Clear Leisure reaches 'full and final' £1.15m settlement

Clear Leisure announced on Wednesday that, following the case management conference at the High Court on 9 November, a full and final settlement has been reached with the defendants in the sum of £1.15m before legal and insurance expenses of nearly £0.3m payable in cash to the company.

The AIM-traded firm said the settlement would be paid in two tranches, with the first being £0.5m payable by 14 December and the second tranche of £0.65m payable by 7 March next year.

“We are very pleased to have settled this case before the planned court hearing next year and for a sum which we believe reflects the appropriate outcome of our original investment, under the original share purchase agreement,” said Clear Leisure executive chairman and chief executive officer Francesco Gardin.

“This is the company’s second successful asset disposal since the new board was appointed in 2015, and we will continue to prosecute strenuously our other investments where we believe the chance of achieving a positive financial settlement is high.”