Clear Leisure Plc Debt buy-back

 
TIDMCLP 
 
23 September 2016 
 
                               Clear Leisure plc 
 
                ("Clear Leisure", "the Group" or "the Company") 
 
                                 Debt buy-back 
 
Clear Leisure (AIM: CLR), the leisure and property focused investment company, 
is pleased to announce it has entered into a binding agreement with an Italian 
bank to buy back EUR1.3 million of debt of one is its subsidiaries at a 76% 
discount. A consideration schedule has been agreed with the bank. 
 
This represents a pro-rata improvement of approximately EUR800,000 (GBP 690,000) 
in the Company's consolidated balance sheet, or circa 0.24p per share. 
 
Further negotiations with other Italian banks to buy back subsidiaries' debt at 
a discount are now being progressed and the board will update the market when 
it is appropriate to do so. 
 
Francesco Gardin, Chairman and CEO of Clear Leisure, commented, "We have taken 
this opportunity to materially strengthen our balance sheet by reducing the 
amount of debt held by some of our subsidiary investee companies at a 
significant discount. This will serve to significantly reduce our annual 
outgoing liabilities, enhancing Clear Leisure' position of strength when 
negotiating further asset sales and debt recoveries. We see this as yet another 
step in preparing the Company for its future, as outlined in our 12th September 
statement to the market." 
 
                                    -ends- 
 
For further information please contact: 
 
Clear Leisure 
plc 
[phone] 
 
Francesco Gardin, CEO and Executive Chairman 
 
ZAI Corporate Finance (Nominated Adviser) 
 
Tim Cofman/Jamie Spotswood/Peter Trevelyan-Clark 
[phone] 
 
Peterhouse Corporate Finance (Joint Broker) 
                                         [phone] 
 
Lucy Williams / Heena Karani 
 
Cadogan Leander (Financial PR) 
                                                             [phone] 
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 Company may be either a passive or active investor 
and Clear Leisure's investment rationale ranges from acquiring minority 
positions with strategic influence through to larger controlling positions. For 
further information, please visit, www.clearleisure.com 
 
 
 
END 
 

(END) Dow Jones Newswires

September 23, 2016 05:55 ET (09:55 GMT)