Business
Disposal. Loan Notes and Bondholders Meeting
Disposal. Loan Notes and Bondholders Meeting.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 5895K Clear Leisure PLC 31 December 2015 \n\n31 December 2015 \n \n \nClear Leisure plc\n(\"Clear Leisure\", \"the Group\" or \"the Company\")\n \n \nSale of H&L Fund, Restructuring of Eufingest SA Loan Notes and results of the bondholders meeting\n \nClear Leisure is pleased to announce the sale, for EUR1.2 million (approximately £887,000), of Alnitak Sarl (\"Alnitak\") to an affiliate of a US based investment fund. After the acquisition of 49% of Alnitak from Halcyon Sarl for EUR300,000 (approximately £220,000), net cash proceeds to Clear Leisure from the sale, before transaction costs, are EUR900,000 (approximately £667,000).\n \nAlnitak owns 100% of Hospitality and Leisure Fund (\"H&L Fund\"), which in turn, owns four holiday resorts in Italy. As at June 30 2015, the H&L Funds were indebted to one of Italy's largest banks to the amount of EUR66.8 million. At the same date, Jones Lang LaSalle valued the resorts at EUR47.6 million.\n \nPrior to the changes in the Clear Leisure board in July 2015, the Company had granted an option to Endeavour Assets Management to acquire its then 51% interest in Alnitak for EUR500,000. When the option was not executed by the expiry date, the new board elected not to grant an extension because it believed the asset to be worth more. The transaction announced today vindicates this decision and marks the first disposal under the new board's previously announced asset realisation strategy.\n \nThe Company, following the granting of the option, had reported a carrying value for the 51% interest in Alnitak , on 31 December 2014, of €450,000.\n \n \nThe proceeds from the sale will be used to make further settlements with creditors and enable the Company to pursue other identified asset realisations.\n \nClear Leisure is also pleased to announce that an agreement has been reached with Eufingest SA, whereby the £200,000 convertible loan note issued on 28 October 2015 has been repaid and the remaining two €200,000 each Loan Notes expiring today have been rescheduled into a new Convertible Loan Note for €400,000, plus interest accrued to date, repayable by 1st December 2016, carrying a 2.5% interest and convertible at 0.75p per share. The new Loan Note includes a £200,000...