Sosushi Claim and Loan Facility
2 January 2017
Clear Leisure Plc
(“Clear Leisureâ€, or “the Companyâ€)
Sosushi Company srl Claim and Loan Facility
On 7 December 2017, the Company announced that it intended to pursue two legal claims for an approximate combined value of £2.5 million. On 28 December, at a meeting of the shareholders of Sosushi Company Srl, (“Sosushiâ€), a subsidiary of Clear Leisure in which the Company has a 99.3% interest, the current sole director of Sosushi, who was appointed by the Company, was authorised to file a claim to recover damages against the former directors of Sosushi for gross mismanagement. Further, Clear Leisure will also file a claim against previous Sosushi directors and shareholders for approximately €1.7 million (£1.5 million) in regards to Sosushi’s published accounts, which Clear Leisure used as a primary basis for the investment decision in 2012.
Additionally, the Board is pleased to announce that the Company has entered into a further unsecured convertible loan facility agreement (the “Facility") with Eufingest SA (“Eufingestâ€).
Under the Facility, Eufingest has provided €250,000 at an interest rate of 2.5 per cent per annum. The Facility is repayable on 31 March 2018 and the proceeds will be used for working capital purposes.
The Company may repay the Facility early at any time without penalty. At any time before 31 March 2018, Eufingest may convert the outstanding balance of the Facility into ordinary shares of the Company at the rate of 1 pence per ordinary share.
In addition, Eufingest, has agreed to defer the payment of €50,000 as announced by RNS on 7 December 2017, originally due by 31 December 2017, to 31 March 2018.
Following the provision of the additional €250,000, the total amount of convertible loans outstanding with Eufingest amounts to €2.7 million. The Facility is a clear demonstration of the ongoing support from Eufingest for the management and board of Clear Leisure.
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 (both of whom are independent of Eufingest), having consulted with the Company's nominated adviser, consider the terms of the transaction to be fair and reasonable insofar as shareholders are concerned.
-ends-
For further information please contact:
Clear Leisure Plc +39 335 296573
Francesco Gardin, CEO and Executive Chairman
SP Angel Corporate Finance (Nominated Adviser & Joint Broker) +44 (0)20 3407 0470
Jeff Keating / John Mackay / Charlie Bouverat
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 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. Under its existing investment policy the Company can seek new investment opportunities, in different sectors, including information technology. For further information, please visit, www.clearleisure.co.uk
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