Clear Leisure Plc Business Update

 
TIDMCLP 
 
15 October 20 
 
                               Clear Leisure Plc 
                      ("Clear Leisure" or "the Company") 
 
                                Business Update 
 
The board of Clear Leisure (AIM: CLP) is pleased to give shareholders a 
business update on the ongoing claims relating to its historical assets and PBV 
Monitor srl. 
 
The Company is currently finalising its audited annual report and accounts for 
the year ended 31 December 2019 (the "Final Results") and expects that it will 
be able to publish the Final Results in the week commencing, Monday 19 October. 
 
Sipiem SpA in Liquidazione ("Sipiem") (Clear Leisure 50.17%) 
 
The third court hearing in respect of the EUR10.8m legal action by Clear Leisure 
against the former directors and internal audit committee of Sipiem, has now 
been held in the Venice Court. The judge has ruled that an independent expert 
should be appointed to assess the value of the damages claimed by Sipiem. Each 
party in the case has the right to appoint their own experts. 
 
The independent expert will, at a hearing scheduled to be heard on 21 October 
2020, accept under oath, his formal appointment.  As the Judge could have 
decided not to appoint an independent expert, the Company's lawyers consider 
this a positive development in the court process. 
 
The lawyers of the two insurance companies, (among the largest operating in 
Europe), which provided the professional indemnity cover to the majority of the 
eight defendants, (as reported in the RNS of 10 February 2020), appeared in 
court at the hearing referred to above. 
 
The Company remains confident on the strong foundation of its claim. 
 
Mediapolis SA ("Mediopolis") 
 
In respect of the previously notified administrative claim filed against the 
Piedmont Region in February 2015 by Mediapolis' former management team, for the 
amount of EUR39.65m, the Receiver of Mediapolis has informed the Company that the 
claim has been rejected by the regional administrative tribunal. 
 
Clear Leisure is no longer involved in any court proceedings which involve 
Mediapolis following the Company's final settlement with the Receiver of 
Mediapolis and therefore has little knowledge as to whether or not the Receiver 
intends to appeal this ruling. 
 
PBV Monitor srl ("PBV") 
 
PBV (https://pbvmonitor.com), (in which Clear Leisure has a 10% interest) has 
launched its new online service, "PBV Intelligence". The service identifies and 
highlights business relationships between more than 7,000 commercial law firms, 
35,000 corporations, banks and government organisations and 152,000 business 
lawyers worldwide. 
 
PBV Intelligence allows users to monitor and measure 'relationship capital' at 
an organisational and individual level. The daily updated online platform 
provides clients with unrivalled data-driven insight for the selection and 
comparison of business lawyers competencies and experience. 
 
Francesco Gardin, Executive Chairman and CEO of Clear Leisure, commented, "We 
are extremely positive about the decision of the Venice judge with regards to 
Sipiem. The Company has now appointed its own expert who will issue his report 
on the valuation of the damages incurred by the former directors and internal 
audit committee. 
 
"The outcome of the Mediapolis regional administrative tribunal is not a 
surprise to us, given the small chances of success indicated by Mediapolis' 
lawyers five years ago. 
 
"We are very pleased that PBV has launched "PBV Intelligence", which, at the 
time of our investment in December 2018, Clear Leisure regarded as the main 
revenue driver in PBV's business plan. The next few months will give an 
indication of the market response to this new innovative intelligence service". 
 
This announcement contains inside information for the purposes of Article 7 of 
Regulation (EU) No 596/2014. 
 
                                    -ends- 
 
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)                                                  +44 (0) 
7795 168 157 
Christian Taylor-Wilkinson 
 
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 has shareholdings in a number of historical investments, primarily in 
Italian real estate companies, which it is currently seeking through court 
action, compensation from previous management for mismanagement. 
 
For further information, please visit, www.clearleisure.co.uk 
 
 
 
END 
 

(END) Dow Jones Newswires

October 15, 2020 02:00 ET (06:00 GMT)