CLP.L Regulatory News (CLP)

Clear Leisure Plc - Bond Conversion

PR Newswire

London, November 9

 9 November 2020

Clear Leisure Plc

(“Clear Leisure” or “the Company”)

Conversion of Eufingest Loans into Company’s Bond

The board of Clear Leisure (AIM: CLP) is pleased to announce that the Company has entered into a binding agreement with Eufingest SA (“Eufingest”) to convert all Eufingest's outstanding loans plus accrued interest to date, amounting to €3,423,707 (the “Eufingest Loans”) into either the Company’s Zero Coupon Bond or a new, similar bond security (“the Bond”) with a maturity date of 15 December 2022 and a yield to maturity of 1%.

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.

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.”

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For further information please contact:

Clear Leisure Plc +39 335 296573

Francesco Gardin, CEO and Executive Chairman

SP Angel Corporate Finance (Nominated Adviser & Broker) +44 (0)20 3470 0470

Jeff Keating / John Mackay

Leander (Financial PR) +44 (0) 7795 168 157

Christian Taylor-Wilkinson

About Clear Leisure Plc

Clear Leisure plc (AIM: CLP) is an AIM listed investment company with a portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy. The focus of the management is to pursue the monetisation of all of the Company’s existing assets, through selected realisations, court-led recoveries of misappropriated assets and substantial debt-recovery processes. The Company has recently realigned its strategic focus to technology related investments, with special regard to interactive media, blockchain and AI sectors. For further information, please visit, www.clearleisure.co.uk