19 Sep 2017 07:00
Clear Leisure Plc - Settlement of Mediapolis Debt PositionClear Leisure Plc - Settlement of Mediapolis Debt Position
PR Newswire
London, September 19
19 September 2017
Clear Leisure plc("Clear Leisure" or "the Company")
Settlement of Mediapolis Debt Position
Further to yesterday’s release of the Company’s interim results for the six months to 30 June 2017 and the movement in the Company’s share price, Clear Leisure plc (AIM: CLP), wishes to clarify the position in relation to on-going negotiations with creditors of its subsidiary, Mediapolis Spa. Whilst there has been no agreement subsequent to release of the interim results, the Company advises that its negotiations are in an advanced stage and if successful, the discount on buying back various debts of Mediapolis SpA would amount to circa €4.4 million, at a proposed discount of about 87 percent.
If these negotiations are successful and the proposed discount is agreed this would equate, on a consolidated basis, to a significant improvement in the Group’s balance sheet of approximately €3.8 million or circa 1.24 pence per share.
Francesco Gardin, Chairman and CEO of Clear Leisure, commented, “These agreements would represent a key step forward in the Company’s strategy of restructuring the Group’s debt and ring-fencing of assets. They should also strengthen Clear Leisure’s argument to have the winding up petition dismissed when the Ivrea Court reconvenes on 29 September.”
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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)+44 (0)20 7060 2220
Tim Cofman/ John Tracy/ Luis Brime Berdugo
Peterhouse Corporate Finance (Broker)+44 (0) 20 7469 0935
Lucy Williams / Heena Karani
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. For further information, please visit, www.clearleisure.co.uk