Thread by @RKBeekeeper

#QBT Part 1 Venice High Court background to this hearing. Originally invested €6.5 million in Sipiem with the understanding of taking control of Ondaland the Water Park (TLA SpA) There was a common director on the Sipiem BoD & SpA who is one of the 12 up in front of the Judge.

Part 2 In April 2014 CLP owned 50.1% of Sipiem which was worth £5.93 million. Sipiem owned 66% of Ondaland. lse.co.uk/rns/CLP/reorga…

Part 3 So for over 6 years we, through the Courts have been attempting to reclaim our illegally confiscated assets with the sterling efforts of FG.

Part 4 Well over 90% of the transaction, amounting to EUR 3.99 million in loans and 7.69 million shares of Clear Leisure, valued at £3.64 million at the transaction date, was funded through an intermediate company, SIPIEM S.p.A.; the exact ownership of which has been in dispute.

Part 5 Read the part about the ownership of Ondaland. This is from the 30th March 2016
lse.co.uk/rns/CLP/tradin…

Part 6 Clear Leisure finally won the rights to have its 50.17% ownership in SIPIEM “Certified,” thereby entitling the Company to have representation at shareholder meetings. Read the SIPIEM part.
lse.co.uk/rns/CLP/operat…

Part 7 Ondaland Revenues in 2017 (only operates for 4 months in the Summer) were £2.5 million. See Ondaland in Business Update.
lse.co.uk/rns/CLP/busine…

Part 8 FG has tried (from 2015 to 2019) to negotiate with the owner of Ondaland but to avoid transferring the Water Park to CLP they put Sipiem into liquidation thinking they would get away with theft. This is being rectified today.
lse.co.uk/rns/CLP/busine…

Part 9 The Directors have legal insurance of €2 million a year. I understand that we have been deprived of our assets (the Water Park being one of them) for over 6 years.
lse.co.uk/rns/CLP/sipiem…

Part 10 This RNS is the proof that Clear Leisure 2017 has a cast iron guarantee of ownership. The timing of this Turin Court decision was fortuitous IMO.

Part 11 This proves beyond doubt our legal ownership and that is why the Venice High Court are currently seeing Expert Reports from our representative & the 2 Insurance Companies.
lse.co.uk/rns/CLP/sipiem…

Part 12 FG CEO and Executive Chairman of Clear Leisure, commented, “We are extremely pleased by the Turin Court ruling, as it shows that Clear Leisure 2017 Ltd’s €10.8m claim, currently being discussed in the Venice Court, is against defendants who have acted against the law.

Part 13 “While the Venice court case will go ahead as planned, Monday’s ruling, according to our lawyers, makes our position in the case even stronger

Part 14 The third court hearing in respect of the €10.8m legal action by Clear Leisure against the former directors and internal audit committee of Sipiem, has now been held in the Venice Court.

Part 15 The judge has ruled that an independent expert should be appointed to assess the value of the damages claimed by Sipiem. Each party in the case has the right to appoint their own experts.

Part 16 The March 2021 hearing is expected to be extremely informative as the amount of claimed damages will be formally submitted by the independent expert in his report to the judge”.

Part 17 Despite a slight delay in the Court hearing, the Company remains confident of the outcome of the litigation, given the strong foundations of the claim.
lse.co.uk/rns/CLP/sipiem…

Part 18 QBT or CLP 2017, will if you understand the whole background to the Court Case, win their claim. Do not forget the Court also appointed an expert (like a civil servant) so there are 4 experts submitting evidence of what we have been deprived of these past 6 years. RKB

#QBT I have increased my shareholding substantially over the past few days. RKB