Clear Leisure Plc Bond Conversion

 
TIDMCLP 
 
9 November 2020 
 
                               Clear Leisure Plc 
 
                      ("Clear Leisure" or "the Company") 
 
               Conversion of Eufingest Loans into Company's Bond 
 
The board of Clear Leisure (AIM: CLP) is pleased to announce that the Company 
has entered into a binding agreement with Eufingest SA ("Eufingest") to convert 
all Eufingest's outstanding loans plus accrued interest to date, amounting to EUR 
3,423,707 (the "Eufingest Loans") into either the Company's Zero Coupon Bond or 
a new, similar bond security ("the Bond") with a maturity date of 15 December 
2022 and a yield to maturity of 1%. 
 
As part of the agreement with Eufingest, the Company will provide a security 
over any proceeds arising from the Company's claim against Sipiem (referred to 
most recently in the Company's announcement of 27 October 2020). It has also 
been agreed that Eufingest will have the right to convert, at any time,  the 
Bond into new Clear Leisure ordinary shares  at a conversion price of 1p per 
ordinary share. 
 
Eufingest already holds EUR3m of the Zero Coupon Bond the total face value of 
which currently in issue  is EUR4.8m. 
 
Eufingest is a substantial shareholder in the Company as defined by the AIM 
Rules for Companies. The conversion of the Eufingest Loans into the Bond and 
extension of the repayment date is therefore a related party transaction 
pursuant to AIM Rule 13 of the AIM Rules for Companies. The directors of the 
Company, having consulted with its nominated adviser, consider that the 
transaction is fair and reasonable insofar as its shareholders are concerned. 
 
Francesco Gardin, Executive Chairman and CEO of Clear Leisure, commented, "We 
are very pleased by Eufingest's  long term commitment to the Company. Setting 
the maturity date of all existing loans into a Zero Coupon Bond to 15 December 
2022 allows the Company to focus on its new technology investments strategy, 
while accomodating a reasonable time for the outcome of current  litigation." 
 
                                    -ends- 
 
For further information please contact: 
 
Clear Leisure Plc 
 
[phone] 
 
Francesco Gardin, CEO and Executive Chairman 
 
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 the 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 realigned its strategic focus 
to technology related investments, with special regard to interactive media, 
blockchain and AI sectors. For further information, please visit, 
www.clearleisure.co.uk 
 
 
 
END 
 

(END) Dow Jones Newswires

November 09, 2020 02:00 ET (07:00 GMT)