Share Name Share Symbol Market Type Share ISIN Share Description
Clear Leisure LSE:CLP London Ordinary Share GB00B50P5B53 ORD 0.25P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.025p -3.52% 0.685p 1,543,693 09:01:01
Bid Price Offer Price High Price Low Price Open Price
0.67p 0.70p 0.71p 0.685p 0.71p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.00 -0.06 -0.89 3.5

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Trade Time Trade Price Trade Size Trade Value Trade Type
08:00:320.65339,0032,203.52O
07:11:490.67300,3732,012.50O
07:10:520.68887,0616,012.50O
07:05:290.6817,256116.96O
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Clear Leisure (CLP) Top Chat Posts

DateSubject
22/10/2018
09:20
Clear Leisure Daily Update: Clear Leisure is listed in the Nonequity Investment Instruments sector of the London Stock Exchange with ticker CLP. The last closing price for Clear Leisure was 0.71p.
Clear Leisure has a 4 week average price of 0.63p and a 12 week average price of 0.63p.
The 1 year high share price is 1.78p while the 1 year low share price is currently 0.45p.
There are currently 513,092,462 shares in issue and the average daily traded volume is 2,570,304 shares. The market capitalisation of Clear Leisure is £3,642,956.48.
16/10/2018
13:39
knigel: Is it? Just sensible comment. A decent RNS and the share price will rise. Quite obvious really. (Of course it might then fall back as per ususl)
09/10/2018
18:45
timbo: Bulgarian, the day to day admin costs are reasonably lean. 4 members of staff which include the directors cost 266K euros, next biggest admin expense is audit at 33K euros. Obviously until there is access to a reliable revenue stream (Sipiem/Ondaland would easily cover this - there is at least 6.5M euros owing which has never arrived in cash) any further funds will be have to be raised through share issue or loans. I first invested in Brainspark as CLP was then several years ago on the basis that it had a diversified portfolio. I now treat it as a recovery play almost recovering from itself (if that makes sense!). The incompetence of some of the earlier directors was breathtaking so the scale of what the current BOD had to do when they were appointed in July 2015 was huge. But I had previous experience of Francesco Gardin and Reg Eccles working together in another stock I had held, Pan European Terminals Plc. This was reassuring because Pan European had assets stolen by Russian oligarchs and all kinds of legal manoeuvring against them it seemed destined to be one of those unlucky companies. You know that things are not good when the MD is kidnapped and his car blown up by Russian gangsters! But these two directors picked through the legal minefield and quietly went about their work behind the scenes until they resurrected a deal which meant that shareholders walked away with more than they expected. hxxp://www.morningstar.co.uk/uk/news/AN_1400678984213688000/pan-european-terminals-agrees-to-gbp234-million-takeover-by-belphar.aspx So when they were appointed at CLP I trusted they could unravel the mess. An example of what they faced was they were not even granted access to the company web domain hence the change to a .co.uk! So they have quietly gone about trying to realise cash from the assets and unpick the monies that previous directors should have collected (or had er mislaid!). I was further encouraged that Gardin's salary was £60K (£30K payable in shares) and 10% commission on any assets sold. I've been invested in companies of a similar market cap where the CEO is on well north of £100K even if they don't seem to be working that hard! The directors' interests in CLP are truly aligned with the shareholders' interests - that doesn't always happen! The Mediapolis situation has been very frustrating - the Italian legal system allows that, even after you have satisfied debts, the court can still go ahead with a liquidation. That's what happened. Yet, it was the directors purchasing bank debt at a huge discount (about 80%) that led to them getting the first charge on the land and the guarantee of walking away with just under 3M euros. The reason that I've given a bit of this background (sorry if you were familiar with it already) is to frame their achievements in a context. It's easy to look at recent share price movement and the injudicious comments of rampers and derampers alike and just see a pump and dump outfit struggling to keep the lights on. Personally I think this BOD have more integrity than that and have had to work incredibly hard to get to this point. It seemed that every company asset they looked at had issues with it (sometimes even not initially being completely sure who owned something!) hence the paragraph in the recent Interim report: "With respect to the various leisure operations in which Clear Leisure has, or once had, an interest, virtually each historical investment continues to involve a legal action." There's no guarantee of success with any or all of these actions but I certainly would not bet against these two directors achieving what seemed improbable.
07/10/2018
18:10
knigel: Nick, the truth is that day traders limit any upside here. Maybe it will change. What is keeping people like me here for the longer term is the fact that there are various NAV enhancing events in the pipeline - asset disposals - court claims etc. Some will happen - some will not. Presuming the majority of the bonds convert - we will have a NAV in excess of 1p - then there are the other events to push the share price hopefully higher in time. Bulgarian is right to be cautious even the events here BUT over the last year especially the management have been very proactive - just look at the number of RNSs. I believe a gradual upswing in both the share price and NAV will happen - I don't want any pump and dumpers here .. but then again, they do also attract some derampers (cough)
05/10/2018
13:35
supercity: On October 1st it was announced the bond holders were converting at five times the share price which equates to near 4p There are nearly 200,000,000 that can be converted at this priceIt was announced a few days before CLP lost the mediapolis appealThis is old news and the bond holders seem to have little choice looking at the predicament of the company and the appeal as it seems there is little money in the pot
01/10/2018
09:17
euclid5: They may convert £8.79m bonds into 233m shares at 3.76p (fx 1.126 Eur/Gbp) so what will the bond holders do with shares converted at 3.76p when the market price is 0.009p. They need a 318% increase in share price to break even on the conversion price
01/10/2018
09:09
eezymunny: Also its worth asking WHY is the debt being converted at such a high price. It's in Eufingest's interest to convert at a LOW price, if they think the equity will end up having significant value??!!! Surely it's not being done like this to cause a share price spike so someone can dump?
01/10/2018
07:15
knigel: Well Kev.. the results were decent but not unexpected.. however the news today may change sentiment ... Debt conversion notice ... at five times the average share price of 0.752p... so that will be new shares at 3.85p instead of bond debt - i suspect the largest bond holder will accept. This should result in a decent NAV upgrade. I would expect a higher share price today..
29/9/2017
06:27
temmujin: off topic but report by mrbeekeeper...maybe worth a side punt? RKBeekeeper Investment Case: Zanaga Iron Ore Company (ZIOC) Wednesday, Sep 06 2017 by Ash Deans 0 comments 3 Every now and then I come across a share that I was not expecting to find and that I’ve never heard anything about before, this is a classic example of one of those shares. Yesterday Zanaga Iron Ore Company popped up on my radar due to a very strange action in the share price and some very large trades moving through a stock that typically sees very few trades per day. This much un-loved stock may actually prove to be one of AIMs biggest movers this year! Let’s start with the fundementals Shares in issue: 279m Free Float: Approx: 75m (27%) Current MCap: £17m 52 Week High: 212p 52 Week Low: 4.6p All-time High: 212p (No dilution since this high!) All-time Low: 1.35p Cash in Bank: Approx $4.5m Zanaga Project Details The bare fact is that the company sits with a mineral resource situated in the Republic of Congo that is one of the world’s largest with up to 6.9bn tonnes and of which 2.1bn is iron ore at a 66% fe. These figures have been produced in compliance with the key JORC code and the iron ore NPV (after financing and net of production and transportation) has been valued at anywhere up to $966m net to ZIOC based upon the current iron price of approx $55/tonne. (If the price of Iron Ore moves back closer to the $80 range then this puts the value up to $1.4bn!!) The project is a 50/50 collaboration with Glencore ($40bn Mcap), with Glencore hold 1 share more than Zanaga to give them control of the project. Zanaga management have been playing the long game this last two years, steadily progressing the project through, in the most important instance, the ratification of its Mining Convention and the lodging of the Environmental Permit that is now VERY OVERDUE and that will be another potential major milestone in the progress towards exploitation of this world class ore resource. Next Catalyst This project is waiting on the Environmental Permit to be obtained, this was expected at the end of the 2016 fiscal year which means it is now several months overdue and can land any day now! Once the permit has been agreed this could spark a chain of events that will send this share price on a crazy journey. With the permit in place I would expect ZIOC to look at selling their stake in the project and due to Glencore’s huge success over the past couple of years they are now in a cash rich position and according to their chairman they are looking to buy out projects that they already have a stake in. “We are looking for opportunities around,” he said, adding Glencore was particularly interested in assets where it already had stakes or partnerships. This would put ZIOC firmly on their radar, the only outstanding issue being the Environmental Permit which should land very soon. My View: What happens next Based on my research I strongly believe that once the Environmental Permit has been obtained ZIOC will look to sell their half of the project, either to their partner Glencore or to another party, potentially a Chinese interest as there have been rumours of interest from China in the past. This is backed up by the share transfer announced on the 3rd April 2017, which I believe was to get everything ready for the sale of the asset. I also see the directors holding a huge percentage of the shares in issue here which is a sign of confidence in my mind that they know what is coming. It would not surprise me if the deal is already in place and the permit being obtained is the catalyst to finalise it. In regards to the price for the sale of the asset, based on it being one of the world’s leading iron ore assets I would be surprised if it were to sell for less than $100m (fire sale price), with my estimate being somewhere between $200m-$300m. When you compare this to the current Mcap of £17m you can see the huge value here! The Mcap appears to only be this low as it is so far off people’s radars at the moment and the overdue nature of the Environmental Permit. Downsides? Are there any risks here? Of course, as with all shares there is a potential risk here that there will be further delay in the Environmental Permit, or that it might not be granted. However, given that all other permits and licenses have been obtained I see this as extremely unlikely. The risk to reward here is huge in my mind. Very low risk, massive reward. Targets The movement in the share price here is going to be driven by the Environmental Permit being obtained… On that news I would expect the share price to move to around 50p per share (600%+ Rise) I would then expect the share price to continue to rise up to the point of the asset sale, which would likely be over £1 per share (1300%+ Rise) Due to the Very Low free float in this share it moves incredibly quickly which will make it very difficult to by once the RNS lands so this is one you want to be in before the news lands. If you wish to check the figures here in this post then I suggest you take a look at the most recent investor presentation here to get an understanding of the size of this asset: hxxp://www.zanagairon.com/pdfs/ZIOC-Investor-Presentation_21-Sept-2016.pdf The share price at the time of writing this post was 6.125p Note: I have emailed the company to obtain answers to a couple of outstanding questions. I will update this post once I get a reply.
08/7/2017
18:11
temmujin: Clear Leisure - Special Situation with huge upside Friday, Feb 07 2014 by Investing Sidekick 0 comments 4 Clear Leisure is a holding company which invests in a range of other companies. This isn't however your typical Investment Trust which holds a portfolio of equities, it has a few concentrated majority stakes in a number of leisure businesses. In this article I will attempt to value the individual businesses and show that the sum of parts far exceeds the current market cap. The business Clear Leisure’s core assets, where the Company owns a majority controlling stake, include a leading Italian hotel management company (Ora Hotels), Italy’s largest sushi restaurant chain (Sosushi), Italy’s most successful water theme park (Ondaland), and a 670,000 sq m (165 acres) tract of real estate, which has been approved for the development of a major theme park, hotel, shopping complex and commercial activities (Mediapolis). Over the years the company has changed its investment strategy and constantly issued shares, mostly to the detriment of existing shareholders. Year Shares Outstanding (adjusted for consolidation) 2005 772 2006 1,323 2007 1,323 2008 1,323 2009 1,351 2010 9,560 2011 27,968 2012 92,327 In 2010 CLP was known as 'Brainspark' (no wonder they changed the name!) and it had Net Asset Value per share (NAV) of 101.5p which fell to 29.6p in 2011. It was at this time that the company changed strategy from having minority stakes in companies to having fewer, but larger stakes in the leisure industry in the Meditarrenean. By 2011 it held all the investments listed above. It has since increased its stake in some companies and looked to sell its stake in Mediapolis (this was hoped to be completed by 2012 but still hasn't). Over 2012 it made several new issues of shares to increase its stakes at prices per share ranging from 10p to 16p (current share price is 2p). The Chairman of the company at the time was Alfredo Villa, and he held 13.2% of the company. His background is in options trading, where he was a technical analyst. Other members of the board, including the CEO are also members of the boards of the companies they invest in. In my opinion this gives them a conflict of interest, to continually inject capital into poor businesses. Later in 2012 the share issues continued in exchange for stakes in the businesses, with the price of new issues falling to 5p a share. This wasn't consistent though, with new shares changing hands at all sorts of different prices. Then a new face emerged, Luke Johnson bought a £1m stake in the company and became chairman. He is a prolific manager of big UK chains such as Giraffe restaurants. He made some good changes to the group, but that couldn't prevent the NAV per share in 2013 falling from 29.6p to 13.3p. Its main holdings are not thoroughly segmented in the annual reports, but this is what I have gathered on the financial condition of each. More details of the operations of these companies can be found in this research report. Ora Hotels (ORH) CLP owns 73% of ORH. Its stake was recently increased as a result of the sale of a hotel development in Mozambique to Mr Presti, a director and shareholder of ORH, in return for shares representing approximately 16% of ORH. ORH has subsequently cancelled the shares received as consideration. Following the transaction, Mr Presti no longer has a shareholding in ORH and has left the board of ORH. I don't really know what to think of the transaction. This RNS release gives some details of ORH, the 16% stake was traded for a hotel in development which had €650k spent on it. If that is used as a yardstick it would value ORH at €4m. I think that's likely to be a maximum value given an insider would not voluntarily short change themself, most likely the opposite. In 2012 it recorded revenues of €46.7m (2011: €37.9m), EBITDA of €1.52m (2011: €0.23m) and a consolidated profit of €0.69m (2011: loss of €0.15m). But the plot thickens, recently CLP has taken legal action against ORH because it financial irregularities and is trying to reclaim all the money it has invested in it. This RNS release states that the CLP shares ORH holds (which were used by CLP to acquire the stake) will be transferred back to CLP. That means the free float of share will be reduced by 14.4m, or 7.3%. Hence this stake is worthless, but the outstanding shares can be reduced by this amount. Sosushi Italy's main Sushi chain has many similarities to the chain Yo Sushi. Its latest results available show it earned €52k on €1.7m of revenues. This was an increase from a loss of €500k on €1.0m in revenues from 2011. Such impressive growth usually attracts high premiums, but I like to be more conservative. A multiple of 15x earnings seems appropriate to me, that values it at £1.2m. Sipiem CLP owns 50% of Sipiem. Financials on this company are hard to find. In the year ending 31 December 2011, Sipiem reported revenue of €2.2m and net profit of €0.1m which is the latest information I could find. But other investors did put €7m into the company in 2012. So I don't think it's worthless but neither do I want to put a significant valuation on a company that makes little profits. I will value CLPs portion at £1m which I think has an adequate margin of safety given it recently had €7m of cash on the balance sheet as well as an operating business. CLP also recently increased its holding at a price that valued the company at around €8m. Mediapolis CLP has been trying to sell this development project for years, they own a 69.5% stake in it. Deals have fallen through due to lack of mortgage financing, as well as deals rejected because the board wants payment in cash and not shares. CLP has made a proposal to restructure Mediapolis debt and this has recently been well received by the courts so looks promising. This announcement values the company at €23.6m. But they have also had two cash offers for the company (finally!) for €20m (£16.5m). I don't think it's unfair to take this as the value given the two offers, so CLP's stake is worth £11.5m. Other companies CLP also has holdings in other companies. Some it only has minority stakes and wishes to hold, others are up for sale but have been for years. I am not going to attach any value to these other holdings as they are small and even more difficult than the rest to value. Conclusion Market Cap: £4.2m Reported Net Asset Value: £25.27m CAGR (NAV per share): -49% p.a. Valuation: £13.0m Upside: 210% The sale of the Mediapolis investment should act as a catalyst for investors realising the hidden value in these shares. The board has stated they intend to reinvest the proceeds into new acquisitions which isn't particularly pleasing to my ears, but is to be expected of an Investment Company. But this company isn't without its risks, the biggest of which to me is that the company needs to continually issue new shares in order to stay solvent as its assets are not cash generating. Because of this requirement they have had to continually issue shares at a discount and that is why long term shareholders have seen shareholder value destroyed. If the Mediapolis sale does not go ahead it is likely another diluting share issue will take place. Despite this, and the atrocious performance of this fund in the past, I still think it is deeply undervalued due to the Mediapolis investment in particular, two cash offers is hard to ignore. Disclosure: I am long CLP
08/7/2017
18:08
temmujin: Is This Share Underpriced By 73%? Tom Bulford by Tom Bulford Posted 30th April 2013 I like a penny share with a bit of ambition. Clear Leisure (CLP) is certainly not lacking in that department. It aims to become the largest leisure group in Italy, which is quite a stretch for a company currently valued at just £6.3m. Today its share price sits at 3.25p, but a recent note from broker Westhouse argues that it should be much closer to the company’s net asset value, which it calculates at 12.14p. If the state of the Italian economy wasn’t a big enough problem already, Clear Leisure has the difficulty of trying to escape their tarnished history. Clear Leisure sure faces an uphill climb. Under the name Brainspark, it had a tough time on AIM. Shares debuted in 2000 and by 2012, shares had fallen 80%. The chief executive of Clear Leisure, Alfredo Villa, did not try to downplay Italy’s problems when I spoke to him on the phone last week. “Disastrous221; is, I think, the word he used and you don’t need to look far to understand why. A coalition government has been stitched together with great difficulty, the economy is in recession, a financial crisis is gathering pace and a major bank has been accused of fraud. This well-known UK entrepreneur is at the reins But it may take more than these local difficulties to prevent Italians from having a good time, and in any case, Clear Leisure’s operations are by no means reliant on domestic fortunes. Clear Leisure’s story is especially interesting because Luke Johnson, one of the UK’s best known entrepreneurs, became chairman last October. Johnson made his name and fortune with Pizza Express, and has since invested in a number of eateries and bakeries. His main interest in Clear Leisure is its 51% owned restaurant business, So Sushi, which recorded revenues of €3.4m in 2012 and is expected to record €4.1m this year. Also in the portfolio is Clear Leisure’s 62%-owned Ora Hotel chain, for which it acts as the operator. This is the largest hotel chain in Italy with fifty properties in Italy, Africa, Brazil and Mexico. It is also a tour operator in a number of African countries and in its latest financial year achieved revenue of €46.7m and a small profit. With a number of new hotels scheduled for opening, Clear Leisure is looking for good growth over the next two years. The third area of activity is in theme parks. Here Clear Leisure has 51% ownership of Sipiem, which is the majority owner of one of the biggest water parks in Italy, Ondaland, which can be found in a prime position half way between Turin and Milan. This expects to receive 400,000 visitors this summer, rising to 450,000 next year, and the construction of a new indoor attraction is designed to stretch the season beyond the warm summer months. A share price damaged by an acquisition spree Clear Leisure owns minor stakes in Ascend Capital, a London-based micro-cap broker and Class Finance, a Milan-based corporate advisory company as well as Bibop, a digital media content company, and software producer Geosim, both of which are up for sale. But the prime asset is a large, 450,000 m2 plot of land on the Milan-Turin-Aosta (A6) motorway, an hour from the Mont Blanc Tunnel. Still under the company name Brainspark it rejected paper offers rumoured to value this site at €25m-€30m. Today having refinanced the business with the help of a £1m investment by Johnson, it is under no pressure to sell the whole site but may sell off parcels of land for shopping, hotel or leisure purposes. But it is this plot that explains the large gap between Clear Leisure’s share price and its net asset value. Brainspark went on an acquisition spree paying for assets with cash and shares, with the former anticipated to come from the sale of the land. When the financial crisis struck and it was unable to complete this sale, it was forced to issue additional shares to complete these acquisitions. The recipients of these shares promptly sold them in the market, driving down the share price to a January low of 2.88p. According to a note from Westhouse Securities management have now “broken this negative feedback loop”. Westhouse believes “there is no longer an intermittent technical overhang which will now benefit investors” and argues that the share price should now close the gap with that 12.14p asset value. With Clear Leisure expecting group revenues of £43m, rising to £54m in 2014, this is a business with some substance. But given the group’s track record – admittedly before the time of chief executive Villa – and with the dark clouds looming over the Italian economy, investors are showing due caution here.
Clear Leisure share price data is direct from the London Stock Exchange
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