Clear Leisure agrees €300,000 loan facility

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.