Clear Leisure Plc Sipiem Ownership Ruling

 
TIDMCLP 
 
13 February 2020 
 
                               Clear Leisure Plc 
                      ("Clear Leisure" or "the Company") 
 
                            Sipiem Ownership Ruling 
 
In March 2016, the Company announced the result of a favourable ruling by the 
Turin Court which assigned to Clear Leisure a controlling interest of 50.17% in 
Sipiem SpA ("Sipiem").  Under Italian law the ruling was a 'fast-track' ruling, 
obtained to prevent potential damage to Sipiem by the minority shareholder who 
had tried, illegally, to take control of the company. 
 
On 10 February 2020, much earlier than expected, the Turin Court confirmed its 
ruling given in February 2016 and specifically that Clear Leisure be approved 
as Sipiem's controlling shareholder, as it was before July 2015 and that 
Sipiem's minority shareholder had, in 2015, illegally tried to remove control 
of the company from Clear Leisure. 
 
The original 'fast-track' ruling had allowed the Company to bring a claim 
against the former directors and members of the internal audit committee of 
Sipiem which is being heard in the Venice Court, and was last referred to in 
the announcement on 10 February 2020. 
 
This ruling by the Turin court is extremely relevant, as it confirms the 
illegal behaviours of both Sipiem's former directors and the members of its 
internal audit committee, thereby making their position in the Venice court 
claim case considerably more difficult. 
 
Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented, "We 
are extremely pleased by the Turin Court ruling, as it shows that Clear Leisure 
2017 Ltd's EUR10.8m claim, currently being discussed in the Venice Court, is 
against defendants who have acted against the law. 
 
"While the Venice court case will go ahead as planned, Monday's ruling, 
according to our lawyers, makes our position in the case even stronger. 
 
"We will now increase the legal pressure against the defendant of the case with 
a number of options which have already been identified by our legal team. 
Moreover, this new judgement, which we believe increases the chance of a 
positive outcome to our claim, could make the case potentially more attractive 
to specialised legal claims buyers, should Clear Leisure 2017 Ltd consider this 
route." 
 
                                    -ends- 
 
For further information please contact: 
 
Clear Leisure Plc 
Francesco Gardin, CEO and Executive Chairman 
 [phone] 
 
SP Angel Corporate Finance (Nominated Adviser & Broker) 
Jeff Keating / John Mackay 
[phone] 
 
 
Leander (Financial PR) 
Christian Taylor-Wilkinson 
[phone] 
 
About Clear Leisure Plc 
 
Clear Leisure plc (AIM: CLP) is an AIM listed investment company which has 
recently realigned its strategic focus to technology related investments, with 
special regard to interactive media, blockchain and AI sectors. The Company 
also owns shareholdings in a number of historic investments primarily in the 
Italian real estate companies, which it is currently seeking compensation 
through court action. 
 
For further information, please visit, www.clearleisure.co.uk 
 
 
 
END 
 

(END) Dow Jones Newswires

February 13, 2020 02:00 ET (07:00 GMT)