The board of Clear Leisure (AIM: CLP) is pleased to give shareholders an update on the impact of Covid-19 pandemic on Company operations.
All Italian civil and criminal ordinary legal proceedings, as well as all procedural time limits/time bars, have been suspended from 9 March 2020 until 11 May 2020. This suspension only concerns cases where the time limits/time bars fall within the above period.
Hearings scheduled during this period will be adjourned to a new date. Mediations are also suspended until 11 May 2020.
The Italian Courts remain open but only for urgent matters such as arrests or payment injunctions which can be filled electronically.
All Courts in Italy have cancelled hearings and submissions deadlines until the 11 May 2020, meanwhile all activities which can be performed remotely have continued to function.
The hearing in the Venice Court in respect of the Sipeim SpA claim, scheduled for 6 May has therefore been postponed and a new date will be confirmed by the Court as soon as practical. The proceedings in respect of the Sosushi Company srl claim may be affected as well, although a preliminary ruling on a possible arbitration rather than a trail in court should not be affected since all information in respect of the claim is available to the Court.
Our Investee companies, namely, ForCrowd srl and PBV Monitor srl, have been slightly affected by the current situation, both in terms of delays in revenue generation and some development activities, however, this is having limited impact on the cashflow of these companies, which have material headroom to absorb a several month slowdown of their business.
The Company will provide an update on Mediapolis and its other ‘historical’ assets within the next two weeks.
In conjunction with ForCrowd srl (“ForCrowd”) the Italian crowdfunding platform in which the Company has a 20% interest, Clear Leisure has supported SIMP Societá Italiana Medicina Psicosomatica (Italian Society for Psychosomatic Medicine) and Universitá degli Studi di Milano (Milan State University) to develop an on-line platform infrastructure to support the delivery of psychotherapeutic help to Lombardy Covid-19 frontline medical and paramedical staff, and also to the general public who, in the region, have been directly and indirectly affected by the virus pandemic. This has been undertaken by the Company as a charitable activity in response to the COVID-19 pandemic. Below is a link to the initiative, in Italian:
The platform provides infrastructure for psychotherapists who are providing free services to assist their patients. Clear Leisure has been instrumental in providing free advice for the coordination of the project, design and implementation of the platform, whilst ForCrowd has supported the project with a small donation for its development and cloud hosting.