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Clear Leisure confirmed it bought its joint venture partner's 50% stake in a data centre for €1, taking the company's ownership to 100%.
The nominal settlement price, under the termination agreement, reflected the acknowledgement by 64Bit Ltd of its mismanagement of the JV operations, including a 'wrongful allocation of the partnerships resources, mainly during the start-up phase,' Clear Leisure said.
Clear Leisure also said it had begun discussions with IT consultant companies to determine the most viable option for outsourcing the operations of the data centre to a new partner, the company said.
'Despite market and mining conditions remaining difficult compared to when the data centre operations commenced last year, the recent announcements of new initiatives in the sector, namely Facebooks Libra and Binances Venus Stablecoin projects, appear to be having a strong positive impact on the price of cryptocurrencies,' the company said.
'The trend towards wider acceptance of cryptocurrencies as a means of exchange and store of value, particularly in those regions which have a high unbanked population rate, continues to rise.'
At 10:22am: (LON:CLP) Clear Leisure PLC share price was 0p at 0.24p