Clear Leisure secures GBP200,000 loan from shareholder

Clear Leisure has entered into a loan facility agreement with Eufingest, a Swiss investor and major shareholder in the company.

Eufingest will provide a facility of £200,000 at an interest rate of 3% per year, repayable on 29 October 2017.

Clear Leisure said the facility will be fully drawn down immediately and proceeds will be used for general working capital purposes.

The company has the option to repay the facility at any time without incurring a penalty. It also has the option of converting the outstanding balance of the facility into ordinary shares in the share capital of the company at 0.68p per share before the end of December this year.

After 29 December, Eufingest will be able to convert the outstanding balance of the facility into shares at the same price.

Eufingest currently holds more than a 10% stake in the company.

Chief executive Francesco Gardin said: “We are pleased to have secured this loan from one of our longest standing shareholders and which will enable us to continue the process of restructuring the company to help us realise the value of our non-core assets."

At 0955 GMT, shares were up 23.3% at 0.74p.