Mediapolis Land Auction and Request of Assignment

Clear Leisure Plc - Mediapolis Land Auction and Request of Assignment

PR Newswire

London, July 19

20 July 2018

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

Mediapolis Land Auction and Request of Assignment

The Company has been informed by its Italian legal advisers that the Court of Ivrea has appointed an auctioneer who has set the date for the auction of the 497,884 sqm land owned by Mediapolis Srl, (“Mediapolis”) for Wednesday 25 July 2018.

The Court appointed surveyor had assigned a valuation of €3.86 million to the land. However, the auctioneer has fixed the base price for the auction at €2.61 million, with minimum offers being accepted of not less than 75% of the base price, according to the applicable provisions of Italian law. The Company will not be bidding in the auction.

Clear Leisure 2017 Ltd, the wholly owned subsidiary of Clear Leisure, is the beneficiary of a first charge on the land up to an amount of €2.68 million whilst the Company also holds an unsecured creditor position of €8.21 million on Mediapolis.

This auction does not include the villas owned by Mediapolis in Sardinia.

Last week, the Company had formally commenced the process for the direct assignment of the land to Clear Leisure 2017 Ltd, by presenting the request to the Ivrea Court. The Company is awaiting a decision from the Court on this matter.

Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented, “We are constantly monitoring the situation, taking advice from our experienced legal team in Italy, and while the main strategy is still to obtain the ownership of the land, we remain a strong position as the main creditor through our first charge mortgage over the land.”

-ends-

For further information please contact:

Clear Leisure Plc

Francesco Gardin, CEO and Executive Chairman+39 335 296573

SP Angel Corporate Finance (Nominated Adviser & Broker)

Jeff Keating / John Mackay+44 (0)20 3407 0470

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. The Company has recently launched a joint venture initiative in the cryptocurrency mining sector. For further information, please visit, www.clearleisure.co.uk