Business
Mediapolis Land Auction and Request of Assignment
Mediapolis Land Auction and Request of Assignment.
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[{"type":"text","content":"\n \n 20 July 2018\n\nClear Leisure Plc(“Clear Leisure†or “the Companyâ€)\n\nMediapolis Land Auction and Request of Assignment\n\nThe Company has been informed by its Italian legal advisers that the Court of Ivrea has appointed an auctioneer who has set the date for the auction of the 497,884 sqm land owned by Mediapolis Srl, (“Mediapolisâ€) for Wednesday 25 July 2018.\n\nThe Court appointed surveyor had assigned a valuation of €3.86 million to the land. However, the auctioneer has fixed the base price for the auction at €2.61 million, with minimum offers being accepted of not less than 75% of the base price, according to the applicable provisions of Italian law. The Company will not be bidding in the auction.\n\nClear Leisure 2017 Ltd, the wholly owned subsidiary of Clear Leisure, is the beneficiary of a first charge on the land up to an amount of €2.68 million whilst the Company also holds an unsecured creditor position of €8.21 million on Mediapolis.\n\nThis auction does not include the villas owned by Mediapolis in Sardinia.\n\nLast week, the Company had formally commenced the process for the direct assignment of the land to Clear Leisure 2017 Ltd, by presenting the request to the Ivrea Court. The Company is awaiting a decision from the Court on this matter.\n\nFrancesco Gardin, CEO and Executive Chairman of Clear Leisure, commented, “We are constantly monitoring the situation, taking advice from our experienced legal team in Italy, and while the main strategy is still to obtain the ownership of the land, we remain a strong position as the main creditor through our first charge mortgage over the la...