Clear Leisure Plc - Claim Settlement
PR Newswire
London, December 11
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014
12 December 2018
Clear Leisure Plc
("Clear Leisure" or "the Company")
Claim Settlement
The board of Clear Leisure is pleased to announce that, following the case management conference at the High Court on 9 November 2018 referred to in the Company's notification of 13 November 2018, a full and final settlement has been reached with the defendants in the sum of £1.15 million (before legal and insurance expenses of nearly £300,000) payable in cash to Clear Leisure.
The settlement will be paid in two tranches: the first being £500,000 payable by 14 December 2018 and the second tranche of £650,000 is payable by 7 March 2019.
Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented, "We are very pleased to have settled this case before the planned court hearing next year and for a sum which we believe reflects the appropriate outcome of our original investment, under the original share purchase agreement.
"This is the Company's second successful asset disposal since the new board was appointed in 2015, and we will continue to prosecute strenuously our other investments where we believe the chance of achieving a positive financial settlement is high."
-ends-
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 with a portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy. The focus of 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 launched a joint venture initiative in the cryptocurrency mining sector. For further information, please visit, www.clearleisure.co.uk
