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Clear Leisure reaches settlement in Mediapolis case
23rd Jun 2020 08:55
(Sharecast News) - Technology related investment company Clear Leisure has reached a settlement agreement regarding the transfer of Mediapolis' auction funds to its wholly-owned subsidiary.
Under the terms of the settlement, the group's subsidiary, Clear Leisure 2017, will receive €1.66m - representing a discount of approximately 14% on the auction proceeds from the Mediapolis real estate sale.
The AIM-listed group said on Tuesday that it was still in a bidding process with the receiver to buy Mediapolis' rights to a potential claim against former directors and members of its internal audit committee, which has yet to be served.
"The exact amount of the claim is yet to be determined but could be in the order of millions of euros," said Clear Leisure.
The sum of €50,000 of the amount now due to Clear Leisure 2017 will be kept in escrow by the receiver until the bidding process to sell the rights of the potential claim are completed.
While Clear Leisure will no longer have any future claim as creditors over Mediapolis, if any funds remain at the end of the bankruptcy process and, after settling other creditors, the proceeds will be divided, pro-rata, to shareholders.
Elsewhere, Clear Leisure said publication of its full-year results had been delayed as a result of the Covid-19 pandemic.
As of 0850 BST, Clear Leisure shares had shot up 39.13% to 0.32p.
Under the terms of the settlement, the group's subsidiary, Clear Leisure 2017, will receive €1.66m - representing a discount of approximately 14% on the auction proceeds from the Mediapolis real estate sale.
The AIM-listed group said on Tuesday that it was still in a bidding process with the receiver to buy Mediapolis' rights to a potential claim against former directors and members of its internal audit committee, which has yet to be served.
"The exact amount of the claim is yet to be determined but could be in the order of millions of euros," said Clear Leisure.
The sum of €50,000 of the amount now due to Clear Leisure 2017 will be kept in escrow by the receiver until the bidding process to sell the rights of the potential claim are completed.
While Clear Leisure will no longer have any future claim as creditors over Mediapolis, if any funds remain at the end of the bankruptcy process and, after settling other creditors, the proceeds will be divided, pro-rata, to shareholders.
Elsewhere, Clear Leisure said publication of its full-year results had been delayed as a result of the Covid-19 pandemic.
As of 0850 BST, Clear Leisure shares had shot up 39.13% to 0.32p.