21st Jun 2016 09:30
LONDON (Alliance News) - Clear Leisure PLC on Tuesday said it has sold its 9.9% interest in Ascend Capital Ltd for GBP50,000.
The investment company said that while the sale adds "just a modest amount" to its working capital, the "positive outcome is the result of the thorough investigation which the new board is undertaking to deliver returns to shareholders".
Clear Leisure added that it has entered into a new unsecured convertible loan facility agreement with major shareholder Eufingest SA. Eufingest holds over 10% of Clear Leisure.
Under the facility, Eufingest will provide EUR50,000 at an interest rate of 2.5% per year, repayable on September 30. The facility will be drawn down immediately, with the proceeds to be used to fund the cost of "ascertaining and realising the company's asset portfolio".
Eufingest may convert the outstanding balance into shares at a rate of 0.75 pence per share.
"We are pleased to have secured this further loan from one of our longest standing shareholders, which will enable us to continue the process of restructuring the company to help us realise the value of our non-core assets, as in the case of the 9.9% of Ascend Capital Ltd disposal," Chief Executive and Chairman Francesco Gardin said in a statement.
Shares in Clear Leisure were trading up 1.3% at 0.760 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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