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Clear Leisure plunges on ORH liquidation plan

Wed, 12th Feb 2014 08:45

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 ORH's previous management.The group explained that this "created a situation where the continuation of business activities by ORH has been considered uneconomical and the restructuring of this debt to be too expensive compared to the value of the assets under ORH's control".The group acquired majority control on the business in November 2012, and in June last year increased its holding to its current level. It has recovered 7.2m of the 14.4m shares issued to pay for the stake, and expects to recover the remaining 7.2m before February 15th 2014. Costs of £0.2m are expected to be incurred to cover both the legal procedure and for the reimbursement of ORH's customers who may claim a refund due to the disruption of services at their hotel, due to the closing of the operations. The Milan Criminal Prosecutor's office has begun an investigation into the illegalities relating to ORH's debt position, which the group hopes "will clearly establish which parties are responsible for the fraud, allowing the company to protect its rights". A statement released by the group read: "The wide-reaching ramifications of the above mentioned debt [... has] compromised the operations and reputation of the entire ORH brand. For this reason all the activities of ORH have been placed within the voluntary liquidation order."On a more positive note, the company is actively seeking to extract [...] any potential opportunities in the tourism sector, especially those related to the Italian hotel management market and web-based travel operations. The board cannot provide any degree of certainty regarding the success of these discussions at this stage in the process." It was, however, more confident that it may be able to successfully swap its potential tourism assets, or potential future rights in ORH, as the majority shareholder related to the ORH liquidation, with other tourism assets and activities. Dependent on the outcome of the negotiations, the maximum total loss for the company will be £2m, or 1p per share.The share price had fallen 13.64% to 1.90p by 09:20 Wednesday. NR

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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

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CLP.L Share News (CLP)

Clear Leisure plunges on ORH liquidation plan

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

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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