Business
Increase in stake in ORH & acquisition of Columbus
Increase in stake in ORH & acquisition of Columbus.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 3024G Clear Leisure PLC 05 June 2013 \n \n\n5 June 2013\n \n \nClear Leisure Plc\n(\"Clear Leisure\" or \"the Company\")\n \n \nINCREASE IN STAKE IN ORH S.P.A. \nand ACQUISITION OF BRAND \"COLUMBUS\"\n \nThe Company is pleased to announce that on 4 June, its holding in ORH SpA (\"ORH\"), the Italian tour operation and hotel management group, increased to 73.43 per cent, from 60.82 per cent.\n \nThis increase was a result of the sale of a hotel development in Mozambique (the \"Hotel\") to Mr Presti, a director and shareholder of ORH, in return for shares representing approximately 16 per cent. of the total voting rights in ORH. ORH has subsequently cancelled the shares received as consideration. Following the transaction, Mr Presti no longer has a shareholding in ORH and has left the board of ORH.\n \nThe sale of the Hotel removes a rental payment obligation from ORH, which has to date spent EUR 650,000 on the Hotel. The Hotel is currently being built by a local developer and is expected to become operational during 2014. \n \nThe Company is also pleased to announce that ORH has acquired the brand and business activities of \"Columbus\", a well-known Italian tour operator, specialising in European and medium-range holiday destinations from the Genoa bankruptcy court for a nominal sum. This acquisition will bring new destinations and resorts to ORH SpA's tour operations including, Sardinia, the south of Italy, Greece, Egypt and Spain.\n \nFor more information on Columbus, please go to: http://www.columbusviaggi.eu/\n \nRelated Party Transaction\n \nThe swap of the Mozambique project in return for the ORH shares held by Mr Presti, who is a director of ORH, is classified as a transaction with a related party for the purposes of the AIM Rules. In accordance, therefore, with the AIM Rules, the directors of the Company, having consulted with the Company's nominated adviser, Westhouse Securities Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.\n \n-ends-\n \n \nFor further information please contact:\n \n \nClear Leisure Plc &nb...