Share Name Share Symbol Market Type Share ISIN Share Description
Clear Leisure LSE:CLP London Ordinary Share GB00B50P5B53 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05p -5.88% 0.80p 0.75p 0.85p 0.85p 0.80p 0.85p 422,392 08:58:33
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.1 -0.3 0.0 - 2.48

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2017-08-23 13:09:480.8062,006496.05O
2017-08-23 12:17:140.8034,000272.00O
2017-08-23 12:15:160.7550,000375.00O
2017-08-23 11:36:220.8016,753134.02O
2017-08-23 10:38:210.75134,0001,005.00O
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DateSubject
23/8/2017
09:20
Clear Leisure Daily Update: Clear Leisure is listed in the Nonequity Investment Instruments sector of the London Stock Exchange with ticker CLP. The last closing price for Clear Leisure was 0.85p.
Clear Leisure has a 4 week average price of 0.73p and a 12 week average price of 0.68p.
The 1 year high share price is 1.83p while the 1 year low share price is currently 0.63p.
There are currently 310,291,286 shares in issue and the average daily traded volume is 762,197 shares. The market capitalisation of Clear Leisure is £2,482,330.29.
31/7/2017
22:54
knigel: Grow up the pair of you - and focus on YOUR own investments rather than "worry" about were people you have never met are investing! As for CLP - always been a longer term investment - not usually an quick buck - the share price doubled and since the spike there has been profit taking and we are back to square one - it happens quite a lot you know. If the court had made an Judgment the reaction may have been different.. but news will come - probably in September..
08/7/2017
18:11
temmujin: Clear Leisure - Special Situation with huge upside Friday, Feb 07 2014 by Investing Sidekick 0 comments 4 Clear Leisure is a holding company which invests in a range of other companies. This isn't however your typical Investment Trust which holds a portfolio of equities, it has a few concentrated majority stakes in a number of leisure businesses. In this article I will attempt to value the individual businesses and show that the sum of parts far exceeds the current market cap. The business Clear Leisure’s core assets, where the Company owns a majority controlling stake, include a leading Italian hotel management company (Ora Hotels), Italy’s largest sushi restaurant chain (Sosushi), Italy’s most successful water theme park (Ondaland), and a 670,000 sq m (165 acres) tract of real estate, which has been approved for the development of a major theme park, hotel, shopping complex and commercial activities (Mediapolis). Over the years the company has changed its investment strategy and constantly issued shares, mostly to the detriment of existing shareholders. Year Shares Outstanding (adjusted for consolidation) 2005 772 2006 1,323 2007 1,323 2008 1,323 2009 1,351 2010 9,560 2011 27,968 2012 92,327 In 2010 CLP was known as 'Brainspark' (no wonder they changed the name!) and it had Net Asset Value per share (NAV) of 101.5p which fell to 29.6p in 2011. It was at this time that the company changed strategy from having minority stakes in companies to having fewer, but larger stakes in the leisure industry in the Meditarrenean. By 2011 it held all the investments listed above. It has since increased its stake in some companies and looked to sell its stake in Mediapolis (this was hoped to be completed by 2012 but still hasn't). Over 2012 it made several new issues of shares to increase its stakes at prices per share ranging from 10p to 16p (current share price is 2p). The Chairman of the company at the time was Alfredo Villa, and he held 13.2% of the company. His background is in options trading, where he was a technical analyst. Other members of the board, including the CEO are also members of the boards of the companies they invest in. In my opinion this gives them a conflict of interest, to continually inject capital into poor businesses. Later in 2012 the share issues continued in exchange for stakes in the businesses, with the price of new issues falling to 5p a share. This wasn't consistent though, with new shares changing hands at all sorts of different prices. Then a new face emerged, Luke Johnson bought a £1m stake in the company and became chairman. He is a prolific manager of big UK chains such as Giraffe restaurants. He made some good changes to the group, but that couldn't prevent the NAV per share in 2013 falling from 29.6p to 13.3p. Its main holdings are not thoroughly segmented in the annual reports, but this is what I have gathered on the financial condition of each. More details of the operations of these companies can be found in this research report. Ora Hotels (ORH) CLP owns 73% of ORH. Its stake was recently increased as a result of the sale of a hotel development in Mozambique to Mr Presti, a director and shareholder of ORH, in return for shares representing approximately 16% of ORH. ORH has subsequently cancelled the shares received as consideration. Following the transaction, Mr Presti no longer has a shareholding in ORH and has left the board of ORH. I don't really know what to think of the transaction. This RNS release gives some details of ORH, the 16% stake was traded for a hotel in development which had €650k spent on it. If that is used as a yardstick it would value ORH at €4m. I think that's likely to be a maximum value given an insider would not voluntarily short change themself, most likely the opposite. In 2012 it recorded revenues of €46.7m (2011: €37.9m), EBITDA of €1.52m (2011: €0.23m) and a consolidated profit of €0.69m (2011: loss of €0.15m). But the plot thickens, recently CLP has taken legal action against ORH because it financial irregularities and is trying to reclaim all the money it has invested in it. This RNS release states that the CLP shares ORH holds (which were used by CLP to acquire the stake) will be transferred back to CLP. That means the free float of share will be reduced by 14.4m, or 7.3%. Hence this stake is worthless, but the outstanding shares can be reduced by this amount. Sosushi Italy's main Sushi chain has many similarities to the chain Yo Sushi. Its latest results available show it earned €52k on €1.7m of revenues. This was an increase from a loss of €500k on €1.0m in revenues from 2011. Such impressive growth usually attracts high premiums, but I like to be more conservative. A multiple of 15x earnings seems appropriate to me, that values it at £1.2m. Sipiem CLP owns 50% of Sipiem. Financials on this company are hard to find. In the year ending 31 December 2011, Sipiem reported revenue of €2.2m and net profit of €0.1m which is the latest information I could find. But other investors did put €7m into the company in 2012. So I don't think it's worthless but neither do I want to put a significant valuation on a company that makes little profits. I will value CLPs portion at £1m which I think has an adequate margin of safety given it recently had €7m of cash on the balance sheet as well as an operating business. CLP also recently increased its holding at a price that valued the company at around €8m. Mediapolis CLP has been trying to sell this development project for years, they own a 69.5% stake in it. Deals have fallen through due to lack of mortgage financing, as well as deals rejected because the board wants payment in cash and not shares. CLP has made a proposal to restructure Mediapolis debt and this has recently been well received by the courts so looks promising. This announcement values the company at €23.6m. But they have also had two cash offers for the company (finally!) for €20m (£16.5m). I don't think it's unfair to take this as the value given the two offers, so CLP's stake is worth £11.5m. Other companies CLP also has holdings in other companies. Some it only has minority stakes and wishes to hold, others are up for sale but have been for years. I am not going to attach any value to these other holdings as they are small and even more difficult than the rest to value. Conclusion Market Cap: £4.2m Reported Net Asset Value: £25.27m CAGR (NAV per share): -49% p.a. Valuation: £13.0m Upside: 210% The sale of the Mediapolis investment should act as a catalyst for investors realising the hidden value in these shares. The board has stated they intend to reinvest the proceeds into new acquisitions which isn't particularly pleasing to my ears, but is to be expected of an Investment Company. But this company isn't without its risks, the biggest of which to me is that the company needs to continually issue new shares in order to stay solvent as its assets are not cash generating. Because of this requirement they have had to continually issue shares at a discount and that is why long term shareholders have seen shareholder value destroyed. If the Mediapolis sale does not go ahead it is likely another diluting share issue will take place. Despite this, and the atrocious performance of this fund in the past, I still think it is deeply undervalued due to the Mediapolis investment in particular, two cash offers is hard to ignore. Disclosure: I am long CLP
08/7/2017
18:08
temmujin: Is This Share Underpriced By 73%? Tom Bulford by Tom Bulford Posted 30th April 2013 I like a penny share with a bit of ambition. Clear Leisure (CLP) is certainly not lacking in that department. It aims to become the largest leisure group in Italy, which is quite a stretch for a company currently valued at just £6.3m. Today its share price sits at 3.25p, but a recent note from broker Westhouse argues that it should be much closer to the company’s net asset value, which it calculates at 12.14p. If the state of the Italian economy wasn’t a big enough problem already, Clear Leisure has the difficulty of trying to escape their tarnished history. Clear Leisure sure faces an uphill climb. Under the name Brainspark, it had a tough time on AIM. Shares debuted in 2000 and by 2012, shares had fallen 80%. The chief executive of Clear Leisure, Alfredo Villa, did not try to downplay Italy’s problems when I spoke to him on the phone last week. “Disastrous221; is, I think, the word he used and you don’t need to look far to understand why. A coalition government has been stitched together with great difficulty, the economy is in recession, a financial crisis is gathering pace and a major bank has been accused of fraud. This well-known UK entrepreneur is at the reins But it may take more than these local difficulties to prevent Italians from having a good time, and in any case, Clear Leisure’s operations are by no means reliant on domestic fortunes. Clear Leisure’s story is especially interesting because Luke Johnson, one of the UK’s best known entrepreneurs, became chairman last October. Johnson made his name and fortune with Pizza Express, and has since invested in a number of eateries and bakeries. His main interest in Clear Leisure is its 51% owned restaurant business, So Sushi, which recorded revenues of €3.4m in 2012 and is expected to record €4.1m this year. Also in the portfolio is Clear Leisure’s 62%-owned Ora Hotel chain, for which it acts as the operator. This is the largest hotel chain in Italy with fifty properties in Italy, Africa, Brazil and Mexico. It is also a tour operator in a number of African countries and in its latest financial year achieved revenue of €46.7m and a small profit. With a number of new hotels scheduled for opening, Clear Leisure is looking for good growth over the next two years. The third area of activity is in theme parks. Here Clear Leisure has 51% ownership of Sipiem, which is the majority owner of one of the biggest water parks in Italy, Ondaland, which can be found in a prime position half way between Turin and Milan. This expects to receive 400,000 visitors this summer, rising to 450,000 next year, and the construction of a new indoor attraction is designed to stretch the season beyond the warm summer months. A share price damaged by an acquisition spree Clear Leisure owns minor stakes in Ascend Capital, a London-based micro-cap broker and Class Finance, a Milan-based corporate advisory company as well as Bibop, a digital media content company, and software producer Geosim, both of which are up for sale. But the prime asset is a large, 450,000 m2 plot of land on the Milan-Turin-Aosta (A6) motorway, an hour from the Mont Blanc Tunnel. Still under the company name Brainspark it rejected paper offers rumoured to value this site at €25m-€30m. Today having refinanced the business with the help of a £1m investment by Johnson, it is under no pressure to sell the whole site but may sell off parcels of land for shopping, hotel or leisure purposes. But it is this plot that explains the large gap between Clear Leisure’s share price and its net asset value. Brainspark went on an acquisition spree paying for assets with cash and shares, with the former anticipated to come from the sale of the land. When the financial crisis struck and it was unable to complete this sale, it was forced to issue additional shares to complete these acquisitions. The recipients of these shares promptly sold them in the market, driving down the share price to a January low of 2.88p. According to a note from Westhouse Securities management have now “broken this negative feedback loop”. Westhouse believes “there is no longer an intermittent technical overhang which will now benefit investors” and argues that the share price should now close the gap with that 12.14p asset value. With Clear Leisure expecting group revenues of £43m, rising to £54m in 2014, this is a business with some substance. But given the group’s track record – admittedly before the time of chief executive Villa – and with the dark clouds looming over the Italian economy, investors are showing due caution here.
08/7/2017
18:02
temmujin: Clear Leisure: a liquidating train wreck 11 Replies Clear Leisure PLC is an AIM listed investment company headquartered in London, but with the majority of its operations in Italy. The historical performance of Clear Leisure has been disastrous and the share price of the company has dropped from 120p in 2010 to just 2p today. This of course didn’t happen without incident. Last year the company for example discovered that one of their key assets, a 73.4% stake in ORH SpA, a hotel and travel company, was basically worthless because of undisclosed debt positions on some African hotels. Clear Leisure had acquired a majority position in ORH SpA, after what they described as a “thorough due diligence process” at the end of 2012. Right… Luckily management seems to be coming to their senses. The company is looking for a new CEO and to sell some of the larger assets of the company. In anticipation of the sale of the Mediapolis SpA asset they already announced a conditional 2p/share dividend. This attracted my attention since the stock itself is currently trading at the same level. But before discussing this potential dividend, and the other assets that Clear Leisure owns, first a quick look at some key statistics: Latest price (Mar 10, 2014): 1.98p Shares outstanding: 192,209,377 Market cap: 3,8M GBP (6.3M USD/4.6M EUR) NAV/share (30 June 2013): 13.3p The assets The NAV/share number isn’t very meaningful because it is outdated, but even taking into account the loss of ORH SpA it gives a hint that this company might be worth a lot more dead than alive. Given managements intention of selling assets and paying dividends that’s good news. A diagram of the company structure is provided on its website: Clear Leisure PLC company structureAs already mentioned ORH is probably worthless, although it could provide some upside if Clear Leisure is able to recover anything in the bankruptcy proceedings. They did recover 14.4 million of their own shares, but this is already incorporated in the number of shares currently outstanding. The core assets that remain are: A 50.16% stake in Sipiem (Ondaland) A 100% stake in You Can Group (Sosushi) A 69.45% stake in Mediapolis Other assets are a 10.0% stake in Ascend Capital, a 67.12% stake in Bibop and a 8.9% stake in Geosim. Since these assets are small and no useful information is provided for a valuation I’m going to assume that these are worthless too, and only focus on the core assets. Sipiem (Ondaland) Sipiem is the holding company that owns 66% of Ondaland, the biggest water park in Italy. The park received a €7 million investment at the end of 2012 to add a traditional theme park that will allow it to remain open throughout the year. It is currently only open three months in the summer. Since Clear Leisure owns a 50.16% stake in Sipiem they effectively have a 33.1% stake in Ondaland. The latest reported financials look as follows: Sipiem, which owns 66 per cent. of Ondaland, Italy’s largest water park, recorded revenues of EUR 5.1 million (2011: EUR 5.9 million), EBITDA of EUR 2.1 million (2011: EUR 1.7 million) and a consolidated profit after tax of EUR 0.9 million (2011: Loss after tax 0.2 million). As at 31 December 2012, Sipiem had a consolidated net asset value of EUR 11.3 million. Because Clear Leisure and (some of) the holding companies further down in the corporate structure own just partial stakes in the businesses they control you have to be careful to account for the impact of minority interests. Revenues and EBITDA are measures before taking into account minority interests while the earnings and net asset value numbers are (probably!) after minority interests. Valuing Sipiem at €11.3 million might be a bit too optimistic, but it would be at 12.6x earnings and 5.4x EBITDA so it’s probably in the right direction. In 2012 Clear Leisure bought a 11 percent stake for €800 thousand, valuing the company at €7.3 million. Given that earnings and EBITDA (but not revenue) increased compared to 2011 this might actually be an investment that increased in value. The €7 million funding mentioned earlier was done for a 27% equity stake in Ondaland. This implies that Ondaland is worth €26 million and that Sipiem is worth €17.3 million. If Sipiem is worth between €7.3 and €17.3 million the 50.16% stake of Clear Leisure could be worth between €3.7 and €8.7 million. You Can Group (Sosushi) Sosushi is an Italian sushi restaurant chain that seems to be growing rapidly. On the Clear Leisure website they talk about 18 restaurants, but when we visit Sosushi’s own website we already see 30 locations. Revenue increased last year by 54% while EBITDA grew with 87%: You Can recorded revenues for the year of EUR 1.7 million (2011: EUR 1.1 million), an EBITDA of EUR 177,156 (2011: EUR 61,626), and a consolidated profit of EUR 52,003 (2011: loss of EUR 562). Based on this limited disclosure of growth and profitability I think this chain could be worth a decent amount, but a lot depends on future growth prospects. Clear Leisure paid €751,500 to acquire its 50.1% stake, and I’m guess that it’s still worth this much, and potentially twice this amount or more given the impressive growth last year. The other 49.9% was acquired in January this year, but I assume that the value of this part is offset by an equal amount of debt. A valuation for Sosushi between €1 and €2 million seems a decent guesstimate to me. Clear Leisure is thinking about spinning of their restaurants division: questionable in my opinion given the small size of both the parent company and this division. Mediapolis Mediapolis is the most interesting asset because the company is in an advanced stage of selling it. Mediapolis owns a plot of land that is earmarked for the development of a theme park, shopping centre and hotel. It also owns some other assets. It has received not one, but two offers for the theme park project. Both offers are contingent on two conditions: Court approval for the restructuring of the debt at Mediapolis Final building approval from the local regional authority for the theme park The project land is appraised at €35.6 million while it has €10.3 million of associated debt. The other assets have an appraised value of €4.2 million with €5.9 million in associated debt. In the debt restructuring the company wants to pay creditors the €10.3 million of debt related to the land and €1.7 million related to the negative equity of the other assets. After this transaction Mediapolis would only own the undeveloped land and it would be debt free. Clear Media announced in Januari this year that they had received an initial positive reply from the court, but a month later the court decided that it needed more information due the complexity of the restructuring plan. The company appears to be confident about the outcome of this process because they already announced a conditional 2p special dividend. Valuation To find the value of Clear Leisure it’s a matter of adding up the various pieces and deducting a number for the amount of debt at the holding company level. How much this exactly is, is a bit of a guess because the latest interim report doesn’t have the necessary footnotes to figure it out. But we know that the company had €2.0 million in convertible bonds at the end of 2012 and €3.5 million of payables for total liabilities of €5.5 million. But since then the company has issued €3.1 million in new debt to buy back debt at a significant discount and approximately a million in liabilities were removed from the balance sheet by issuing new shares (already incorporated in the current number of outstanding shares). I decided to simply use the amount of debt that was issued last year as the current debt level in the ‘high’ valuation scenario and add an additional million in debt in the ‘low’ valuation scenario. These assumptions give a wide range of outcomes, but when the upside ranges between 66% and 220% I don’t think you need to be overly precise: CLP.L valuation Conclusion Clear Leisure has a terrible track record, the valuation is imprecise at best, and if the sale of the Mediapolis asset fails intrinsic value/share will probably continue to melt away like an ice cube on a hot summer day. Having said that: I think that at current prices it’s a attractive bet. It’s pretty likely that they will be able to sell the Mediapolis asset and they already announced their intention to return 2p/share: giving investors a freeroll on the value of everything else. Ondaland and Sosushi appear to be decent assets that could provide a lot of upside. Don’t think it is prudent to allocate a large part of the portfolio to this idea though given the risks involved.
21/6/2017
09:10
h2owater: From RBK: on LSEToday 07:19 Price: 1.13RKBeekeeper 423 postsRE: Hello PostersHello Posters LTH know who I am and what I am about but not so the boys and girls who arrived earlier this week for their annual vacation, who will probably only stay for 2 weeks before they move on to their next sunny destination. I have always aimed to Post in-depth research of CLP gathered from Annual Reports, RNS's, Internet and utilizing my analytical skills. I am not a 'pump and dump' and even though our share price increased 50% yesterday I was not tempted to sell any of my over 10 million shares. When I think it is appropriate I will top slice as I am sure you would agree that would be the sensible thing to do. I have limited my Posts here and only Post occasionally on ADVFN. I am a retired Financial Advisor (early retirement) who has the time to fully research CLP. I have engaged with (and upset) BOD, Nomad, Auditor, Companies House, LSE and PR. I have forced a correction to an accounting anomaly at Companies House. I have had BOD issue RNS to rectify their major shareholder notifications on CLP Web Site. I believe I have managed to have repaired the relationship with everyone except PR. I have to be cautious as to what I Post as Admin can and have removed previous Posts on someone's request. You will be aware that there are 'silly trades' (shares of single digit) in CLP. Nobody really knows what this is (if anything) except we do know that MM have late reporting of Trades and sometimes incorrect designation of a buy or sell Trade. For the past 18 weeks I have recorded the individual daily trades and corrected to what I believe they should be. Buys 93,857,066 Sells 73,285,484 so by my calculation MM are short of about 20,571,582. I wonder where (if they are missing) the MM will find them. A Nursery rhyme springs to mind, "If you go down to the Woods today you are in for of a big suPRise". (Teddy Bears Picnic) I will be attending CLP's AGM in London in July when hopefully I will be able to repair my relationship with PR. A Certain PeRson told me that Day Traders and Opportunists buy stock when they have no knowledge of a Company. DYOR Please RKB
20/6/2017
19:54
h2owater: Post from earlier:RKBeekeeper - 15 Jun 2017 - 07:53 - 1902 of 1980 - 1Excellent RNSF Gardin is on record for stating that the BOD intend to develop the Mediapolis assets to become income generating. This was and still is in my opinion key as to the BOD’s true direction that they intend to take our company. You will recall that Mediapolis has been written down in value last year by another Euro 7 million to its present book value of Euro 13 million. In April 2013 the previous BOD had the land valued at Euro 47 million but decided to discount this by 25% and included the new value in our accounts as Euro 35 Million.We go from Euro 47 Million to 35 million to the current value of 13 million. One advantage of this is that on paper we generate substantial ‘Tax & Capital Losses’ (which is advantages for a future shell company)Then when you look in detail about the court case regarding the delay in planning permission, legal documents had to be filled and The Tribunal more or less came up with an accurate value of the assets and debt which was net value of Euro 23,600,000. This is further confirmed in the RNS 2/02/15 which stated the profit before tax of Mediapolis was Euro 7.4 million and shareholder equity net of all debt of Euro 24,346,116. This is about £20,937,659.Then let us assume that the debt buy-back last September (23/09/16) of Euro 1.3 million at 76% discount was in connection with Mediapolis. This will improve the net asset value of Mediapolis but there was an increase in Eufingest Loans to facilitate this. Then there was the debt buy-back on 10/05/17 of Euro 3.14 million again at 76.15% (this alone improved our balance sheet by 0.7p on our current share price and our share price did not move at all!) Again even though debt has been bought back we required an additional loan from Eufingest.Note: Before the Debt buy-back on 23/09/16 debt outstanding to Eufingest was £610,00 and after the 10/05/17 the outstanding debt to Eufingest was Euro 2,475,000 (or about £2,128,500) so Eufingest Loans have increased but our subsidiary debt has decreased by Euro 4,440,000 (1,300,000 + 3,140,000) or £3,818,400 The net improvement is about £1,689,900. This can be added to the net valuation of Mediapolis = £22,627,559 (£20,937,659 + £1,689,900)Now todays RNS says clearly that the BOD have legally ring fenced the Mediapolis Site. Nobody can say what the outcome of the hearing on the 23rd June will be but what I conclude is that F Gardin & R Eccles have done sterling work in securing the Mediapolis Land for CLP Shareholders and it appears to me a win-win situation as we get the land unencumbered and it is worth Euro 13 million.RKB
15/6/2017
07:53
rkbeekeeper: Excellent RNS F Gardin is on record for stating that the BOD intend to develop the Mediapolis assets to become income generating. This was and still is in my opinion key as to the BOD’s true direction that they intend to take our company. You will recall that Mediapolis has been written down in value last year by another Euro 7 million to its present book value of Euro 13 million. In April 2013 the previous BOD had the land valued at Euro 47 million but decided to discount this by 25% and included the new value in our accounts as Euro 35 Million. We go from Euro 47 Million to 35 million to the current value of 13 million. One advantage of this is that on paper we generate substantial ‘Tax & Capital Losses’ (which is advantages for a future shell company) Then when you look in detail about the court case regarding the delay in planning permission, legal documents had to be filled and The Tribunal more or less came up with an accurate value of the assets and debt which was net value of Euro 23,600,000. This is further confirmed in the RNS 2/02/15 which stated the profit before tax of Mediapolis was Euro 7.4 million and shareholder equity net of all debt of Euro 24,346,116. This is about £20,937,659. Then let us assume that the debt buy-back last September (23/09/16) of Euro 1.3 million at 76% discount was in connection with Mediapolis. This will improve the net asset value of Mediapolis but there was an increase in Eufingest Loans to facilitate this. Then there was the debt buy-back on 10/05/17 of Euro 3.14 million again at 76.15% (this alone improved our balance sheet by 0.7p on our current share price and our share price did not move at all!) Again even though debt has been bought back we required an additional loan from Eufingest. Note: Before the Debt buy-back on 23/09/16 debt outstanding to Eufingest was £610,00 and after the 10/05/17 the outstanding debt to Eufingest was Euro 2,475,000 (or about £2,128,500) so Eufingest Loans have increased but our subsidiary debt has decreased by Euro 4,440,000 (1,300,000 + 3,140,000) or £3,818,400 The net improvement is about £1,689,900. This can be added to the net valuation of Mediapolis = £22,627,559 (£20,937,659 + £1,689,900) Now todays RNS says clearly that the BOD have legally ring fenced the Mediapolis Site. Nobody can say what the outcome of the hearing on the 23rd June will be but what I conclude is that F Gardin & R Eccles have done sterling work in securing the Mediapolis Land for CLP Shareholders and it appears to me a win-win situation as we get the land unencumbered and it is worth Euro 13 million. RKB
17/3/2017
15:09
rkbeekeeper: Clear Leisure Land in Sight The Mediapolis 10 part Post yesterday may have been too much for some of you to read it entirely so I will summarize. CLP own 84.04% of Mediapolis There is only one director on the Board of Mediapolis and they were appointed by the BOD of CLP on 30th March 2016. Note almost one year (this is significant) exactly two weeks before change of Director? Or time to explain what has happened in the past year? Mediapolis owns almost 50 hectares of land with ‘permission217; to build a Theme Park, Hotels, Commercial Centre and a Power Plant they also own 100% of 10 Holiday Villas in Sardinia. BOD had two offers for Mediapolis just over 3 years ago for Euro 20 Million in cash which Euro 7 Million to CLP and 13 Million to settle Mediapolis debts. Since then some of the debt has been restructured and reduced. The sale of Mediapolis for various legal reasons failed to complete and the main reason was basically that there were issues with the permissions given by the local council. There have been several court hearings, which are still ongoing, and CLP have a claim going through the courts for Euro 39.9 million. On 18th August 2014 the Government of Regione Piemonte issued a letter which confirmed it is in support of the Mediapolis project. Within the letter it confirms the rights of the building licence as well as the commercial rights owned by Mediapolis. The Board further advises that the Regione Piemonte also confirms its full administrative support to provide all the necessary documentation within the next 18 months. We have licences owned by Mediapolis which are confirmed by Regione Piemonte for 100,000 sqm for commercial use,30,000 sqm for hotels, 10,000 sqm for boutique shops, 5,000 sqm for logistics and 15,000 sqm for common areas. The time is long overdue when all the documentation should have been completed in fact we are one year over due. Now it has been two years since the Board engaged Avalon consulting to market the land and development rights for a cash price in the region of 22,000,000 or via an asset exchange for a liquid listed stock of an authorised real-estate fund in the region of 34,000,000. Just over 2 years ago we were informed that for Mediapolis the Profit before tax was 7,425,326 and shareholder equity net of all debt was 24,346,116. We also know from an RNS on 12th September 2016 (the day our share price spiked to 1.85p) that our BOD reiterated that the gross carrying value of the land owned by Mediapolis was 13,000,000 and the 10 villas in Sardinia was 5,100,000. Now has our BOD and our Director in Mediapolis anything to update shareholders regarding this Asset? Has the new company which was registered at Companies House on 9th March 2017 called Clear Leisure 2017 Ltd anything to do with an imminent disposal of our Mediapolis Assets? We do not know and would not need to speculate if our BOD would issue the long overdue Operational Update. RKB
20/2/2017
06:57
rkbeekeeper: Morning Longshanks You make some valid points and with robust questioning of both our views PI can make an informed decision. I do not claim to understand everything about CLP, I am trying to "find the missing millions" The only information we PI can utilize is what is in the Accounts, research of BOD and communicating with BOD (and Auditors) asking probing questions and holding BOD to account. Regarding BT and their Italian problems. I am sure BT pay their Auditors millions (we paid ours £28K last year) so BT have only themselves to blame for not taking their Auditor to task (I have taken ours to task and they are aware that our accounts are being scrutinized. Yes our legal claims are one of the avenues the Professor is pursuing but we have several assets that can sell and they will be sold (Professor intends to sell them all as he gets 10%) and as I have said recently Geosim is being sold and it is going in my opinion for over Euro 900K. I do recall Polly Peck (was not invested there) but there were two things that stand out with Polly Peck that I recall (but at my age I could be wrong) 1 The share price was running away and PI (and II) were chasing the share price up to dizzy heights and 2 Polly Peck were 'generating' massive profits on their fruit business that a school child could see were not sustainable from their business model. CLP is the exact opposite, share price rock bottom and generating (but only up to 2015) massive losses. Who knows? You could be correct and my 3% will be worth nothing but then again when you believe in something and have strong nerves and don't take a 10% "profit" hold firm and then one day the penny (or two) drops and the Market Makers realize this company Clear Leisure is going to deliver the LTH will be duly rewarded. I am out most of the day and if I am not able to Post a reply / response I am not ignoring you, I will post later. RKB
14/12/2016
10:11
rkbeekeeper: Four Corner Pieces of the Jigsaw Eufingest have the four corner pieces to this massive jigsaw puzzle. You have to look at the whole jigsaw that Eufingest are helping to build. First Corner Piece: Eufingest currently have 78,719,066 shares or about 27.52% (more than a quarter of our Company) of the current total shares of 286,043,117. So this is a solid corner. Second Corner Piece: Eufingest have Euro 3 million of the 9.9 Million Bonds which they have agreed to accept the reduction of 6% on the interest they are due (they do not have to but they have agreed in principle) Now Eufingest could have refused to reduce their interest and ‘lent CLP’ some more money via another short term loan but they did not. Also their Euro 3 million is 43.5% of the outstanding Bonds of 6.9 million. So this is a solid corner. Third Corner Piece: Eufingest loans to CLP were clearly documented on the RNS dated 27 October 2016. In summary as at October they had loans of £526K and Interest accrued of £69K (total £595K) Then on the next day they lent CLP another Euro 50K which is repayable on 31/12/16 but can be converted at £0.0075. Then on 18 November 2016 they lend us another Euro 300K repayable on 30/04/17 but can be converted at £0.0085. You have to ask why accept an increase from £0.0075 to £0.0085? Eufingest have the power to dictate a conversion of £0.0075 but they accept £0.0085! Let’s just use a figure of 13 million shares converted from loans at £0.0075 and £0.0085 and this works out at a cost of about £97.5K and £110,500. So I expect that the small loan of Euro 50K will be converted to shares at the end of 2016. So this is a solid corner. Fourth Corner Piece: Eufingest could convert up-to Euro 350K of loans into shares. If all Warrants are converted there would then be 308,265,339 shares in issue. Using an exchange rate of £0.85p per Euro, if Eufingest were to convert the whole Euro 350K then £297,500 would convert into about 35 million shares. This would mean Eufingest would have about 113,719,066 or 33.13%. (as there would be total shares of about 343,265,339) I have excluded Eufingest having any Warrants. This is the fourth solid corner. Put it altogether and there will be a Takeover with Eufingest giving their backing to whoever wants our company. We get taken out at a substantial premium to our current share price. PS as for further dilution of shares. The Professor has done well to limit the number of shares in issue. Many companies on AIM have Billions of shares, CLP does not. Why? Because the Professor has been able to fund the company with the 100% backing of our largest and most loyal shareholder Eufingest. And when a dividend is finally declared it will be meaningful like £0.02p not £0.0000002p
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