Clear Leisure Plc - Mediapolis Court Update and Bitcoin Mining

12 June 2018

Clear Leisure plc
   ("Clear Leisure" or "the Company")

Update - Mediapolis Court and Bitcoin Data Mining

Mediapolis

Clear Leisure (AIM: CLP) is pleased to report that, further to the announcement released on 2 May 2018 detailing the hearing at the Ivrea Court to discuss additional creditor positions proposed by the receiver to Mediapolis Srl (“Mediapolis”), it has now received confirmation from its Italian legal adviser that the list of creditors approved on 13 April 2018 is final.

As previously noted by the Company, the last day for filing claims by creditors was 16 May 2018. The Company has received confirmation that no further petitions have been filed to challenge the Clear Leisure and Clear Leisure 2017 Ltd, (“CL2017”) creditor positions. Consequently, the Clear Leisure and CL2017 positions as creditors of Mediapolis have become irrevocable and unchallengeable.

The Company owns the following confirmed creditor positions in Mediapolis:

• First charge mortgage (held by CL2017) for €2,678.357

• Unsecured creditor position of €8,211,897

The Company will shortly commence negotiations with the receiver to establish the most appropriate strategy to ensure a satisfactory conclusion is reached for Clear Leisure and the other creditors of Mediapolis. The other unsecured creditors include an amount of €165,718 to parties ranked below the First Charge and the claim filed by the Italian Ministry of the Economy for €2,798,620.

At this time, the board is not able to estimate the timeline for these negotiations or future court hearings, but will update shareholders as and when certain milestones have been reached.
 

Bitcoin Data Mining

The Company is also pleased to announce that the Company’s bitcoin mining data centre has been successfully shipped to Serbia, where it is currently in customs ahead of arriving on site later this week. Following the successful testing of the unit in Italy, it is expected to be running at full capacity for Bitcoin extraction within a few days of arrival. The Company remains comfortable in its choice of Serbia as one of the best locations in Europe for low cost energy. However, Clear Leisure and its joint venture partner will seek to ensure that the best available energy rates are being utilised. As the data centre unit is mobile, moving the operation to another location is not expected to be a difficult task.

Please visit: www.clearleisure.co.uk to see photos of the data centre in transit.

-ends-

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information please contact:

Clear Leisure Plc                                                                                         [phone]
Francesco Gardin, CEO and Executive Chairman

SP Angel Corporate Finance (Nominated Adviser & Broker)           [phone]
Jeff Keating / John Mackay                                                                                                 

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. The Company has recently launched a joint venture initiative in the cryptocurrency mining sector. For further information, please visit, www.clearleisure.co.uk

Copyright e 12 PR Newswire