LONDON (ShareCast) - (Sharecast News) - Italian-focused investment firm Clear Leisure told investors it had filed an appeal against the decision of the Ivrea Court to refuse assignment of 497,884 square metres of land owned by now-defunct outfit Mediapolis to the company.
A judge of in the town of Ivrea ruled against the company's appeal to reject the auction of the Mediapolis land earlier in October.

Clear Leisure formally requested the Judge suspend the outcome of the auction on Thursday as a precautionary measure and, as a principal matter, assign the land to the company or order a new auction.

Clear Leisure, which held an unsecured creditor position of €8.21m in Mediapolis, contends that is the beneficiary of a first charge on the land up to an amount of €2.68m. The Court appointed surveyor had assigned a valuation of €3.86m to the land.

However, the auctioneer has fixed a base price for the auction of €2.61m, with minimum offers being accepted of no less than 75% of the base price.

Clear Leisure was awarded first refusal on the block of land owned by Mediapolis, which was wound up earlier this year, leaving millions in debts to creditors.

The firm hoped the sale of Mediapolis' land, on which it intended to build a theme park, would help it recover as much as €2.68m of the €8.21m of debt from the defunct Italian investment firm.

As of 0950 BST, Clear Leisure shares had slipped 1.05% to 0.71p.

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