13 February
2020
Clear Leisure Plc
(“Clear Leisure” or “the Company”)
Sipiem Ownership
Ruling
In March 2016, the Company
announced the result of a favourable ruling by the Turin Court which assigned to Clear Leisure a
controlling interest of 50.17% in Sipiem SpA (“Sipiem”).
Under Italian law the ruling was a ‘fast-track’ ruling, obtained to
prevent potential damage to Sipiem by the minority shareholder who
had tried, illegally, to take control of the company.
On 10 February 2020, much earlier
than expected, the Turin Court
confirmed its ruling given in February
2016 and specifically that Clear Leisure be approved as
Sipiem’s controlling shareholder, as it was before July 2015 and that Sipiem’s minority shareholder
had, in 2015, illegally tried to remove control of the company from
Clear Leisure.
The original ‘fast-track’ ruling had allowed the Company to
bring a claim against the former directors and members of the
internal audit committee of Sipiem which is being heard in the
Venice Court, and was last
referred to in the announcement on 10
February 2020.
This ruling by the Turin court
is extremely relevant, as it confirms the illegal behaviours of
both Sipiem’s former directors and the members of its internal
audit committee, thereby making their position in the Venice court claim case considerably more
difficult.
Francesco Gardin, CEO and
Executive Chairman of Clear Leisure, commented, “We are
extremely pleased by the Turin
Court ruling, as it shows that Clear Leisure 2017 Ltd’s €10.8m
claim, currently being discussed in the Venice Court, is against defendants who have
acted against the law.
“While the Venice court case
will go ahead as planned, Monday’s ruling, according to our
lawyers, makes our position in the case even stronger.
“We will now increase the legal pressure against the defendant
of the case with a number of options which have already been
identified by our legal team. Moreover, this new judgement, which
we believe increases the chance of a positive outcome to our claim,
could make the case potentially more attractive to specialised
legal claims buyers, should Clear Leisure 2017 Ltd consider this
route.”
-ends-
For further information please
contact:
Clear Leisure Plc
Francesco Gardin, CEO and Executive
Chairman
+39 335 296573
SP Angel Corporate Finance (Nominated Adviser &
Broker)
Jeff Keating / John Mackay
+44 (0)20 3470 0470
Leander (Financial PR)
Christian Taylor-Wilkinson
+44 (0) 7795 168 157
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