Clear Leisure Plc Debt Settlement

 
TIDMCLP 
 
21 September 2017 
 
                               Clear Leisure plc 
                ("Clear Leisure", "the Group" or "the Company") 
 
  Agreements for EUR4.3m of Mediapolis Debt Position and EUR500,000 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 EUR4.3million (GBP3.8 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 EUR3.8 million (GBP3.36 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 EUR500,000 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 EUR7.5 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 
 
 
 
END 
 

(END) Dow Jones Newswires

September 21, 2017 02:00 ET (06:00 GMT)