Clear Leisure PLC soars as it reaches settlement over Mediapolis auction

The company will receive €1.66mln under the settlement with the receiver of Mediapolis and will not have any future claim as creditors

() said it has reached an agreement with the Mediapolis receiver regarding the transfer of Mediapolis auction funds to its subsidiary, Clear Leisure 2017 (CL2017).

The AIM-listed firm said under the settlement with the receiver CL2017 will receive €1.66mln, a 14% discount to the auction proceeds of the Mediapolis real estate sale.

READ: Clear Leisure says ForCrowd launches first crowdfunding campaign

As part of the agreement, CL2017 has also entered a bidding process with the receiver to buy Mediapolis’s rights to a potential claim against former Mediapolis directors and members of its internal audit committee, the amount of which, the firm said, could be in the order of millions of euros.

 CL2017 will receive around €1.48mln as an initial payment of the settlement, with the remaining €182,067 to be made after the Mediapolis bankruptcy procedure concludes.

Following the settlement, Clear Leisure said it will not have any future claim as creditors, while the receiver will have no claim against the company or CL2017.

“We are pleased to have put an end to a dispute which has been dragging on for nearly two years necessitating considerable management time and legal expenses.”, said Clear Leisure chief executive and executive chairman Francesco Gardin.

“The acquisition of the potential claim has been introduced in the negotiation as an opportunity on which we have put a spending cap of €50,000, although the estimate of the potential claim supplied by the Mediapolis Receiver is in the order of millions of euros. While the legacy of Clear Leisure’s past remains with the outstanding Sipiem and Sosushi claims, your Board can now better focus its energy on developing new businesses in the technology investment sector, where we have been exploring several new initiatives in recent months”, Gardin added.

The company also said that due to the coronavirus pandemic it will be delaying the publication of its full year results and it has received an extension to its filing deadline to September 30 from June 30.

Clear Leisure’s shares soared 52.2% to 0.4p in early deals on Tuesday.

Read More: Clear Leisure PLC soars as it reaches settlement over Mediapolis auction

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