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Clear Leisure board closer to calculating company's value

Wed, 30th Mar 2016 10:54

(ShareCast News) - Beleaguered investment company Clear Leisure updated the market on its investigations into just what it owns on Wednesday, providing some clarity - but remaining far from any final answers.The AIM-traded company's board was appointed to a firm in disarray in July 2015, and at the time promised to undertake a major due-diligence on the status of its investments.On Wednesday, the board said the analysis of some investments was yet to be finished due to the legal complexity of the issues involved.The Ondaland water park investment, owned by T.L.T. S.p.A. in Italy, had been in dispute due to confusion over the ownership of intermediate company SIPIEM S.p.A."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," the board confirmed,Its Mediapolis investment was also facing issues, with a claim for EUR 39.65m against the Piedmont region filed last year for failing to issue a construction permit.The company said its investigations to date had also uncovered historic claims on Mediapolis from suppliers, counterparts, banks and bondholders amounting to EUR 14.8m, although the current legitimacy of some of the claims remained 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."Clear Leisure also owned 4.73% of Geosim, a developer of 3D modeling software, and had written off the value of the investment in the 2014 annual accounts."Clear Leisure has now been advised that the most recent round of fundraising by Geosim took place at a pre-money valuation in excess of $11m, corresponding to a valuation for Clear Leisure's 533,990 shares of $667,487."In the rest of its portfolio, Clear Leisure was making progress on investigating its rights to any recoverable value in Fortune Cookie, SoSushi Company, Ascend Capital, Ora Hotel Group and Cambria GroupClear Leisure CEO and executive chairman Francesco Gardin said he was pleased with the progress made over the last nine months, but had no doubt there were many more months of investigations before the full value of the company's assets could be calculated."In the meantime we will continue to seek to realise the value in the asset base with a view to maximising shareholder value," he said."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."

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27 May 2014 14:43

Clear Leisure acquires Hospitality and Leisure Fund

Leisure investor Clear Leisure has acquired an Italian real estate fund, owner of four holiday resort hotels, in anticipation of a recovery in the region in the next two years. Clear Leisure, formerly named Brainspark, said it bought a 100% interest in the Hospitality & Leisure Fund for an unspeci

14 Apr 2014 08:26

Clear Leisure expects answer on Mediapolis by end of April

Clear Leisure, the AIM-listed investment company currently involved in court proceedings relating to its proposal for the restructuring of its troubled Mediapolis business, said it has presented all the relevant documentation and financial warranties to the Ivrea court on schedule. The group said

18 Mar 2014 13:09

UK MIDDAY BRIEFING: Sainsbury's Sales Slow But Won't Join Price War

LONDON (Alliance News) - J Sainsbury PLC reported its first sales fall in nine years for the fourth quarter of its financial year, but Chief Executive Justin King said the grocer will not get caught up in the price war within the UK supermarket sector and will ensure competiti

18 Mar 2014 11:57

UK WINNERS & LOSERS: Cairn Energy Falls 12% As It Swings To Loss

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.

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FTSE 100 - WINNERS

J Sainsbury, up 0.8%. The food retailer is the latest of the big UK supe

18 Mar 2014 10:48

UPDATE: Clear Leisure Up As It Gets GBP10 Million Credit Line

LONDON (Alliance News) - Clear Leisure PLC saw its shares rise Tuesday after it got a GBP10 million two-year credit line from GEM Global Yield Fund Ltd, a facility that provides it with funds for working capital, fire power for potential acquisitions, and which may also be used to support debt re

18 Mar 2014 10:44

Clear Leisure Up As It Gets GBP10 Million Credit Line

27 Feb 2014 14:38

UK MIDDAY BRIEFING: Shareholder Payouts Rise As Recovery Takes Hold

LONDON (Alliance News) - A large number of companies resumed or hiked shareholder payouts on the biggest day of the UK earnings season Thursday, as earnings generally headed higher thanks to the gradual economic recovery in 2013.

Housebuilders Barratt Developments and Redrow both re

27 Feb 2014 12:12

UK WINNERS & LOSERS: RBS Shares Fall 8.7% As It Records Wider Loss

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.

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FTSE 100 - WINNERS

Capita, up 5%. The British outsourcing company said its 2013 pretax pro

27 Feb 2014 11:12

Clear Leisure Pledges Special Dividend If Mediapolis Sale Works Out

LONDON (Alliance News) - Clear Leisure PLC saw its shares rise Thursday after saying it will pay a special dividend worth GBP4 million if the Italian courts allow its Mediapolis SpA subsidiary to complete a proposed debt restructuring, allowing Clear Leisure to sell its stake in the unit to one o

12 Feb 2014 13:46

UK MIDDAY BRIEFING: UK Interest Rates To Stay Low For Some Time

LONDON (Alliance News) - Bank of England Governor Mark Carney Wednesday said the central bank still thinks interest rates will have to remain where there are for some time for come, as he changed the bank's trigger for discussing rate rises to the takeup of "spare capacity" in the economy rath

12 Feb 2014 11:47

UK WINNERS & LOSERS: Tullow Oil Slides As 2013 Profits Drop

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Wednesday.

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FTSE 100 - WINNERS

Babcock International Group, up 2.4%. The company has confirmed its jo

12 Feb 2014 08:45

Clear Leisure plunges on ORH liquidation plan

Shares in investment company Clear Leisure slumped on Wednesday after announcing its decision to liquidate ORH SpA, its 73.43 per cent-owned hotel and travel business. The decision came after the discovery by the company of a sizable, undisclosed debt position mainly on the African hotels under OR

22 Nov 2013 11:54

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CLP.L Share News (CLP)

Clear Leisure board closer to calculating company's value

Clear Leisure acquires Hospitality and Leisure Fund

Clear Leisure expects answer on Mediapolis by end of April

UK MIDDAY BRIEFING: Sainsbury's Sales Slow But Won't Join Price War

UK WINNERS & LOSERS: Cairn Energy Falls 12% As It Swings To Loss

UPDATE: Clear Leisure Up As It Gets GBP10 Million Credit Line

Clear Leisure Up As It Gets GBP10 Million Credit Line

UK MIDDAY BRIEFING: Shareholder Payouts Rise As Recovery Takes Hold

UK WINNERS & LOSERS: RBS Shares Fall 8.7% As It Records Wider Loss

Clear Leisure Pledges Special Dividend If Mediapolis Sale Works Out

UK MIDDAY BRIEFING: UK Interest Rates To Stay Low For Some Time

UK WINNERS & LOSERS: Tullow Oil Slides As 2013 Profits Drop

Clear Leisure plunges on ORH liquidation plan

UK WINNERS & LOSERS: Whitbread Leads Blue-Chip Risers On Upgrade

CORRECT: Clear Leisure Jumps After Generali Investimenti Bids For Mediapolis

Clear Leisure Jumps After Generali Investimenti Bids For Mediapolis

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