LONDON (Alliance News) - Clear Leisure PLC on Thursday said it has sold Alnitak Sarl for EUR1.2 million to an affiliate of a US-based investment fund, which it did not name.
The total cash proceeds to Clear Leisure from the sale will be EUR900,000, after adjusting for the EUR300,000 it paid to Halcyon Sarl to acquire the 49% of Alnitak it did not already own.
Alnitak owns the Hospitality and Leisure Fund, which owns four holiday resort in Italy.
The proceeds from the sale will be used to pay back its GBP200,000 convertible loan with Eufingest SA. Clear Leisure also has rescheduled two other EUR200,000 convertible loan notes into a single, EUR400,000 note repayable by December 2016.
Clear Leisure shares were up 40% to 0.840 pence on Thursday following the announcement.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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