Termination of Edenlandia Bid

RNS Number : 7533Z

Clear Leisure PLC

12 March 2013

 



12 March 2013

Clear Leisure Plc

("Clear Leisure" or "the Company")

TERMINATION OF BID

FOR EDENLANDIA & NAPOLI ZOO

As announced to shareholders on 25 February 2013, the assets and a contract for the 20 year management of Edenlandia and Napoli Zoo were assigned provisionally to the Company.

Following this provisional assignment, the Company had the right to review the documentation and to perform a more substantial due diligence exercise.

During this process the Company has discovered some relevant and material differences between the assets to be acquired and the actual legal titles of some real estate assets that were essential to the deal. Therefore, the Board has decided not to proceed with the purchase.

The Board may reconsider this acquisition if and when the local authorities are able to provide the Company with all the necessary legal representations and warranties that are necessary to complete a deal of such complexity.

-ends-

For further information please contact:

Clear Leisure Plc                                                                                                [phone]

Alfredo Villa, CEO

Westhouse Securities                                                                              [phone]

Antonio Bossi

Jonathan Haines

Leander PR                                                                                               [phone]

Christian Taylor-Wilkinson

About Clear Leisure Plc

Clear Leisure Plc (AIM: CLP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy but also other European countries. The Company may be either a passive or active investor and Clear Leisure's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions. For further information, please visit, www.clearleisure.com

 

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