Clear Leisure Share Discussion Threads

[counting cards] 11/10/2018 14:23

A trade for 1 share just gone through. That followed by one for 657,894. On the face of it not a big issue, but one share? Then one if rearranged would be 456789, 987654?

Is this some sort of countdown?

[k1ngkonggb] 11/10/2018 11:32

This might be used to pay lawyers fees for the Mediapolis case or just general day to day running of the company.

[nick rubens] 11/10/2018 11:14

cheers k1ngkonggb

Missed that completely. 200,000 euros repayable on 31 Dec 2018 with 2.5% interest. Sounds like an easy and fair straight forward loan. However it shows potential proceeds already starting to be spent in advance.

Not sure if I feel more confident now or less confident. Shows how prior placings have seemingly been consumed already?

[k1ngkonggb] 11/10/2018 10:46

Nick,

Look at the RNS dated 3rd Oct. It's in the news feed above.

[nick rubens] 11/10/2018 10:44

spary1 I'm not 'trying' anything, just stating the frustrations here at CLP.

Yes I forgot about the land money(at knock down price though) hence the appeal. I can see that a placement is not needed shorter term at least, thanks for the reminder

I must have missed the 'just BORROWED'. Can you give details? cheers NR

[spary1] 11/10/2018 10:34

Lmao how long before another placement, if we don’t get the land we get the money so nice try. Also we have just BORROWED so why would we need a placement

[nick rubens] 11/10/2018 09:51

CLP has issues of it's own, namely in the legal claim on Mediapolis land. Something wierd when you are the first creditor entitlement in a winding up order and can't have your own entitlement, but it has to be sold on the cheap to some stranger instead? One bid at auction?

However the the recent debt reduction terms are great going forward, but how long before a another placing. The lawyers must be making good money here. The advice doesn't sound that good IMO, they lost the appeal..

Maybe they'll appeal further up until they win, but what is the cost of it and will it succeed?

[nick rubens] 11/10/2018 09:43

Italy have overborrowed and overspent in the public sector. Basically they can't pay the debts and will likely restructure ( ie write some off), they'll have to cut government spending and face reality. Hard working Germans won't be paying for another country's public sector exuberance.


It's quite simple really. The fall out will be to those who hold the bonds( ie have lent money to Italy).

[knigel] 11/10/2018 06:57

Well if Italy goes pear shaped then CLP will be the least of our worries.

[monopolyguy] 11/10/2018 01:26

There are no rules in a mafia run country Nigel DYOR

[monopolyguy] 11/10/2018 01:15

Italys economy is on the brink and the market will act accordingly

[knigel] 10/10/2018 21:13

It's the rules agreed via a meeting vote?

[monopolyguy] 10/10/2018 21:02

Cant see them converting at 4p now maybe .4p https://www.google.co.uk/amp/s/www.telegraph.co.uk/business/2018/10/08/italian-banks-caught-vicious-circle-bond-spreads-hit-danger/amp/

[knigel] 10/10/2018 07:44

Bulgarian - I think you are wasted here. The AIM market is littered with companies with no revenue but significant overheads - usually to pay the director wages.
At least CLP has a few assets and the potential to see decent NAV growth.
You can debate the pros and cons but CLP is the type of share that will attract rampers and derampers - tbh I am not sure what your beef is with this company..
As for running costs - well the counter argument will be that the listing itself is worth x amount so maybe once the balance sheet is cleaner post claims received a RTO might happen - wouldn't surprise me. BTW the selling yesterday may relate to the issues in Italy at the moment - bond yields etc.

[glenbo1] 10/10/2018 07:35

Investors should look at the FACTS with CLP. A lot of newsflow is due.Look how much their debt has been reduced and negotiated over the last couple of years by FG.Patience now I am sure will pay off.

[bulgarian] 09/10/2018 18:49

Kev,

Did you notice our posts landed at the same time just then? What a co-incidence.

Bit like Spraywits famous staged post with one of his nom de plumes a while ago on GC.

RB Heath - there's a name! SJM1975 was another beaut.

[kevjones2] 09/10/2018 18:45

All posts by me are posted with gratitude to uber-ramper and liar spray. You're welcome.

[timbo] 09/10/2018 18:45

Bulgarian, the day to day admin costs are reasonably lean. 4 members of staff which include the directors cost 266K euros, next biggest admin expense is audit at 33K euros.

Obviously until there is access to a reliable revenue stream (Sipiem/Ondaland would easily cover this - there is at least 6.5M euros owing which has never arrived in cash) any further funds will be have to be raised through share issue or loans.

I first invested in Brainspark as CLP was then several years ago on the basis that it had a diversified portfolio. I now treat it as a recovery play almost recovering from itself (if that makes sense!). The incompetence of some of the earlier directors was breathtaking so the scale of what the current BOD had to do when they were appointed in July 2015 was huge.

But I had previous experience of Francesco Gardin and Reg Eccles working together in another stock I had held, Pan European Terminals Plc. This was reassuring because Pan European had assets stolen by Russian oligarchs and all kinds of legal manoeuvring against them it seemed destined to be one of those unlucky companies. You know that things are not good when the MD is kidnapped and his car blown up by Russian gangsters!

But these two directors picked through the legal minefield and quietly went about their work behind the scenes until they resurrected a deal which meant that shareholders walked away with more than they expected.

hxxp://www.morningstar.co.uk/uk/news/AN_1400678984213688000/pan-european-terminals-agrees-to-gbp234-million-takeover-by-belphar.aspx

So when they were appointed at CLP I trusted they could unravel the mess. An example of what they faced was they were not even granted access to the company web domain hence the change to a .co.uk! So they have quietly gone about trying to realise cash from the assets and unpick the monies that previous directors should have collected (or had er mislaid!). I was further encouraged that Gardin's salary was £60K (£30K payable in shares) and 10% commission on any assets sold. I've been invested in companies of a similar market cap where the CEO is on well north of £100K even if they don't seem to be working that hard! The directors' interests in CLP are truly aligned with the shareholders' interests - that doesn't always happen!

The Mediapolis situation has been very frustrating - the Italian legal system allows that, even after you have satisfied debts, the court can still go ahead with a liquidation. That's what happened. Yet, it was the directors purchasing bank debt at a huge discount (about 80%) that led to them getting the first charge on the land and the guarantee of walking away with just under 3M euros.

The reason that I've given a bit of this background (sorry if you were familiar with it already) is to frame their achievements in a context. It's easy to look at recent share price movement and the injudicious comments of rampers and derampers alike and just see a pump and dump outfit struggling to keep the lights on.

Personally I think this BOD have more integrity than that and have had to work incredibly hard to get to this point. It seemed that every company asset they looked at had issues with it (sometimes even not initially being completely sure who owned something!) hence the paragraph in the recent Interim report:

"With respect to the various leisure operations in which Clear Leisure has, or once had, an interest, virtually each historical investment continues to involve a legal action."

There's no guarantee of success with any or all of these actions but I certainly would not bet against these two directors achieving what seemed improbable.

[bulgarian] 09/10/2018 18:44

Spray1,

What you mean compared to that other dog you've been ramping for years? I'm sure the salary of this CEO is a welcome relief. Hopefully he's not learning on the job?

Doesn't alter the bare bones of the commercials however.

cash is king.

[spary1] 09/10/2018 18:36

Bulgarian if you read above I think timbo has answered it, now why don’t you try as what the very modest salary is of FG ? Why don’t you ask about how he gets his reward, why don’t you ask how he is aligned with share holders? Ah sorry once a troll always a troll and that sort of thing don’t suit your agenda 😂😂

[bulgarian] 09/10/2018 17:43

Timbo,

Thanks for the information.

I guess what I was driving at was the costs to keep the lights on - operational overheads vs. the CASH generation of the business.