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”).

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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.

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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.

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HOW WE USE INFORMATION

We store and use information you provide as follows:

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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.

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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

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CONTACT

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Clear Leisure Plc (CLP)

  Print      Mail a friend       Annual reports

Wednesday 30 March, 2016

Clear Leisure Plc

Trading Update

                                                                                                                               29 March 2016    

Clear Leisure plc

("Clear Leisure", “the Group” or "the Company")

Trading Update

The Company is pleased to give shareholders an update on its investment portfolio, as follows:

When the new Board was appointed in July 2015 it stated that it would undertake a major due-diligence exercise on the status of the Company’s investments and report to shareholders on any matters which emerge from the analysis of the existing documentation regarding the holdings in its assets.

While the Board has made considerable progress with its investigations, the analysis of some investments has yet to be completed, due to the legal complexity of the issues involved. Your Directors however, believe that it would be useful to advise shareholders of the progress which is being made to recover value for the Company.

Ondaland

The Chairman stated in the 2015 Interim Report that the Ondaland water park investment, owned by T.L.T. S.p.A. in Italy, involved some issues on our title to the shares.

Apart from some small payments, well over 90% of the transaction, amounting to EUR 3.99 million in loans and 7.69 million shares of Clear Leisure, valued at £3.64 million at the transaction date, was funded through an intermediate company, SIPIEM S.p.A.; the exact ownership of which has been in dispute.

We are now pleased to confirm that as the result of a favourable ruling by the Turin Court, Companies Section, Clear Leisure is now the legitimate controlling owner of 50.17% of SIPIEM. This court ruling represents a fundamental step for the Company towards obtaining title to the T.L.T. S.p.A. shares.

As part of our strategy to establish the recoverable value of our investment, an in-depth legal and accounting due-diligence will start as soon as practical to assess all transactions carried out by the former directors of SIPIEM S.p.A.

Mediapolis

In November 2015, Clear Leisure appointed a new sole director for Mediapolis. Mediapolis owns two assets: approximately 50 hectares of land alongside a main highway in Northern Italy (known as Mediapolis) and ten holiday villas in the Porto Cervo area in Sardinia. Additionally, a claim for approximately EUR 39.65 million against the Piedmont Region, for failing to issue a construction permit, was filed in court last year, although an initial hearing date has yet to be announced. Among other matters related to this investment, a legal opinion has been commissioned from an administrative law firm based in Milan, on the current position with regards to planning permission.

Our investigations to date have uncovered historic claims on Mediapolis from suppliers, counterparts, banks and Mediapolis’ bondholders amounting to approximately EUR 14.8 million although the current legitimacy of some of these claims is as yet unclear. The new fair value, to be used for the 2015 year end accounts, will be based on further findings and the outcome of legal and tax opinions currently being commissioned.

Geosim

Clear Leisure owns 4.73% of Geosim, which develops very sophisticated 3D modeling software.  The value of this investment was written-off in the 2014 annual accounts. Clear Leisure has now been advised that the most recent round of fund raising by Geosim took place at a pre-money valuation in excess of US$ 11 million, corresponding to a valuation for Clear Leisure’s 533,990 shares of US$ 667,487. 

Geosim’s new 3D model of city of Vancouver has been released and a short demo can be found at:  http://new.geosimmovies.com.

Other Investments

Further investigation is being carried out on Fortune Cookie Ltd, SoSushi Company srl, Ascend Capital plc, OHR S.p.A. (trading as Ora Hotel Group) and Cambria Group, to establish the Company’s rights to any recoverable value in these assets.

Since the appointment of the new Board, the Company has retained, or confirmed existing mandates, with more than ten law firms in the UK, Luxembourg and Italy, with the aim of recovering value from Clear Leisure’s investment portfolio. Clear Leisure’s largest shareholder, Eufingest, has demonstrated support for these initiatives by providing a £200,000 facility. This facility, as described in the RNS on 31 December 2015, was drawn down on 15 March 2016 and is to be reimbursed on 15 September 2016.

March 2015 £250,000 Secured Loan – Repayment of Principal

The Company entered into a £250,000 Secured Loan in March 2015, bearing interest of £80,000 with a 1 September 2015 repayment date. The new Board extended the repayment date and entered into negotiations with regard to the calculation of interest. On 2 March 2016, the lender and the Company entered into a settlement agreement as a result of which the loan principal has been repaid, while the £80,000 interest component of the original loan, plus 4.5% interest, will be settled on, or before 31 December 2016.

Settlement of Digital Magics S.p.A. claims

The previous Board had negotiated settlement in principle with Digital Magics S.p.A. to close all outstanding disputes arising from past transactions involving a number of deals between Clear Leisure and Digital Magics S.p.A. This agreement involved the issue of a further EUR 400,000, 7% debt bond and a cash payment for EUR 17,500. The new Board has renegotiated the original settlement and has agreed to issue two units totaling EUR 300,000 of the existing Clear Leisure Bond bearing a 7% interest, which expires on 15 December 2017. The EUR 17,500 cash payment obligation is unchanged.

Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented, “We are pleased with the progress made over the past nine months, but are left in no doubt that there are many more months of dedicated investigations still ahead of us, before we can fully calculate the true value of the Company’s assets. In the meantime we will continue to seek to realise the value in the asset base with a view to maximising shareholder value.

“We wish to thank our shareholders for their continuing patience and look forward to reporting further more positive results in the course of the remainder of the year.”

-ends-

For further information please contact:

Clear Leisure plc                                                                               +39 335 296573
Francesco Gardin, CEO and Executive Chairman

ZAI Corporate Finance (Nominated Adviser)
Tim Cofman/Jamie Spotswood                                                           +44 (0)20 7060 2220

Peterhouse Corporate Finance (Joint 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 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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