Business
Business Update - PBV and ForCrowd
Business Update - PBV and ForCrowd.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n \n28 January 2020\n\nClear Leisure Plc(“Clear Leisure†or “the Companyâ€)\n\nPBV Monitor and ForCrowd\n\nBusiness Update\n\nThe Board of Clear Leisure (AIM: CLP) is pleased to give shareholders an update on its technology investment portfolio:\n\nPBV Monitor srl (“PBVâ€)\n\nPBV, the Italian legal database company in which the Company has a 10% interest, has received an investment of €300,000 from an Italian investment company which has also held a minority stake in Clear Leisure since 2017. The funds have been raised at a pre-new money valuation of €3m, similar to the valuation at which Clear Leisure made its own investment in PBV in December 2018.\n\nThe investment of €300,000 will comprise an investment of €150,000 in PBV equity and a €150,000 subscription for a PBV 18-month convertible loan note with an annual interest rate of 10%. Should the loan note be converted into PBV shares at the end of the 18-month term it will be on the same valuation as the investment in PBV equity.\n\nClear Leisure intends to maintain its holding in PBV at 10% by subscribing for €15,000 in PBV equity and €15,000 in the PBV convertible loan on the same terms as described above.\n\nThe process to integrate services with Italy’s second largest financial news publishing group, as announced on 31 October 2019, has taken longer than the board of PBV expected and its Intelligence Search online service is still under final testing due to increased categorisation capabilities being added to the search engine. The board of Clear Leisure, however, remains confident that its investment in PBV represents a unique opportunity and this view is shared by the new investor.\n\nPBV has confirmed that the initial legal awards event: “Best Italian Lawyers and Best Law Firms in Italyâ€, organised by Class Editori Group in Milan is being held on 5 February. PBV is providing all the category data for the awards which will allow the judging panel to choose the winners at the event. The awards, part of the previously announced strategic partnership between PBV and Class Editori Group, will generate revenues for PBV, under an agreed revenue sharing scheme.\n\nForCrowd srl (“ForCrowdâ€)\n\nForCrowd has appointed additional members to its board and, subject to the approval of Commission Nazionale per le So...