Clear Leisure or opaque tribulations 18/12/14

What is it worth ?
15 december 2014

Alfredo Villa, CEO " The current Net Asset Value per share in the financial statements is 7 pence  per share ".

Of course this is after write downs and without the £32 million pound claim result .

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A best case of 10p per share seems pretty reasonable .

Of course there are risks .

But , this has many hallmarks of many shares that are momentum driven .

A great opportunity to make yourself comfortable .

I shall be giving Alf this final chance to rectify past errors .

   And May

Operational Assets

Name                       Stake                     Division                  
                                                                               
Sipiem                     50.16%                    Theme Parks        £6 million             
                                                                               
You Can Group              100%                      Restaurants               
                                                                               
Ascend Capital             10.0%                     Finance                   

Investments for Sale

Name                       Stake                     Division                  
                                                                               
Mediapolis S.p.A.          69.45%                    Leisure / Real Estate   £22 million ?  
                                                                               
Bibop                      67.12%                    Interactive Media      £1.5 million   
                                                                               
Geosim                     8.9%                      Interactive Media       £80,000   

NAV per Clear Leisure shares:

Based on the figures presented in the Mediapolis restructuring “Concordato in Continuità” plan, the value of Clear Leisure’s Mediapolis stake, based on a 69.45 per cent. ownership and on 199,409,377 shares is the following:

• Based on Mediapolis’s Certified NAV: 6 pence per share
• Based on the EUR 20 million offer for Clear Leisure’s Mediapolis stake: 3.35 pence per share

Alfredo Villa, Chief Executive of Clear Leisure, said: "The board of Mediapolis has decided that the debt restructuring is the best way to protect the value of the investment in the Mediapolis project against claims from creditors. It is expected that this will accelerate the obtaining of the requisite planning permissions for this project and avoid the risk that creditors might oppose a sale of the project. The restructuring reduces the debt owed by Mediapolis thus potentially increasing the value of the investment held by the Company. Whilst there is a small risk that the restructuring might be rejected by the court thus potentially leading to a liquidation of Mediapolis, the board of Mediapolis deemed that the potential benefits far outweigh any such risk."

 Can the postman deliver ?

      And May