Business
Settlement of Mediapolis Debt Position
Settlement of Mediapolis Debt Position.
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[{"type":"text","content":"\n \n19 September 2017\n\nClear Leisure plc(\"Clear Leisure\" or \"the Company\")\n\nSettlement of Mediapolis Debt Position\n\nFurther to yesterday’s release of the Company’s interim results for the six months to 30 June 2017 and the movement in the Company’s share price, Clear Leisure plc (AIM: CLP), wishes to clarify the position in relation to on-going negotiations with creditors of its subsidiary, Mediapolis Spa. Whilst there has been no agreement subsequent to release of the interim results, the Company advises that its negotiations are in an advanced stage and if successful, the discount on buying back various debts of Mediapolis SpA would amount to circa €4.4 million, at a proposed discount of about 87 percent.\n\nIf these negotiations are successful and the proposed discount is agreed this would equate, on a consolidated basis, to a significant improvement in the Group’s balance sheet of approximately €3.8 million or circa 1.24 pence per share.\n\nFrancesco Gardin, Chairman and CEO of Clear Leisure, commented, “These agreements would represent a key step forward in the Company’s strategy of restructuring the Group’s debt and ring-fencing of assets. They should also strengthen Clear Leisure’s argument to have the winding up petition dismissed when the Ivrea Court reconvenes on 29 September.â€\n\n-ends-\n\nFor further information please contact:\n\nClear Leisure plc+39 335 296573\n\nFrancesco Gardin, CEO and Executive Chairman\n\nZAI Corporate Finance (Nominated Adviser)+44 (0)20 7060 2220\n\nTim Cofman/ John Tracy/ Luis Brime Berdugo \n\nPeterhouse Corporate Finance (Broker)+44 (0) 20 7469 0935\n\nLucy Williams / Heena Karani\n\nLeander (Financial PR)+44 (0) 7795 168 157\n\nChristian Taylor-Wilkinson\n\nAbout Clear Leisure Plc\n\nClear Leisure plc (AIM: CLP) is an AIM listed investment company with a portfolio of companies primarily encompassing the leisu...