RE: RNS22 Nov 2019 15:04
Previous RNS
19 September 2019
Clear Leisure Plc
("Clear Leisure" or "the Company")
Update on Proceeds from Mediapolis Land Auction
The Board is pleased to announce that, following increasing legal pressure
being put upon the receiver in charge of the Mediapolis Srl ("Mediapolis")
bankruptcy and in order for Clear Leisure 2017 Ltd ("CL2017") to obtain the
proceeds due from the sale of the Mediapolis land, the Auctioneer has now
proposed to the Ivrea Court to allocate the total of EUR1,938,309.98 to
"Fallimento Mediapolis Srl" (Mediapolis Bankruptcy srl). Fallimento Mediapolis
Srl is the new legal name of Mediapolis Srl, following the bankruptcy
procedure.
The Mediapolis land was sold at auction in July 2018 for EUR1,958,400.00 and it
has been transferred to the purchaser of the land by the Court of Ivrea on 22
February 2019. The difference of approximately EUR20,000 between the sale price
of the land and the sum assigned to Fallimento Mediapolis srl is due to the
payment of the costs of the seizure procedure incurred by Ivrea Court.
The allocation proposal requires the formal approval of the Ivrea Court at a
hearing scheduled for 22 November 2019.
Once the funds are transferred to Fallimento Mediapolis Srl, the Mediapolis
receiver will be formally asked again to proceed with an anticipated assignment
of such funds immediately to CL2017, as the beneficiary of the first charge on
the Mediapolis Land, net of further procedural costs to be charged by the
receiver. The amount receivable by CL2017 will initially be up to a maximum of
80% of EUR1,938,309.98 (being approximately EUR1,550,648). As a general principle,
Italian receivers must distribute funds to creditors at the end of the
bankruptcy procedure; however, under certain circumstances, Italian law allows
to anticipate such a distribution of up to of 80% of the total sum due.
CL2017 will continue to have the right to receive the remaining 20% of the
proceeds of the sale (or any balance to the 100%) that would be assigned at the
conclusion of Mediapolis' bankruptcy procedure.
CL2017 will maintain legal pressure on all the parties involved, in order to
obtain the aforementioned assignment of the proceeds resulting from the auction
of the Mediapolis Land following the conclusion of the Ivrea Court hearing in
November.
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