Clear Leisure agrees €300,000 loan facility

AIM-listed investment company Clear Leisure has entered into an unsecured convertible loan facility agreement with Swiss investor and major shareholder Eufingest S.A.

Under the facility, which is repayable on 30 April next year, Eufingest will provide €300,000 at an interest rate of 2.5% per year. The proceeds will be used for working capital purposes and to retire subsidiary bank debt at a discount.

Clear Leisure said it can repay the facility at any time without incurring a penalty.

Eufingest has a stake of more than 10% in the company and therefore it’s a “related party” under AIM rules.

Chief executive and executive chairman officer Francesco Gardin said: “We will continue to reduce bank debt accrued by certain subsidiaries, which ultimately results in the froup having a stronger consolidated balance sheet.”

At 1420 GMT, the shares were up 9.7% to 0.85p.