16 October 2019
Clear Leisure Plc
(“Clear Leisure” or “the Company”)
New Loan Note Facility and reschedule of existing Loan’s Maturity Date
The Company is pleased to announce that it has entered into a new unsecured loan facility agreement (the “New Facility") with Eufingest SA (“Eufingest”).
Under the New Facility, Eufingest will provide €150,000 and £30,000 at an interest rate of 2.5 per cent per annum repayable on 31 December 2019. The proceeds of the Facility will be used for working capital purposes.
Eufingest has also agreed to extend the repayment of the €250,000 Loan Note Facility announced on 30 July 2019 (the “July Facility”) to 31 December 2019. The loan was originally due to be repaid on 30 September 2019.
As of today, debt outstanding from Eufingest amounts to €3,740,000, inclusive of €87,000 accrued interest.
Eufingest is a substantial shareholder of the Company as defined by the AIM Rules for Companies holding approximately 13% of the Company’s ordinary issued share capital. The provision of the New Facility and the extension of the repayment date of the July Facility are related party transactions pursuant to AIM Rule 13 of the AIM Rules for Companies. The directors of Clear Leisure, (both of whom are independent of Eufingest), having consulted with its nominated adviser, consider that the transactions are fair and reasonable insofar as its shareholders are concerned.
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For further information please contact:
Clear Leisure Plc +39 335 296573
Francesco Gardin, CEO and Executive Chairman
SP Angel Corporate Finance (Nominated Adviser & Broker) +44 (0)20 3470 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 which has recently realigned its strategic focus to technology related investments, with special regard to interactive media, blockchain and AI sectors. The Company has an historic portfolio of assets primarily within the Italian leisure and real estate sectors. It is pursuing a program to monetisation of all these assets, through selected realisations, court-led recoveries of misappropriated assets and substantial debt-recovery processes. For further information, please visit, www.clearleisure.co.uk
