Clear Leisure has raised £150,000 at 1.15p a share.
The cash will be used to fund litigation to recover past investments. Clear owns 84.04% of Mediapolis, which owns development land in Italy, but the local government is trying to wind up the company
At the end of 2016, the NAV was €1.6m and buying back €3.14m of debt at a 76% discount will have subsequently boosted the NAV. Borrowings, including convertible bonds, were €21m. Clear Leisure has €2.475m of debt provided by major shareholder Eufingest and it is convertible at 0.89p a share. The current share price is 1.28p. The loan lasts until April 2020 and has an annual interest charge of 1%.
Clear Leisure is still involved in litigation concerning Mediapolis and other past investments.
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