(Alliance News) - Clear Leisure PLC said Wednesday the first hearing in relation to the legal action against the former directors of Sipiem SpA has been postponed to February 2020.
Clear leisure shares were down 21% in London at 0.18 pence each on Wednesday.
The Italy-focused leisure, real estate and cryptocurrency investor said the reason for postponement is "due to court having a large back-log of cases still to be heard before the Sipiem case" in the Venice court.
Clear Leisure purchased the legal action through its subsidiary Clear Leisure 2017 Ltd in September this year. The legal claim was in relation to Sipiem's liquidator accusing the company's previous executive team and audit committee of fraud and mismanagement.
Clear Leisure 2017 paid Sipiem EUR50,000 to acquire the legal action and will pay all legal costs. It will also receive 70% of any money recovered should the ruling go in favour of Clear Leisure 2017.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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