Clear Leisure Plc Result of Mediapolis Land Auction

 
TIDMCLP 
 
26 July 2018 
 
                               Clear Leisure Plc 
 
                      ("Clear Leisure" or "the Company") 
 
                    Results of the Mediapolis Land Auction 
 
The Company has been informed by its Italian legal advisers that at yesterday's 
auction, held at the Ivrea Court, the auctioneer assigned the 497,884 sqm land 
owned by Mediapolis Srl ("Mediapolis") to a bidder for an amount of EUR1,958,374. 
 
As stated in the announcement made on 20 July 2018, the Court appointed 
surveyor had assigned a valuation of EUR3.86 million to the land. The auctioneer, 
however, fixed the base price for the auction at EUR2.61 million, setting a 
minimum offer of not less than 75% of the base price, which is in accordance 
with the applicable provisions of Italian law. The sole bidder made the minimum 
offer of EUR1,958,374. 
 
Clear Leisure 2017 Ltd, the wholly owned subsidiary of Clear Leisure, is the 
beneficiary of a first charge on the land up to an amount of EUR2.68 million, 
whilst the Company also holds an unsecured creditor position of EUR8.21 million 
on Mediapolis. 
 
Since the appointment of the new board in July 2015, Clear Leisure has invested 
EUR2.08 million in Mediapolis with the intention of improving the consolidated 
debt position of its subsidiary, in order to prevent a winding-up petition 
being served and to secure the first charge on the land from a syndicate of 
Italian banks. 
 
Once the assignment of the land is complete, the proceeds of the auction, less 
auction and administrative costs (estimated to be between 5-10% of the accepted 
bid), will be assigned to Clear Leisure 2017 Ltd, as per the rights of the 
first charge. The assignee has 120-days to complete the sale and pay the 
balance of the purchase price. The proceeds can then be distributed according 
to the relevant procedural provisions of Italian Law. 
 
This auction did not include the villas owned by Mediapolis in Sardinia. 
 
Last week, the Company had formally commenced the process for the direct 
assignment of the land to Clear Leisure 2017 Ltd by presenting the request to 
the Ivrea Court. The auctioneer appointed by the Court on this matter rejected 
the direct assignment proposal. 
 
The Company has requested a copy of the minutes of the auction and the 
reasoning on which the auctioneer's decision to reject the assignment request 
is based. Meanwhile, the Company has reserved the right to oppose such a 
decision and the result of the auction and is reviewing the matter with its 
legal advisors. 
 
Francesco Gardin, the CEO and Chairman of the Company commented: "The Company, 
after having received the proceeds of the auction that will be distributed 
according to the relevant procedural provisions of Italian Law, will maintain 
its position as principal unsecured creditor and hopes to recover further funds 
from the Mediapolis winding up process. 
 
"In the event that our legal advisor confirms the legal arguments of the 
auctioneer to support the denial of the assignment can be challenged, we will 
immediately appeal the result of the auction." 
 
                                    -ends- 
 
For further information please contact: 
 
Clear Leisure Plc 
 
 
Francesco Gardin, CEO and Executive Chairman 
              [phone] 
 
SP Angel Corporate Finance (Nominated Adviser & Broker)         [phone] 
0470 
 
Jeff Keating / John Mackay 
 
Leander (Financial PR) 
                                                                    +44 (0) 
7795 168 157 
 
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 
 
 
 
END 
 

(END) Dow Jones Newswires

July 26, 2018 07:43 ET (11:43 GMT)