3rd Oct 2019 09:59
(Alliance News) - Clear Leisure PLC on Thursday said it acquired a 20% interest in ForCrowd Srl, an Italian equity crowdfunding platform, for GBP188,709.
The AIM-listed investment company said it will settle the payment though the issue of 54.2 million shares at a price of 0.35 pence each, representing a 4% premium on the mid-market closing price on Wednesday.
Clear Leisure shares were trading 13% higher in London on Thursday at 0.22 pence each.
As part of the terms of the investment, Clear Leisure said it will be entitled to a referral fee on all clients and investors introduced by Clear Leisure to ForCrowd.
The referral fee will be 1% of the total amount raised for any projects Clear Leisure introduces to ForCrowd and it will receive an additional 3% of funds invested into a project by an investor introduced by Clear Leisure.
"The investment in ForCrowd is instrumental to the technology investment strategy of the company since it provides a platform to co-fund Clear Leisure's technology investments while providing immediate returns due to the fee structure in place between ForCrowd and Clear Leisure," explained Chief Executive & Chair Francesco Gardin.
"We believe that the combination of issuing shares at a 74% premium to the current share price combined with a low purchase price multiple, will create a potential added value for our shareholders," added Gardin.
By Evelina Grecenko; [email protected]
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