CLP.L Regulatory News (CLP)

Clear Leisure Plc - Mediapolis Court Update

PR Newswire

London, February 21

22 February 2018

Clear Leisure Plc(“Clear Leisure” or “the Company”)

Mediapolis Appeal RulingAnd Recognition of First Charge over Asset

The Company has been informed by its Italian legal adviser that the joint appeal against the Mediapolis Srl winding up petition, as announced on 21 November 2017, has been rejected by the Turin Appeal Court.

The legal advisers to the Company are currently assessing the Court ruling to consider the opportunity of appealing the judgement in the Italian High Court.

Clear Leisure has also received from the appointed receiver of Mediapolis a ‘creditor ranking’ proposal with confirmation of the Company’s wholely owned subsidiary, Clear Leisure 2017 Ltd, having first charge right on the land plot. The final approval of the creditor plan is subject to the ruling of the Bankruptcy Court, with a first hearing due to take place on 23 February 2018. 

Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented: “While we are not happy about the result of the appeal, confirmation of the receiver’s proposal to the Bankruptcy Court of the key recognition of our first charge over the Mediapolis land, is a positive step forward. We will update the market once the Court makes a final judgement on the receiver proposal.”

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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For further information please contact:

Clear Leisure Plc +39 335 296573Francesco Gardin, CEO and Executive Chairman

SP Angel Corporate Finance (Nominated Adviser & Joint Broker) +44 (0)20 3407 0470Jeff Keating / John Mackay/Charlie Bouverat

Leander (Financial PR) +44 (0) 7795 168 157Christian 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. For further information, please visit, www.clearleisure.co.uk