ALF Group Holdings AG – Extraordinary General Meeting and New Class of Shares
(firmenpresse) -
ALF Group Holdings AG – Extraordinary General Meeting and New Class of Shares
Sydney, Australia 12th July 2010 - ALF Group Holdings AG (AG1) is pleased to confirm that the date for the EGM is 6th of August 2010. Official notification (an invitation to attend) will be found on the Swiss Official Gazette ( www.shab.ch ). 20 days before the EGM. Furthermore, the issue of 80 million shares (as payment for the first 50% of ALF Group to the ALF Group vendors) was registered with the Swiss commercial register last week
At the EGM, shareholders will be asked to approve the issue of a further 530 million shares (nominal value 0.01 CHF at an issue price of 0.10 CHF) for the recently announced acquisition (by way of exercise of the option under the original agreement to acquire the balance of the ALF Group). ALF Group Holdings AG is now able to consolidate the accounts of all ALF Group companies (reflecting 100% of the Australian entities EBIT).
In addition AG1 will now issue a new class of shares with a nominal value of 1.00 CHF, and an issue price of 1.00 CHF, which will replace the existing 0.01 CHF shares and will be listed on the Frankfurt Stock Exchange. The proposed offer is to swap not more than 3 existing 0.01 CHF shares into new shares with a nominal value of 1.00 CHF. The final share swap ratio will be announced 7 days before the EGM.
Based on a nominal value of 1.00 CHF per new share (approximately 0.75 Euro), a share swap rate of 3 -1 implies that the old shares have a value of E 0.25 per existing AG1 share ie E 0.75 / 3 = E 0.25. The Directors are convinced that this reflects fair value based on the company’s valuation, retained earnings and net tangible asset backing.
Further, 100 million shares with a nominal value of 1.00 CHF will also then be available for AG1 to utilize in a capital raising in 2010 to fund the acquisitions and growth of ALF Group Holdings AG.
Assuming that the EGM resolutions are passed and that the capital raising is completed as planned, ALF Group Holdings AG will have approximately 336M fully paid 1.00 CHF shares on issue, which the Directors feel is consistent with the company’s fair value and net asset backing, which, post EGM will consist of a net asset backing of over CHF 250M including approximately CHF 100M in newly raised cash.
Mr Michael Pakula, Director of AG1, said, "ALF Group Holdings AG now owns 100% of ALF Group Pty Ltd. Based on their projected net income with an EBIT of approx. 20.2 million Euro in fiscal year 2011, the total acquisition price of approximately 48 million Euro is very attractive for our shareholders. In preparation for the move to the regulated market (General Standard) our advisors recommended to issue a new class of shares with a nominal value of 1.00 CHF that should be listed on the Frankfurt Stock Exchange. We have already received verbal positive commitments of support from the major shareholders of AG1 so I am expecting that there will be sufficient votes in favour of all resolutions put to our shareholders.”
About ALF Group Holdings AG
ALF Group Holdings AG (AG1) wholly owns ALF Group Pty Ltd and its subsidiaries, which includes one of Australia’s largest litigation funders, and a corporate restructuring services company which also provides 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
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Datum: 12.07.2010 - 10:13 Uhr
Sprache: Deutsch
News-ID 23731
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Wien
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Business News
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