Clear Leisure Plc Debt Buy Back and New Loan Facility

 
TIDMCLP 
 
10 May 2017 
 
                               Clear Leisure plc 
 
                ("Clear Leisure", "the Company" or "the Group") 
 
                      Debt Buy-Back and New Loan Facility 
 
Clear Leisure (AIM: CLP), the leisure and property focused investment company, 
is pleased to announce it has bought back EUR 3.14 million of the debt of one 
of its subsidiaries previously owed to three Italian banks at a 76.15 per cent 
discount. 
 
This represents a pro-rata improvement, after costs, of approximately EUR 2.394 
million (GBP 2.014 million) in the Company's consolidated balance sheet, 
equivalent to 0.70p per share. 
 
                               New loan facility 
 
Eufingest S.A. ("Eufingest"), the Company's largest shareholder, has provided a 
new convertible loan of EUR 1.2 million (GBP 1.009 million). 
 
The new loan is being used in part to complete the EUR 3.14 million debt 
buy-back. Including the new loan, the total of loans drawn and outstanding with 
Eufingest is now EUR 2.475 million (approximately GBP 2.083 million), including 
accrued interest. The Board has agreed with Eufingest to bring together all the 
outstanding balances into one loan of EUR 2.475 million repayable by 28 April 
2020 (the "Consolidated Loan"). 
 
The Consolidated Loan will carry an interest rate of 1 per cent and will be 
secured on certain of the Group's assets. At any time before 28 April 2020, the 
Company may repay the Consolidated Loan without penalty and Eufingest may 
convert the Consolidated Loan into shares at the rate of 0.89p per share being 
a premium of 0.19p on the closing share price on 9 May 2017. The conversion 
price has been calculated by taking the weighted average conversion price of 
all previous loans and of the new loan which has a conversion price of 1p. 
 
Eufingest is the beneficial holder of more than 10 per cent of the ordinary 
share capital of the Company.  Eufingest is therefore a "related party" for the 
purposes of the AIM Rules and the Directors of the Company (each of whom is 
independent from Eufingest), having consulted with the Company's NOMAD, 
consider the terms of the Consolidated Loan to be fair and reasonable insofar 
as shareholders are concerned. 
 
Francesco Gardin, Chairman and CEO of Clear Leisure, commented, "We aim to take 
any opportunities to materially strengthen our balance sheet by reducing the 
amount of debt owed by some of our subsidiaries to third parties. The new 
agreement with our longest standing shareholder Eufingest will also assist in 
the realisation of the Group's assets." 
 
                                    -ends- 
 
For further information please contact: 
 
Clear Leisure 
plc 
[phone] 
 
Francesco Gardin, CEO and Executive Chairman 
 
ZAI Corporate Finance (Nominated Adviser)                             +44 (0)20 
7060 2220 
 
Tim Cofman/Peter 
Trevelyan-Clark 
 
Peterhouse Corporate Finance (Broker)                                  +44 (0) 
20 7469 0935 
 
Lucy Williams / Heena Karani 
 
Cadogan 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.com 
 
 
 
END 
 

(END) Dow Jones Newswires

May 10, 2017 02:00 ET (06:00 GMT)