11th Oct 2019 09:54
(Alliance News) - Clear Leisure PLC's shares jumped on Friday after it said a subsidiary has acquired another legal claim, this time one made against the directors of 99-owned Sosushi Co Srl.
The leisure-focused investor's stock was trading 44% higher at 0.24 pence each in London on Friday morning.
The EUR1.0 million acquisition entitles subsidiary Clear Leisure 2017 to 90% of any money recovered from the case, should the ruling go in favour of Sosushi. The company forecasts a net return of EUR900,000.
Clear Leisure explained: "Under the terms of the agreement, Clear Leisure 2017 has paid EUR10,000 to Sosushi by reducing part of Clear Leisure's current shareholder loan of GBP130,000. Clear Leisure 2017 will bear all future legal costs which are currently estimated by the directors to be EUR20,000."
The legal claim began when the liquidators of the sushi restaurant operator filed a fraud and mismanagement claim its former executive team. The first court hearing was held in Bologna, Italy in July.
The firm explained subsidiary Clear Leisure 2017 Ltd "is now the owner of all the material Italian legal claims representing the historical assets of the company".
The news comes just one month after Clear Leisure reported that the same subsidiary reached an agreement to buy the EUR10.8 million legal action which was taken against the former directors of Sipiem SpA, another investee.
Clear Leisure 2017 paid Sipiem EUR50,000 to acquire the legal action and going forward, it will pay all costs. It will also receive 70% of any money recovered should the ruling go in its favour.
Clear Leisure Chief Executive And Chair Francesco Gardin said: "The potential net return to Clear Leisure of this claim is in the region of EUR900,000 which, when added to the potential return of 70% from the Sipiem claim, as announced on 10 September, totals more than EUR8 million."
By Eric Cunha; [email protected]
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