RE: Eufingest15 Nov 2021 19:28
As part of the agreement with Eufingest, the Company will provide a security
over any proceeds arising from the Company's claim against Sipiem (referred to
most recently in the Company's announcement of 27 October 2020). It has also
been agreed that Eufingest will have the right to convert, at any time, the
Bond into new Clear Leisure ordinary shares at a conversion price of 1p per
ordinary share.
Eufingest already holds €3m of the Zero Coupon Bond the total face value of
which currently in issue is €4.8m. ( November 2020).
Eufingest is a substantial shareholder in the Company as defined by the AIM
Rules for Companies. The conversion of the Eufingest Loans into the Bond and
extension of the repayment date is therefore a related party transaction
pursuant to AIM Rule 13 of the AIM Rules for Companies. The directors of the
Company, having consulted with its nominated adviser, consider that the
transaction is fair and reasonable insofar as its shareholders are concerned.
Francesco Gardin, Executive Chairman and CEO of Clear Leisure, commented, "We
are very pleased by Eufingest's long term commitment to the Company. Setting
the maturity date of all existing loans into a Zero Coupon Bond to 15 December
2022 allows the Company to focus on its new technology investments strategy,
while accomodating a reasonable time for the outcome of current litigation."
So more likely Eufingest loan pay back by possible proceeds of our court case claim.
Just some thoughts