Business
Result of Mediapolis Land Auction
Result of Mediapolis Land Auction.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n \n 26 July 2018\n\nClear Leisure Plc\n\n(“Clear Leisure†or “the Companyâ€)\n\nResults of the Mediapolis Land Auction\n\nThe Company has been informed by its Italian legal advisers that at yesterday’s auction, held at the Ivrea Court, the auctioneer assigned the 497,884 sqm land owned by Mediapolis Srl (“Mediapolisâ€) to a bidder for an amount of €1,958,374.\n\nAs stated in the announcement made on 20 July 2018, the Court appointed surveyor had assigned a valuation of €3.86 million to the land. The auctioneer, however, fixed the base price for the auction at €2.61 million, setting a minimum offer of not less than 75% of the base price, which is in accordance with the applicable provisions of Italian law. The sole bidder made the minimum offer of €1,958,374.\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\nSince the appointment of the new board in July 2015, Clear Leisure has invested €2.08 million in Mediapolis with the intention of improving the consolidated debt position of its subsidiary, in order to prevent a winding-up petition being served and to secure the first charge on the land from a syndicate of Italian banks. \n\nOnce the assignment of the land is complete, the proceeds of the auction, less auction and administrative costs (estimated to be between 5-10% of the accepted bid), will be assigned to Clear Leisure 2017 Ltd, as per the rights of the first charge. The assignee has 120-...