30 Oct 2015 07:00
30 October 2015
Clear Leisure plc
("Clear Leisure", "the Group" or "the Company")
LOAN FACILITY FOR £200,000 FROM RELATED PARTY
The Board is pleased to announce that it has entered into a loan facility agreement (the Facility") with Eufingest S.A ("Eufingest"), a Swiss investor and major shareholder in the Company.
Under the Facility, Eufingest provides a facility of £200,000 at an interest rate of 3 per cent per annum. The Facility is repayable on 29 October 2017. The Facility will be fully drawn down immediately.
The proceeds of the Facility will be used for general working capital purposes.
The Company may repay the Facility early at any time without penalty. Before 29 December 2015, the Company may convert the outstanding balance of the Facility into ordinary shares in the share capital of the Company ("Shares") at the rate of 0.68 pence per Share.
At any time after 29 December 2015, Eufingest may convert the outstanding balance of the Facility into Shares at the rate of 0.68 pence per Share.
Eufingest is the beneficial holder of more than 10 per cent of the ordinary share capital of the Company. Eufingest is as "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 believe the transaction to be fair and reasonable and to be in the best interests of all shareholders.
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 +39 335 296573
Francesco Gardin, CEO and Executive Chairman
ZAI Corporate Finance (Nominated Adviser)
Tim Cofman/Jamie Spotswood/Peter Trevelyan-Clark +44 (0)20 7060 2220
Peterhouse Corporate Finance (Joint Broker) +44 (0) 20 7469 0935
Lucy Williams / Heena Karani
Cadogan 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 Company may be either a passive or active investor and Clear Leisure's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions. For further information, please visit, www.clearleisure.com