RNS.12/09/1614 May 2018 14:52
Clear Leisure (AIM: CLR), the leisure and property focused investment company, is pleased to provide an operational update following the recent passing of the one-year anniversary of the appointment of the Company�s new Board and executive management team.
The entire focus of management remains the monetisation of all of the Company�s existing assets, through selected realisations, court-led recoveries of misappropriated assets and substantial debt-recovery processes;
Several law firms are engaged on the Company�s behalf in legal actions to recover shareholder funds in UK and Italy; each one selected for its specialist experience in the area specific to the individual claim;
The Board is committed to achieving significant cash return to shareholders; the emphasis is on cash collection, not paper profits / valuation;
The Company is pursuing legal claims, amounting to some EUR55 million (�45.5 million) (each �1m recovered represents 0.41p per share); the value of these claims is not included on the Company�s balance sheet.
Following the anticipated return of capital, the Board believes the Company will represent a particularly attractive shell vehicle; with approximately �60 million of capital and trading loses.
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