LONDON (Alliance News) - Clear Leisure PLC said Wednesday it reached a settlement agreement with Peter McBride regarding an interest on a loan the company owed him.
The settlement is in regard to an amount of GBP91,722 relating to interest accrued on a loan of GBP250,000 made by Square One Ltd to Clear Leisure in March 2015.
Settlement will be reached through the issue and allotment of 8.3 million shares at 1.11 pence each.
Square One assigned the benefit of the interest to McBride in February.
"We have been in negotiations with McBride since our arrival on the board in July 2015 to settle the interest component of the loan. This has now been concluded by issuing McBride with shares in the company. The original terms of the agreement were for repayment to be made within three months. However, the long period of negotiation has led to a material reduction in the interest portion from the original terms," Chief Executive Officer Francesco Gardin said.
Admission of the new shares is expected on June 5. The company's total share capital will rise to 513 million shares.
The company also issued 7.9 million shares at 1.11p each to its joint venture partner in Miner One Ltd, 64Bit Ltd, to cover the EUR100,000 of Clear Leisure's share capital and expenditure advanced by 64Bit.
Clear Leisure shares closed down 2.4% at 1.00p.
