QBT Quantum Blockchain Technologies Plc

 
TIDMCLP 
 
10 February 2020 
 
                               Clear Leisure Plc 
                      ("Clear Leisure" or "the Company") 
 
                        Update on Sipiem Court Hearing 
 
The board of Clear Leisure (AIM: CLP) is pleased to give shareholders an update 
on the first hearing in respect of the legal action against the former 
directors of Sipiem SpA which was held on 5 February 2020 in the Venice Court. 
 
Legal representatives of all parties involved in the claim appeared in Court, 
including the legal representatives of two insurance companies, (among the 
largest operating in Europe) which have provided professional indemnity cover 
to the majority of the eight defendants. The insurance documents seen by the 
Directors indicate that, for this specific case, the professional insurance 
cover is EUR1,000,000 per year, per insurance company. Therefore, EUR2,000,000 per 
year of cover has been provided. The alleged misconduct described in the claim 
took place over a number of years. 
 
The judge has set deadlines for the submissions of further documents and 
reconvened the parties for the second hearing on 6 May 2020. It is difficult to 
predict the length of time before any conclusion in this action is reached but 
our legal advisers have estimated between two to three years. 
 
Francesco Gardin: "The Sipiem trial has finally started, and we are very 
pleased that two of the largest European insurance groups are involved, having 
provided professional insurance cover to several of the defendants. We are now 
assessing options with our lawyers to increase further the legal pressure on 
the defendants." 
 
                                    -ends- 
 
For further information please contact: 
 
Clear Leisure Plc            +39 335 296573 
Francesco Gardin, CEO and Executive Chairman 
 
SP Angel Corporate Finance (Nominated Adviser & Broker)      +44 (0)20 3470 
0470 
Jeff Keating / John Mackay 
 
 
Leander (Financial PR)           +44 (0) 7795 168 157 
Christian Taylor-Wilkinson 
 
About Clear Leisure Plc 
 
Clear Leisure plc (AIM: CLP) is an AIM listed investment company which has 
recently realigned its strategic focus to technology related investments, with 
special regard to interactive media, blockchain and AI sectors. The Company 
also owns shareholdings in a number of historic investments primarily in the 
Italian real estate companies, which it is currently seeking compensation 
through court action. 
 
For further information, please visit, www.clearleisure.co.uk 
 
 
 
END 
 

(END) Dow Jones Newswires

February 10, 2020 04:37 ET (09:37 GMT)

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