Clear Leisure sells Ascend Capital stake, secures new loan facility

It said the deal adds just a modest amount to its working capital, but "the positive outcome is the result of the thorough investigation which the new board is undertaking to deliver returns to shareholders".

Clear Leisure also said on Tuesday that it has entered into a new unsecured convertible loan facility with Swiss investor Eufingest, which holds more than 10% of its shares.

Eufingest will provide a facility of €50,000 at an interest rate of 2.5% per year, repayable on 30 September 2016. It will be drawn down immediately and the proceeds will be used to fund the cost of ascertaining and realising the company’s asset portfolio.

Chief executive officer and chairman Francesco Gardin said: “We are pleased to have secured this further loan from one of our longest standing shareholders, which will enable us to continue the process of restructuring the company to help us realise the value of our non-core assets, as in the case of the 9.9% of Ascend Capital Ltd disposal."

Clear Leisure can repay the facility early at any time without penalty, while Eufingest can convert the outstanding balance of the facility into shares at 0.75p per share any time before 30 September 2016.

At 1257 BST, Clear Leisure shares were flat at 0.75p.