5th May 2016 13:48
LONDON (Alliance News) - AIM-listed investment company Clear Leisure PLC on Thursday said it entered into an unsecured convertible loan facility agreement with Eufingest SA, a Swiss investor and major shareholder in the company.
Eufingest will provide a facility of GBP100,000 at an interest rate of 2.5% per annum. The facility is repayable on September 30, 2016 and will be fully drawn down immediately. At any time before that date, Eufingest may convert the outstanding balance of the facility into shares at 0.75 pence per share.
The proceeds will be used to fund the cost of ascertaining and realising Clear Leisure's asset portfolio.
Clear Leisure said it may repay the facility early at any time without penalty.
"We are pleased to have secured this loan from one of our longest standing shareholders and which will enable us to continue the process of restructuring the company to help us realise the value of our non-core assets," Francesco Gardin, Clear Leisure's chief executive officer and chairman, said in a statement.
Shares in Clear Leisure were down 3.7% at 0.650 pence Thursday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
CLP.L