28 Oct 2016 07:00
Clear Leisure Plc - Loan FacilityClear Leisure Plc - Loan Facility
PR Newswire
London, October 27
28 October, 2016
Clear Leisure plc
("Clear Leisure" or "the Company")
LOAN FACILITY FOR EUR 50,000 FROM RELATED PARTY
The Board is pleased to announce that the Company has entered into an unsecured convertible loan facility agreement (the Facility") with Eufingest S.A ("Eufingest"), a Swiss investor and major shareholder in the Company.
Under the Facility, Eufingest provides EUR 50,000 at an interest rate of 2.5 per cent per annum. The Facility is repayable on 31 December 2016.
The proceeds of the Facility will be used to fund subsidiaries costs.
The Company may repay the Facility early at any time without penalty. At any time before 31 December 2016, Eufingest may convert the outstanding balance of the Facility into Shares at the rate of 0.75 pence per Share.
Eufingest is the beneficial holder of more than 10 per cent of the ordinary share capital of the Company. Eufingest is therefore a "related party" for the purposes of the AIM Rules.
The Directors of the Company (each of whom is independent from Eufingest), having consulted with the Company's NOMAD, consider the terms of the transaction to be fair and reasonable insofar as shareholders are concerned.
Eufingest, as the largest shareholder, remains fully supportive of the Board’s efforts to realise value from its investments.
Francesco Gardin, CEO and Chairman of Clear Leisure, commented, "We are pleased to have secured this loan from one of our longest standing shareholders and which will enable us to continue the process of restructuring the Company to help us realise the value of our non-core assets."
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For further information please contact:
| Clear Leisure plc Francesco Gardin, CEO and Executive Chairman | +39 335 296573 |
| ZAI Corporate Finance (Nominated Adviser) Tim Cofman/Jamie Spotswood/Peter Trevelyan-Clark | +44 (0)20 7060 2220 |
| Peterhouse Corporate Finance (Broker) Lucy Williams / Heena Karani | +44 (0) 20 7469 0935 |
| Cadogan Leander (Financial PR) Christian Taylor-Wilkinson | +44 (0) 7795 168 157 |
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. For further information, please visit, www.clearleisure.com