Clear Leisure Share Discussion Threads

[rkbeekeeper] 09/3/2017 14:21

Fortunately I have not had any dealings with Mr Villa. I arrived at CLP just as the Professor was re-joining the BOD and after I had read the previous 3 or 4 years accounts and all available RNS.

I felt that the Company was undervalued, true asset position not fully disclosed or understood by all parties connected with the Company.

The more I researched and using past experience of other companies I have invested in over the past 30 odd years I concluded this was the one Company that even Einstein would find hard to understand.

A few things keep coming back to remind me why I believe in CLP.

Eufingest lending at 2.5% when most other AIM companies taking 8% or 10% and even 12% for their loans.

Euro Bond Holders 6.9 million agreeing to take only 1% when originally it was I believe 9.5%

And finally our 2016 accounts will be published in £ not Euro why? because as I have said recently there has been an improvement last year of over Euro 1.8 million and MM, PI and II have not realised it yet but we have and we don't have too long to wait.

RKB

[longshanks] 09/3/2017 14:02

I believe that Alfredo Villa has been accused of misappropriating funds (and substantial sums at that).

[rkbeekeeper] 09/3/2017 13:47

I expect when Eufingest re-schedule all their loans at the end of this month they will convert one loan of about £60K and receive about 7,789,885 shares to bring them back up to about 29.9% The conversion will be at 0.75 and the key will be if Eufingest decide to take one loan for just under £1 million and how long for.

Everything was geared up towards the end of this month and soon we will have a clearer understanding what the BOD have achieved on our behalf.

RKB

[rkbeekeeper] 09/3/2017 13:42

Alfredo Villa was appointed by our BOD as our representative.

RKB

[longshanks] 09/3/2017 13:34

According to Bloomberg, Sipiem is a private company.Interesting though is that Alfredo Villa is named as the CEO. Funny that.hTTp://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=113896117

[maxmarilli] 09/3/2017 13:18

Well,long,if you consider that sipiem is cash positive with annual profits and is quoted on milan`s stock exchange(i think,but not 1005 sure)......it shouldn`t be that difficult to sell....by the way,we have a persistent seller that doesn`t letthe share pass 0.85p,why?

[longshanks] 09/3/2017 13:09

There's no underlying reason RKB other than for the fact that the company won a Turin court case in May.Before that win, the company was obliged to impair the asset value based on its ability to influence the operation. The win means they can assert ownership AND seek repatriation of cash from previous and current management.Their ability to sell Sipiem at full valuation and/or recover any cash is still open to question. Until the cash is in the bank, the paper figures really are meaningless.

[rkbeekeeper] 09/3/2017 12:10

That is 100% correct Longshanks, but what we also have now is more information.

We were never informed what that impairment reversal in the CLP accounts was.

The fact through Brainspark Associates we have additional information helps us.

You have to ask the question why reverse it? It could be that as the Lawyers that are engaged have had input. It could be that at long an assets as valuable as Sipiem is being lined up for sale and it would look better on paper if the assets are as valuable as possible so as to achieve an enhanced realisation if / when divested.

RKB

[longshanks] 09/3/2017 11:28

The €600k impairment reversal is a non-cash event. It is the same as saying "our valuation of Sipiem is now higher than it was".It only makes a difference if they can sell that asset at or above the revised valuation. Such asset sales are really what we are waiting on: mediapolis and sipiem being the significant ones.

[mrphiljones] 09/3/2017 11:12

The Company also made an impairment reversal of Euro 600,000 in Sipiem because the Director considered

So I'm I right in thinking theirs another 600k floating around?....

[rkbeekeeper] 09/3/2017 10:33

Amended Brainspark Associates Accounts were filed at Companies House on 8th March 2017.

There is a covering note at the start which says:

As explained in note 2 to the financial statements, these financial statements are revised financial statements. The original accounts submitted to Companies House accidently included in the Balance Sheet the line “Other Reserves” totalling Euro 8,325,486 (and the 2014 comparatives). These entries should not have been there as they formed part of the consolation entries in the parent company. These entries have now been removed and the effect of this revision is an increase in the amounts due to group undertakings and a decrease in equity of Euro 8,325,486. This adjustment does not affect the consolidated accounts of its parent company Clear Leisure PLC.

There is a lot more information included in the revised accounts.

'Derecognition of financial liabilities’ Financial Liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

‘Critical accounting estimates and judgements’ No significant judgements have been made by the directors in preparing these financial statements. The Directors have made key assumptions in the determination of the recoverable value of investments.

“During the year the Company wrote-off entirely the Euro 203,500 investment in the subsidiary You Can Group SrL.

The Company also made an impairment reversal of Euro 600,000 in Sipiem because the Director considered that the reason for which the impairment was made ceased to apply”.

What does all this mean?

Well we now have true and accurate information to make our own investment decisions. More information has been provided with additional explanations. Our Auditors going forward will ensure that not only will Brainspark Associates accounts correctly reflect its true financial position but that Clear Leisure PLC will also have more detailed information and explanations.

RKB

[mrphiljones] 08/3/2017 17:54

Lol skirts,dresses and kilts is all about weird but hey you eat your tea from a cows belly..I'll stick to my Yorkshire puddings....:-)))

[vauch] 08/3/2017 17:19

MPJ

you have a strange dress code in your area most would call it a skirt.
But a Kilt it is and having the air around ya tackle is great.

[mrphiljones] 08/3/2017 16:23

Lol where I'm from we call that a dress.....:-))

[rkbeekeeper] 08/3/2017 16:17

Now I know why you always had a long kilt on.

RKB

[longshanks] 08/3/2017 16:06

Ay. That was me RKB, fond memories.

[rkbeekeeper] 08/3/2017 15:29

LongShanks.

In my youth when I used to go to the Casino in Glasgow (Reo Stakis on Hope St)

There was a famous singer (wore a kilt) and he used to play Roulette (badly) He was always so inebriated that he would bet on Red & Black and Odd & Even along with individual bets on over half the numbers, all on the one spin, you can guess, he lost most of the time, he did not know what he was doing and just burned £50 notes for hours and hours.

I only really bet on Black Jack and often played 5 or 6 hands at one time with the sole aim of busting the dealer.

It was me who used to buy the singer a drink as he had no money left and of course I did.

The purpose of telling you this? None.

As there is no news we have to just watch the roulette wheel turn and turn until the BOD stop it spinning and the winners collect their stake and ‘winnings̵7;

RKB

[jungmana] 08/3/2017 15:16

Warrants can be exercised or let to expire. Imo will be the latter

[rkbeekeeper] 08/3/2017 15:14

Hi Max

Last day Warrants can be exercised is 21st March as BOD said within 6 months of placing of shares which occurred on 21st September. Therefor we have less than 2 weeks for Warrants to be exercised.

There is also an anomaly to say they need a bigger free float, not true in my opinion as you say MM were caught short, well they will be short when PI realise our true value.

RKB

[jungmana] 08/3/2017 15:13

Clp is not going anywhere that's why I sold out two months back and bought prem. And so glad I did.For next potential multi bagger check out MAFL. That could easily do 200% within 3/4 weeks.Dyor always

[longshanks] 08/3/2017 15:09

Not planning to put any more in to this. I am one of those people that stick to red/black on roulette.

[maxmarilli] 08/3/2017 14:53

14 sept 2016:Today’s fund raise is directly a response to new institutional investor demand, and allows an increase in the Company’s free float, whilst enabling a materially beneficial retirement of subsidiary debt at high discount”.So a bigger freefloat because mms got caught out by 2 days b4 rns and spiked....i wonder if that will triger the warrants @ 1.5p,this time....(expiring 6months after that rns)....Exciting times when it wakes up!

[maxmarilli] 08/3/2017 13:38

Long,are you buying any,today?you know it makes sense....

[longshanks] 08/3/2017 11:29

We are in a divest and sale process: end goal is to have a non-trading shell that can be sold to or merged with another business to take advantage of the historic losses.The plan to pay a 2p dividend from free cash arising from the asset sales is a declared ambition.

[rkbeekeeper] 08/3/2017 10:47

Hi Peter

Have to disagree.

When BOD have a reasonable amount of spare funds I believe they will use some of it for a dividend. Eufingest are not lending at 2.5% because they are philanthropic.

RKB