CLP.L Regulatory News (CLP)

Clear Leisure Plc - Issue of Equity

PR Newswire

London, May 30

30 May 2018

Clear Leisure Plc

(“Clear Leisure” or “the Company”)

Settlement Agreement and Issue of New Ordinary Shares

The board of Clear Leisure (AIM: CLP) is pleased to announce that it has reached a settlement agreement with Mr Peter McBride in respect of an amount due by the Company to Mr McBride. The settlement is in regard to an amount of £91,722 relating to interest accrued on a loan of £250,000 made by Square One Limited to Clear Leisure in March 2015, at which time the Company was under the control of its previous board. The benefit of the accrued interest was assigned to Mr McBride by Square One Limited in February 2018. The principal amount of the loan was repaid in 2016. Settlement of the £91,722 will be satisfied through the issue and allotment of 8,263,250 new Clear Leisure ordinary shares at a price of 1.11p per share.

The board also announces that the Company has agreed to issue 7,868,130 new Clear Leisure ordinary shares at a price of 1.11p per share to 64Bit Limited, the Company’s joint venture partner in Miner One Limited (“MOL”) in order to cover the Company’s share of capital and operating expenditure, amounting to €100,000, which had been advanced to MOL by 64Bit Limited. During the next few weeks, 64Bit Limited will transfer ownership of the assets to MOL. Following the issue of shares, the Company will now have fully funded its initial 50% contribution to the joint venture partnership amounting to €200,000 as stated in the announcement dated 27 December 2017.

Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented,

“We have been in negotiations with Mr McBride since our arrival on the board in July 2015 to settle the interest component of the loan. This has now been concluded by issuing Mr McBride with shares in the Company. The original terms of the agreement were for repayment to be made within three months. However, the long period of negotiation has led to a material reduction in the interest portion from the original terms.”

Application will be made for the new ordinary shares to be admitted to trading on AIM with admission expected to occur on 5 June 2018. The new ordinary shares will rank pari passu with the existing ordinary shares of nominal value 0.25p each in the capital of the Company (the "Ordinary Shares").

Following admission, the Company's enlarged issued share capital will comprise 513,092,462 Ordinary Shares. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. 

For further information please contact:

Clear Leisure Plc +39 335 296573

Francesco Gardin, CEO and Executive Chairman

SP Angel Corporate Finance (Nominated Adviser & Sole Broker) +44 (0)20 3407 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 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 launched a joint venture initiative in the cryptocurrency mining sector. For further information, please visit, www.clearleisure.co.uk