RNS24 Jun 2019 10:50
In September 2017, prior to the final Ivrea Court winding up petition hearing, the Company entered into a €500,000 loan agreement with a UK private company (the “Lender”) to enable Clear Leisure to purchase €4.3 million of debt at an 88% discount to face value from a creditor of Mediapolis Srl.
On 9 March 2018, it was announced that the Company had agreed with the Lender to settle €250,000 of the loan through the issue of 22,321,429 new ordinary shares of 0.25p in Clear Leisure each, at a price of 1p per share. In the first five months of 2019 the Company has repaid additional funds to the Lender.
The Board is pleased to announce that Eufingest SA, (“Eufingest”) has provided Clear Leisure with a further unsecured loan facility to settle the full outstanding debt owed by the Company to the Lender, including accrued interest, for €200,000.
Under the terms of the loan agreement, Eufingest has provided €200,000 at an interest rate of 2.5 per cent per annum. The loan is repayable on or before 31 December 2019.
Eufingest has also agreed to extend the repayment of the following loans from 30 June 2019 to 31 December 2019 (or such earlier date as may be agreed with the Company):
€50,000 and €250,000 as first announced on 07 December 2017 and 02 January 2018 respectively; and
€200,000 as first announced on 03 October 2018
(together “the Eufingest Loans”)
All other terms and conditions of the Eufingest Loans remain unchanged.
Eufingest is a substantial shareholder of the Company as defined by the AIM Rules for Companies. The new loan and the extension of the Eufingest Loans repayment dates are therefore related party transactions pursuant to AIM Rule 13 of the AIM Rules for Companies. The directors of Clear Leisure, having consulted with its nominated adviser, consider that the transactions are fair and reasonable insofar as its shareholders are concerned.