(firmenpresse) - Can Can Lingerie Holding AG – Independent Valuation of ALF Group and AGM date
Sydney, 5th March 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) is pleased to confirm that the final condition regarding the acquisition of a 50% equity stake in ALF Group Singapore Pte Ltd (ALF Group) has now been met.
On 3rd February 2010, CCH entered into a share sale agreement to buy 50% of ALF Group. The remaining condition precedent contained in this agreement was for a valuation to be obtained from a valuer acceptable to CCH that valued 100% of ALF Group for “a value of greater than 16 million Euro” (approximately 24 million AUD). Further details regarding the valuation will be released to the market by Friday, March 12 2010.
In accordance with Swiss Law, the valuation is required to be confirmed by the Auditors under signature from the Notary and it must be provided prior to the meeting. The valuation itself required a detailed and thorough investigation of over 8 years of business records for several different companies and included an in depth market investigation to test the earnings assumptions used as the basis for the valuation.
Given the significant importance of this valuation, the value ascribed by the valuer to the ALF Group and the importance of this acquisition to CCH and its shareholders, the Directors felt that finalising the valuation in a proper and thorough manner was a worthwhile tradeoff in delaying the proposed date for the AGM until Monday 12th April. The invitation to attend the Company’s Annual General Meeting has been issued today.
It is to be decided, inter alia, a capital increase against contribution in kind for the purchase of 50 percent of the ALF Group Singapore Pte Ltd.
The invitation can be viewed later today on the CCH website (www.cancanholdings.com).
About CCH
Can Can Lingerie Holding AG develops, acquires or invests in innovative companies operating or expanding internationally. On 17th February 2010, CCH announced that it would, at the upcoming AGM, scheduled for 12th April 2010, seek shareholder approval to make a significant change to the nature and scale of the business activities of CCH.
The Directors of CCH anticipate the rapid growth of the new acquisition (50% of ALF Group Singapore Pte Ltd) and given its current opportunities, believe that it is in the best interests of all shareholders to concentrate CCH resources in maximising the return from the acquisition. This may include CCH exercising its option to purchase the remaining 50% of the ALF Group that it does not already own.
Upon completion of the share sale agreement by shareholders approving the ALF Group acquisition, CCH will own 50% of one of Australia’s largest litigation funders which also provides corporate restructuring services, funding and debt and equity solutions. It is also an acquirer of distressed assets.
To more accurately reflect the company’s activities, it is proposed to change the name of the company to ALF Group Holdings AG, at the next AGM.
For further information please contact:
Can Can Lingerie Holding AG 77-79 Anzac Parade Kensington, NSW 2033 Australia Tel.: +61 2 9663 2842 Website: www.cancanholdings.com eMail: info(at)cancanholdings.com
public eye CONSULTING BUSCHE Karsten Busche Managing Director Tel.: +49 30 43 05 89 22 eMail: info(at)publiceye-consulting.com
Requests: Can Can Lingerie Holding AG
HEAD OFFICE
77-79 Anzac Parade
Kensington, 2033
Sydney, NSW, Australia
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