CLP.L Regulatory News (CLP)

22 Oct 2013 07:00

22 October 2013

Clear Leisure Plc

(“Clear Leisure” or “the Company”)

Temporary Suspension of ORH Operations

The Board of Clear Leisure (AIM: CLP), announces that its 73.43% owned travel operator subsidiary, ORH SpA (“ORH” or “the hotel group”), has temporarily suspended operations due to a number of factors affecting its African hotel subsidiaries and the wider hotel group.

The suspension follows the recent terrorist attack in Kenya and the killing of French and Italian tourists in Madagascar which, combined with lower demand and the subsequent fall in the selling price of holidays due to continuous deterioration of the Italian economy and reduction in consumer spending, has left the hotel group under a high level of financial pressure. Therefore, this direct action has been taken to reduce any financial risk to the shareholders of Clear Leisure.

ORH’s heavy financial commitment in terms of pre-booked charter flight seats and the cost of running the five hotels has affected the hotel chain as a whole. Subsequently, this has highlighted to the new management team, which was appointed in July 2013, a number of financial irregularities within the African subsidiaries and these are currently being investigated by external consultants. The Company will inform its shareholders of progress in regards to the above in due course.

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About Clear Leisure Plc

Clear Leisure Plc (AIM: CLP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy but also other European countries. 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

Copyright Business Wire 2013