Business
Mediapolis Settlement
Mediapolis Settlement.
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[{"type":"text","content":"\n \n 23 June 2020\n \n Clear Leisure Plc\n \n(“Clear Leisure” or “the Company”)\n Mediapolis Settlement\n The Board of Clear Leisure (AIM: CLP) is pleased to announce that a settlement agreement has been reached with the Mediapolis Receiver regarding the transfer of the Mediapolis auction funds from the Receiver to the Company’s wholly-owned subsidiary, Clear Leisure 2017 Ltd (“CL 2017”).\n Under the terms of the settlement, following negotiations with the Receiver and the approvals of the Italian Court and the Creditors committee, an amount of €1,663,000 is payable to CL2017. This represents a discount of approximately 14% on the auction proceeds from the Mediapolis real estate sale of €1,938,469 and is, after deducting certain costs and fees connected to the sale of the real estate and outstanding business rate that must, by law, be paid from the auction proceeds.\n As part of the agreement, CL 2017 is in a bidding process with the Receiver to buy Mediapolis’s rights to a potential claim against former Mediapolis directors and members of its internal audit committee, which has yet to be served. The exact amount of the claim is yet to be determined but could be in the order of millions of euros. The sum of €50,000 of the amount now due to CL 2017 will be kept in escrow by the Receiver until the bidding process to sell the rights of the potential claim are completed.\n Additionally, under Italian bankruptcy law, 20% of the auction proceeds must be kept in escrow by the Receiver until the closing of the bankruptcy process. The first payment to CL 2017 will, therefore, be €1,480,932.82 (being 80% of €1,938,469.98, the net land sales proceeds, less €50,000, being the deposit for the claim bid, plus a few of thousand euros of expenses).\n A final payment of €182,067 (less €50,000 if the potential claims mentioned above are assigned to CL 2017) will be made to CL 2017 at the end of the bankruptcy procedure.\n Following the settlement, neither Clear Leisure nor CL 2017 will have any future claim as creditors, while the Receiver will have no claim against Clear Leisure and CL 2017. However, if any funds remain at the end of the bankruptcy process and, after settling other creditors, the proceeds will be divided, pro-rata, to shareholders. Clear Leisure is a 84.04% rightful shareholder in Mediapolis.\n The only sizeable rem...