Having found this valuation of CLP , pretty close to mine , I have updated .
Neither of us include ORH court case , perhaps £1 million .
My estimate does not include value for SOsushi , a rare profitable CLP venture ( thus far) .
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 .
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 .
Operational Assets Name Stake Division Sipiem 50.16% Theme Parks £6 million You Can Group /SOSushi 100% Restaurants £3 million 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 ?
2014 end highlights ;
MCAP Euro 16.9 to euro 17.9 million .
NAV of 7p
The legal claim against Regione Piemonte for €39.9 million damages,.
During all of 2014 no shares were issued .
New owners at the top .
Will they deliver , what Alf could not ????????