Clear Leisure Plc Bond Holder Meeting

 
TIDMCLP 
 
28 November 2016 
 
                               Clear Leisure plc 
                ("Clear Leisure", "the Group" or "the Company") 
 
                              Bond Holder Meeting 
                              on 16 December 2016 
 
Clear Leisure (AIM: CLR), the leisure and property focused investment company, 
is pleased to announce that it has written to holders of its EUR 9.9m 
redeemable Bond ("the Bond"), due on 15 December 2017, calling a meeting at 10 
am on 16 December 2016, at the Company's registered office 22 Great James 
Street, London WC1N 3ES to seek bondholder approval for the following: 
 
    a.     To amend the final maturity of the bonds from 15 December 2017 to 15 
December 2018, and 
 
    b.     To alter the repayment/redemption amount to be paid at final 
maturity from 114.49% to 103.03% of the nominal amount of the Bonds (giving an 
effective 1.0% annual interest rate, compared to the current 7.0%). 
 
Bonds with a principal value of EUR 6.9m are entitled to vote of which EUR 3.0m 
are held by Eufingest, which has confirmed they will vote in favour of the 
resolutions. 
 
Eufingest and its associates own 27.52% of the Company's equity and therefore 
the amendment of the terms falls to be treated as a related party transaction 
under the rules of AIM. The directors of Clear Leisure consider, having 
consulted with its Nominated Adviser, that the revised terms are fair and 
reasonable insofar as its shareholders are concerned. 
 
The meeting requires a quorum of 75% of the voting bondholders. If the meeting 
is inquorate, a second meeting will be held on 30 December 2016 at which time, 
any number of bondholders present, or via proxy, will represent a valid quorum. 
 
Bondholders who wish to vote and whose Bonds are held in the name of a broker, 
dealer, commercial bank, trust company or other nominee institution (including 
as CDIs) must contact such nominee promptly and instruct or make arrangements 
with such nominee to vote in accordance with the customary procedures of the 
Clearing Systems on behalf of the Bondholders. Proxies are due no later than 
10am on 14 December 2015. 
 
In the event the resolutions are passed, the Company will achieve a total 
reduction of EUR 792,000 (GBP671,000) on the interest charged on this bond. 
 
Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented, "We 
 
continue to focus on reduction of Company costs, both at the holding and 
subsidiary level, thus strengthening the Group's consolidated balance sheet. 
Eufingest continues to be a supportive strategic shareholder and lender to the 
Group." 
 
                                    -ends- 
 
For further information please contact: 
 
Clear Leisure plc                                      [phone] 
Francesco Gardin, CEO and Executive Chairman 
 
ZAI Corporate Finance (Nominated Adviser)              [phone] 
Tim Cofman/Jamie Spotswood/Peter Trevelyan-Clark 
 
Peterhouse Corporate Finance (Joint Broker)            [phone] 
Lucy Williams / Heena Karani 
 
Cadogan Leander (Financial PR)                         [phone] 
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 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 
 
 
 
END 
 

(END) Dow Jones Newswires

November 28, 2016 02:00 ET (07:00 GMT)