ALF Group Holdings AG – Another Major Distressed Property Acquisition and Successful Capital Raising
(firmenpresse) -
ALF Group Holdings AG – Another Major Distressed Property Acquisition and Successful Capital Raising
Sydney, Australia 28th June 2010 - ALF Group Holdings AG (AG1) is pleased to confirm the following company update:
Major Distressed Property Acquisition
On Friday 25 June, a wholly owned subsidiary of AG1, ALF Property 2 Pty Ltd, finalized the exchange of signed sales contracts for the acquisition of a major home unit development site and marina on Queensland’s Hope Island. The property was acquired after the owner defaulted on a mortgage held on the property.
The Property has a right under the existing government legislation to submit and obtain approval for the development of 143 x 2 bedroom apartments and 43 Marina berths.
The existing owner failed to meet the financial obligations to the existing architects regarding the payment of outstanding fees of approximately $100,000 AUD. ALF Property 2 Pty Ltd will, after due consideration and review, pay these fees and lodge the relevant development application.
The value of the approved site is determined by the apartment yield and the marina berth yield. AG1 believes that the post approval (pre construction) value of the land is over $12m AUD. ALF Property 2 Pty Ltd has entered into the contract to purchase at a price of $4.5m AUD.
The Directors believe that on completion and sale this project will yield a total EBIT of $27M AUD which is expected to be achieved in 2011.
Planned Expansion
During July 2010, AG1 are meeting with German law firms to discuss the establishment of a German subsidiary to:
-undertake litigation funding opportunities in Germany and
-to investigate opportunities and if appropriate to acquire distressed property assets in Germany.
In addition to the above, AG1 wish to advise that the company is reviewing a number of opportunities regarding the potential acquisition of distressed mortgages and distressed large residential apartment complexes in the USA that are currently over indebted.
ALF PIF Finance Limited Takeover Bid
The ALF PIF Finance Limited offer to acquire all the units in the distressed mortgage fund, the Premium Income Fund, which AG1 announced on the 17th May 2010 is now ready to print and despatch to all of the current 10,744 investors. The board of directors are expecting the documents to be posted on 7 July 2010.
Successful Capital Raising
In the last 2 weeks, AG1 has placed a total of 26m shares to high net worth individuals and institutional investors.
About ALF Group Holdings AG
ALF Group Holdings AG (AG1) currently owns 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.
The Directors of AG1 have announced their intention to exercise the option to acquire the remaining 50% of ALF that it does not own. This is expected to be completed before the EGM, details of which will be announced at the appropriate time.
For further information please contact:
ALF Group Holdings AG
Level 29, Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Australia
Telephone +61-2-9293-2500
Fax +61-2-9293-2930
Website: www.cancanholdings.com
eMail: info(at)alfpl.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
Datum: 28.06.2010 - 10:12 Uhr
Sprache: Deutsch
News-ID 23080
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