(Alliance News) - Clear Leisure PLC on Tuesday said its portfolio firm PBV Monitor Srl has received a total investment of EUR300,000 from an Italian company which has a stake in Clear Leisure.
PBV is an Italian legal database firm in which Clear Leisure holds a 10% interest.
The leisure-focused investor said that the amount includes an investment of EUR150,000 in PBV equity and a EUR150,000 subscription for a PBV 18-month convertible loan note with a yearly interest rate of 10%.
Clear Leisure added that it intends to maintain its 10% holding in PBV Monitor by making an investment equal to that of the undisclosed Italian investment company.
Clear Leisure also said that the process to integrate services with Italian financial publisher Class Editori SpA was taking longer than expected as its Intelligence Search online service remained under final testing due to increased categorisation capabilities being added to the search engine.
In October, Clear Leisure said PBV Monitor signed a contract with the Italian publishing group which would see PBV provide content from its legal database in the production of a comprehensive annual report on Italian law firms.
Despite the delay, the company reiterated its confidence that its investment in PBV represents a unique opportunity and added that the view is shared by the new investor.
Shares in London-based Clear Leisure closed flat at 0.24 pence each on Tuesday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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