Sosushi Claim and Loan Facility

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[{"type":"text","content":"\n \n                                                                                                                     2 January 2017\n\nClear Leisure Plc\n\n(“Clear Leisure”, or “the Company”)\n\nSosushi Company srl Claim and Loan Facility\n\nOn 7 December 2017, the Company announced that it intended to pursue two legal claims for an approximate combined value of £2.5 million. On 28 December, at a meeting of the shareholders of Sosushi Company Srl, (“Sosushi”), a subsidiary of Clear Leisure in which the Company has a 99.3% interest, the current sole director of Sosushi, who was appointed by the Company, was authorised to file a claim to recover damages against the former directors of Sosushi for gross mismanagement. Further, Clear Leisure will also file a claim against previous Sosushi directors and shareholders for approximately €1.7 million (£1.5 million) in regards to Sosushi’s published accounts, which Clear Leisure used as a primary basis for the investment decision in 2012.\n\nAdditionally, the Board is pleased to announce that the Company has entered into a further unsecured convertible loan facility agreement (the “Facility\") with Eufingest SA (“Eufingest”).\n\nUnder the Facility, Eufingest has provided €250,000 at an interest rate of 2.5 per cent per annum.  The Facility is repayable on 31 March 2018 and the proceeds will be used for working capital purposes.\n\nThe Company may repay the Facility early at any time without penalty. At any time before 31 March 2018, Eufingest may convert the outstanding balance of the Facility into ordinary shares of the Company at the rate of 1 pence per ordinary share.\n\nIn addition, Eufingest, has agreed to defer the payment of €50,000 as announced by RNS on 7 December 2017, ori...

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