realisations, court-led recoveries of misappropriated assets and substantial debt-recovery processes;
  • Several law firms are engaged on the Company’s behalf in legal actions to recover shareholder funds in UK and Italy; each one selected for its specialist experience in the area specific to the individual claim;
  • The Board is committed to achieving significant cash return to shareholders; the emphasis is on cash collection, not paper profits / valuation;
  • The Company is pursuing legal claims, amounting to some EUR55 million (£45.5 million) (each £1m recovered represents 0.41p per share); the value of these claims is not included on the Company’s balance sheet.

Following the anticipated return of capital, the Board believes the Company will represent a particularly attractive shell vehicle; with approximately £60 million of capital and trading loses.

Portfolio Companies

An update on the Group’s portfolio companies is as follows (percentage of equity held):

Mediapolis srl (83%): owns the land in north-west Italy designated for the purpose of a theme park, with additional guest facilities, shops and offices, as well as 10 holiday villas in the Porto Cervo area, the most exclusive holiday location in Sardinia. As reported in the interim results, in September 2015 the Company continues to pursue its EUR39.65 million claim against the regional government of Piedmont for failing to honour a commitment to approve the construction of the park.

As the result of a detailed professional valuation, completed in June 2016 the gross carrying value of the development land in the Clear Leisure accounts has been adjusted to €13 million and that of the villas, to EUR5.1 million.

SIPIEM SpA (50.17%): has a minority shareholder in T.L.T. SpA which owns a number of real estate assets including the operating Ondaland Waterpark located in north-west Italy.  

After a protracted dispute regarding the rights attaching to SIPIEM, in May 2015 Clear Leisure finally won the rights to have its 50.17% ownership in SIPIEM “Certified,” thereby entitling the Company to have representation at shareholder meetings and appoint the legal representative of the Company. In July 2016 the Company voted at a SIPIEM shareholders meeting, presenting a resolution to recover damages from former management and internal audit committee members. The Company is confident that its imminent legal procedures will result in a successful outcome for the Company. The Board remains confident that its holding in SIPIEM will become a significant realisable asset.

GeoSim Systems Ltd (www.geosim.co.il) (4.71%): an Israeli company seeking to establish itself as the world leader in building complete and photorealistic 3D “virtual” cities and in delivering them through the Internet for use in local searches, real estate and city planning, homeland security, tourism and entertainment. Autonomous car projects and other new applications will inevitably require very detailed 3D models of cities and in this regard, the release of GeoSim’s Vancouver 3D model represents an important milestone for the company. GeoSim technology remains one of the best options worldwide.

ORH SpA (99.3%): owns a chain of hotels in Italy and East Africa under the Ora Hotels brand. It was put into administration in February 2014, allegedly due to gross financial misconduct by the certain individuals associated with the company, prior to the sale to Clear Leisure. The Company continues to pursue a claim against these entities, with the objective to recover all the funds historically invested, of nearly EUR6 million in cash and shares, and will report to shareholders as and when it can.

As previously reported, Clear Leisure disposed of its interest in Ainitak sarl for EUR900,000 in December 2015 and its 9.9% holding in Ascend Capital PLC for £50,000 in June 2016.

There are a number of other claims and realisations that the Company is pursuing. In the opinion of your directors it would not be in the Company’s interest to report on these at the present time. The outcome of these projects is uncertain, but we are hopeful these will ultimately result in a significant recovery for the Group.

In addition to the above, good progress has been made in restructuring the debt facilities of the Group with the support of the Company’s principal shareholder, Eufingest and will report further on this before the end of September, the maturity date for some of the loans.

Francesco Gardin, CEO and Chairman of Clear Leisure, commented, "The twelve months since my arrival on the Board has been a period of intense activity on behalf of shareholders, albeit much of it “behind the scenes” The focus of your new Board has been entirely on unravelling the labyrinth of complex shareholdings and cross-positions held by the Company, whilst actively instigating a series of major actions, in the courts and elsewhere, to recover lost shareholder value.

 “We will continue to update the market with developments as and when they occur.”

-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


a d v e r t i s e m e n t