ALF Group Holdings AG – Completes Acquisition of Australian ALF Group and Update on Reef Cove Acquisition
(firmenpresse) -
ALF Group Holdings AG – Completes Acquisition of Australian ALF Group and Update on Reef Cove Acquisition
Sydney, Australia 7th July 2010 - ALF Group Holdings AG (AG1) is pleased to confirm that it now owns 100% of the shares in ALF Group Pty Ltd (ACN 140 744 225), the Australian Holding company for all operating ALF Group companies and its subsidiaries.
The Directors of AG1 have, as the previously announced intention, exercised the option to acquire the remaining 50% of ALF Group Pty Ltd. The combined acquisition price for 100% of ALF Group Pty Ltd is approximately 48 million Euro in comparison to ALF Group forecast earnings - based on the current exchange rate EUR/AUD (1.484) - of approximately 20.2 million Euro for fiscal year 2011.
The ALF Group Pty Ltd shares have been transferred into the name of ALF Group Holdings AG and the transaction is reflected in the commercial register of the Australian Securities and Investments Commission (ASIC).
The ALF Group vendor shareholders will receive their payment after approval by AG1 shareholders at the upcoming EGM in August 2010 and the subsequent issue of AG1 shares in payment. This transaction will also allow AG1 to prepare consolidated accounts reflecting 100% of the Australian entities EBIT and EBIT of the parent company.
Based on an independent valuation and the huge upside potential of the recently acquired development properties, the Board of Directors believes that it was very attractive and in the best interest of AG1-shareholders to exercise the option to acquire the remaining 50% of ALF Group Pty Ltd this year rather than wait for some time into the future.
Reef Cove Acquisition update
As previously announced on the 14th June 2010, an AG1 subsidiary, ALF Property 1 Pty Ltd, had exchanged contracts to purchase a major development project at Reef Cove in Cairns in North Queensland, Australia.
The Directors of AG1 are pleased to:
(i)Clarify the various components of the development as follows:
-Residential (individual housing) – 102 sites
-Medium Density (units) -160 units
-Boutique Hotel - 300 room luxury rooms
-Resort Complex – Day spa and approx 200 villas
-Commercial complex – to include restaurants and retail
(ii)Provide the following update:
-AG1 has finalised essential contract terms with a project management company that is amongst the most experienced in Australia, and expect to officially appoint them shortly.
-AG1 has authorised its project management team to appoint and contract with a town planning company that is based locally to the project and
-AG1 is in negotiations with parties with vested interests to ensure the smooth transition through the development and development application stage to the construction stage. To assist in this process, AG1 have engaged a leading national law firm to represent the company.
This is a project of significant size and scope and it is expected that the project will through the various stages of development add profits to AG1 in the order of AUD$ 60 M over the next 4 years.
About ALF Group Holdings AG
ALF Group Holdings AG (AG1) wholly owns 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.
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
" alt="Brac Systems Inc. sells Commercial Greywater Recycling System to the Holiday Inn, San Jose, Costa Rica.">
" alt="CROCODILE GOLD ON TRACK TO MEET PRODUCTION TARGETS AND PRODUCES 8,700 OUNCES OF GOLD IN JUNE">
Datum: 07.07.2010 - 14:11 Uhr
Sprache: Deutsch
News-ID 23594
Anzahl Zeichen: 0
contact information:
Town:
Wien
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 307 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ALF Group Holdings AG – Completes Acquisition of Australian ALF Group and Update on Reef Cove Acquisition
"
steht unter der journalistisch-redaktionellen Verantwortung von
ALF Group Holdings AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
