LONDON (Alliance News) - Clear Leisure PLC on Thursday said it has raised a total of GBP150,000 through a share placing, following which its largest shareholder has decided to convert GBP164,872.10 to shares to increase its holding.
Clear Leisure said it placed 30.0 million shares at 0.50 pence per share, to raise funds for general working capital purposes and to help fund the current litigation to recover past investments.
Shares in Clear Leisure were down 24% at 0.570 pence on Thursday.
Following the placing, Clear Leisure said its largest shareholder Eufingest SA confirmed it is converting GBP164,872.10 of its GBP775,000 convertible loans into 22.0 million Clear Leisure shares at a price of 0.75p per share.
The conversion will increase Eufingest's holding in Clear Leisure to 29.90% from 26.85%, and will mean Clear Leisure's exposure to Eufingest's loan notes will reduce to around GBP610,000.
Clear Leisure said it expects the shares will be admitted to trading next Wednesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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