Can Can Lingerie Holding AG Company Update Regarding Acquisition of ALF Group
(firmenpresse) -
Can Can Lingerie Holding AG Company Update Regarding Acquisition of ALF Group
Kensington,18th January 2010 - Further to the recent announcements (21st December 2009 and 11th January 2010) made by Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) regarding the proposed acquisition and recent public releases made by the acquisition, ALF Group, CCH would like to provide the following update and summary of recent events.
1. ALF Group:
Consistent with ALF Group obligations to CCH to provide updates with market sensitive information, announcements made by ALF Group since the Heads of Agreement was signed on 21st December 2009 including the following:
(i) Over 65% of budgeted EBIT for 2010 financial year has been achieved. ALF Group 'reasonably expect to exceed the EBIT forecast provided to CCH'.
(ii) ALF Group has approved an advance payment to CCH of 750,000 Euro (subject to terms and conditions) as an advance against the proposed 2010 dividend to assist CCH in meeting the capital requirements for the proposed move of the CCH listing to the General Standard Market.
(iii) 2010 estimates for EBIT provided to CCH are ‘at the bottom of our range of estimates'.
(iv) ALF Group announce the funding of a claim against Apple Australia with an estimated minimum fee generation of AUD$1M in the 2011 financial year plus the potential for this matter to escalate into a class action against Apple Australia, with significant further upside should this eventuate.
(v) ALF Group has renewed a Master Funding Agreement with one of the largest forensic Accounting firms in Australia.
(vi) ALF Group has 'an historic success rate of 82.3% on litigation funding matters and an annual internal rate of return of over 2,800%'.
(vii) ALF Group has agreed to provide, by the end of January, their revised 2010 and 2011 earnings projections and an outline of transactions and potential transactions that support these projections.
2. CCH:
The Directors and management of CCH and ALF Group have been working towards formalising the Heads of Agreement and both parties now feel that they have reached a 'level of comfort' that will allow formal documentation to be prepared whilst the balance of the due diligence is completed. It is expected that lawyers will be briefed in the week beginning 18th January 2010 and that the proposed acquisition will continue to move towards settlement in a timely manner.
3. Key points of the proposed transaction:
- signing of Head of Agreement to acquire 50 % of the shares in ALF Group, plus an option to acquire the balance of shares at any time over the next 3 years with an agreed formula.
- ALF Group valued at 16 million Euro (subject to due diligence) with a 2010 calendar year EBIT of approximately Euro 3 million.
- ALF Group shareholders agree to accept shares in CCH as payment in full and further agree to value the shares in CCH for the purposes of this transaction at Euro 0.10 each.
- CCH announces the requirement under the Heads of Agreement to acknowledge a commitment, after settlement, to do all things necessary, ' within a reasonable period of time' to move the CCH listing from the Open Market segment to the General Standard Market of the Frankfurt Stock Exchange.
ALF Group announcements dated 22nd December 2009 and 13th January 2010 can be found at: http://prlog.org/10461756 and http://prlog.org/10486786
About CCH
Can Can Lingerie Holding AG develops, acquires or invests in innovative companies operating or expanding internationally. We leverage our expertise in international operations and expansions with a focus on emerging markets and China, as we believe emerging markets provide an excellent environment for growth. We also believe innovative companies provide opportunity for growth in all international markets. By developing and partnering with innovative companies and taking advantage of the benefits of operating in emerging markets we maximize growth potential.
To more accurately reflect the company’s activities, it is proposed to change the name of the company to Can Can Holding 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
Leseranfragen:
Can Can Lingerie Holding AG
HEAD OFFICE
77-79 Anzac Parade
Kensington, 2033
Sydney, NSW, Australia
Ph: 02 9663 2842
Fax: 02 9663 2638
Email: reception(at)cancan.com.au
" alt="CANDENTE GOLD APPOINTS DARIN WAGNER TO BOARD OF DIRECTORS
Datum: 18.01.2010 - 11:02 Uhr
Sprache: Deutsch
News-ID 11024
Anzahl Zeichen: 0
contact information:
Town:
Wien
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 249 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Can Can Lingerie Holding AG Company Update Regarding Acquisition of ALF Group
"
steht unter der journalistisch-redaktionellen Verantwortung von
Can Can Lingerie Holding AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
