Clear Leisure says takeover speculation 'without merit'

AIM-listed Clear Leisure noted recent speculation about a possible takeover offer for the company and said it was not aware of any approach in this respect.

The investment company focused on leisure and real estate said it was not in any discussions regarding any such offer, adding that the speculation was "without merit".

"The directors are also aware of attempts by certain shareholders to block, at the forthcoming AGM, the special resolution to allow the company to issue a set number of shares during the year to support possible future funding requirements, should it be needed.

"Should these attempts meet with success, they would significantly impede the ability of the company to finance its activities which are currently focused on returning value to its existing investments."

Clear Leisure said the investments currently do not generate sufficient income to support the group and if it proves unable to raise equity it will be forced to seek further debt, which would not be in shareholders' interests.

At 1110 BST, the shares were down 22% to 1.00p.