Clear Leisure Plc’s Subsidiary Enters Into A Binding Agreement With Sipiem SpA

Clear Leisure Plc’s (AIM: CLP) subsidiary, Clear Leisure 2017 Limited, has entered into a binding agreement with Sipiem SpA to buy the €10.8 million legal action against the former Sipiem directors. As per the agreement entered by the two companies, Clear Leisure 2017 Limited paid €50,000 to Sipiem to acquire the legal action from Sipiem and agreed to bear all legal costs going forward. The legal action originated when Sipiem’s liquidator filed a claim against Sipiem’s previous executive management team and internal audit committee for fraud and mismanagement.

On 10th September 2019, at the time of writing, GMT 08:05 AM, CLP shares were trading at GBX 0.20, up by 0.02 points or 10.81% against the previous day closing price