Clear Leisure PLC (LON:CLP) shares advanced on Thursday after the firm revealed that the Turin Court has rubber-stamped an earlier “fast track” ruling that confirms the company's controlling stake in Sipiem SpA.
The court ruled that Sipiem’s minority shareholder had, in 2015, illegally tried to remove control of the company from Clear Leisure.
After the initial court ruling, delivered in March 2016, Clear Leisure brought a claim against the former directors and members of the internal audit committee of Sipiem and this case is being heard in the Venice Court. Clear Leisure believes the latest Turin Court ruling substantially strengthens the company's chances of winning its case in Venice.
“We are extremely pleased by the Turin Court ruling, as it shows that Clear Leisure 2017 Ltd’s €10.8mln claim, currently being discussed in the Venice Court, is against defendants who have acted against the law,” said Francesco Gardin, the chief executive officer and executive chairman of Clear Leisure.
“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.
“We will now increase the legal pressure against the defendant of the case with a number of options which have already been identified by our legal team. Moreover, this new judgement, which we believe increases the chance of a positive outcome to our claim, could make the case potentially more attractive to specialised legal claims buyers, should Clear Leisure 2017 Ltd consider this route,” he added.
In afternoon trading, Clear Leisure shares were 9.5% higher at 0.23p.
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