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Clear Leisure's Italian appeal rejected by courts
Entertainment industry investor Clear Leisure told investors on Thursday that its joint appeal against the winding up of its Italian investment Mediapolis Srl had been rejected by the Turin Appeal Court.
Clear Leisure and its legal advisers had begun assessing the court ruling in order to determine if it would lodge a further appeal to the ruling in the Italian High Court.
Separately, Clear Leisure received a "creditor ranking" proposal from the appointed receiver of Mediapolis, of which it held a 74.67% stake, with final approval of the plan due to take place on 23 February, subject to the ruling of the Bankruptcy Court.
Francesco Gardin, Clear Leisure's chief executive and chairman, said, "While we are not happy about the result of the appeal, confirmation of the receiver's proposal to the Bankruptcy Court of the key recognition of our first charge over the Mediapolis land, is a positive step forward. We will update the market once the Court makes a final judgement on the receiver proposal."
As of 0840 GMT, shares had declined 4.11% to 0.700p.