Clear Leisure Plc - Debt Settlement

21 September 2017

Clear Leisure plc
("Clear Leisure", “the Group” or "the Company")

Agreements for €4.3m of Mediapolis Debt Position and €500,000 Secured Loan

Further to the announcement of 19 September by the Company of its settlement negotiations with creditors of its subsidiary, Mediapolis SpA, the Company is pleased to announce that it has now exchanged letters with a creditor agreeing to a settlement of a €4.3million (£3.8 million) debt owing by Mediapolis SpA, at discount of 88.3 percent of the face value.  This equates, on a consolidated basis, to a significant improvement in the Group’s balance sheet of approximately €3.8 million (£3.36 million or 1.07p per share).

Completion is expected in the next few days.

The Company is financing the acquisition of the debt with a €500,000 secured Loan from a UK private company.

Francesco Gardin, Chairman and CEO of Clear Leisure, commented, “This agreement, following ten months of complex negotiation, represents an important result in the Company’s strategy of restructuring the Group’s debt and ring-fencing of assets. During the past 18 months’ the Company has negotiated discounts of €7.5 million on debt, equivalent to an average discount of 80%.

“The Board is of the opinion that this debt purchase significantly strengthens Mediapolis’s case to have the winding-up petition dismissed, when the Ivrea Court reconvenes on 29 September.”

-ends-

For further information please contact:

Clear Leisure plc
[phone]

Francesco Gardin, CEO and Executive Chairman

ZAI Corporate Finance (Nominated Adviser)
[phone]

Tim Cofman/ John Tracy/ Luis Brime Berdugo                                                                           

Peterhouse Corporate Finance (Broker)
[phone]

Lucy Williams / Heena Karani

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 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.co.uk

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