Clear Leisure pleased with litigation progress

Clear Leisure updated the market on the ongoing claims relating to its historical assets and PBV Monitor on Thursday, reporting that the third court hearing in respect of the €10.8m legal action by Clear Leisure against the former directors and internal audit committee of Sipiem, in which it holds 50.17%, had now been held in the Venice Court.

The AIM-traded firm said the judge had ruled that an independent expert should be appointed to assess the value of the damages claimed by Sipiem, with each party having the right to appoint their own experts.

It said the independent expert would, at a hearing scheduled to be heard on 21 October, accept under oath his formal appointment.

As the judge could have decided not to appoint an independent expert, the company said its lawyers considered that a positive development in the court process.

The lawyers of the two insurance companies, which provided the professional indemnity cover to the majority of the eight defendants, appeared in court at the hearing, it explained.

Clear Leisure said it remained confident on the “strong foundation” of its claim.

Looking at Mediapolis, meanwhile, Clear Leisure said that in respect of the previously-notified administrative claim filed against the Piedmont Region in February 2015 by Mediapolis’ former management team, for €39.65m, the receiver of Mediapolis had informed Clear Leisure that the claim had been rejected by the regional administrative tribunal.

Clear Leisure said it was no longer involved in any court proceedings which involved Mediapolis, following its final settlement with the receiver, and thus had “little knowledge” as to whether or not the receiver intended to appeal the ruling.

Finally, the company said PBV Monitor, in which it has a 10% interest, had launched its new online service, PBV Intelligence.

The AIM-traded firm said the service identified and highlighted business relationships between more than 7,000 commercial law firms, 35,000 corporations, banks and government organisations and 152,000 business lawyers worldwide.

It said PBV Intelligence allowed users to monitor and measure “relationship capital” at an organisational and individual level.

The daily updated online platform provided clients with “data-driven insight” for the selection and comparison of business lawyers’ competencies and experience.

“We are extremely positive about the decision of the Venice judge with regards to Sipiem,” said executive chairman and chief executive officer Francesco Gardin.

“The company has now appointed its own expert who will issue his report on the valuation of the damages incurred by the former directors and internal audit committee.”

Gardin said the outcome of the Mediapolis regional administrative tribunal was “not a surprise” to the company, given the “small chances of success” indicated by Mediapolis’ lawyers five years ago.

“We are very pleased that PBV has launched ‘PBV Intelligence’, which, at the time of our investment in December 2018, Clear Leisure regarded as the main revenue driver in PBV’s business plan.

“The next few months will give an indication of the market response to this new innovative intelligence service.”

Clear Leisure said it was finalising its 2019 annual report, expecting to publish them in the week of 19 October.