Clear Leisure eyes amending conversion price for €9.9 million of bonds

By Wendy Van Sickle

Columbus, Ohio, Aug. 6 – Clear Leisure plc is seeking to amend the conversion price for its €9.9 million of convertible bonds, according to a notice.

A bondholders meeting has been set for 5 a.m. ET on Aug. 29.

The issuer is seeking to amend the conversion price to “an amount equal to not less than 125% and not more than 500% [up from a range of 20% to 60% currently] of the company’s reasonable assessment of average closing mid-market price for the shares on AIM in the 10 working days immediately prior to the date upon which the conversion notice is dispatched.”

The amendment would also specify that the conversion price would be “converted from sterling into euros at the company's reasonable assessment of the mid-market exchange rate on that date.”

All bondholders may vote on the proposal. Eufingest SA, which holds about 43.48% of the bonds, has confirmed its intent to vote in favor of the proposal, according to the notice.

The bondholders’ meeting requires a quorum of holders of 75% of the bonds. If the meeting is inquorate, it will be adjourned until Sept. 12, on which date any number of bondholders will represent a valid quorum.

Proxies are due by 5 a.m. ET on Aug. 28.

Based in London, the investment company has a portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy.

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