Can Can Lingerie Holding AG – ALF Group Announces Record Transactions
(firmenpresse) -
Can Can Lingerie Holding AG – ALF Group Announces Record Transactions
Kensington, 20th January 2010 - As previously advised to the market on 18th January 2010, ALF Group were to provide Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) with a revised earnings update, an outline of completed transactions and the status of potential transactions by the end of January 2010. CCH is pleased to announce that it has received these today.
(i) New major transaction contract signed
ALF Group wholly-owned subsidiaries Australian Litigation Funders Pty Ltd and Australian Corporate Restructuring Services Pty Ltd have entered into a confidential funding and service agreement with a high net worth Australian entity. CCH has been provided with a copy of the executed agreement. This matter is expected to be finalised (settled) in the 2011 financial year (ending 30th June 2011) with net income (EBIT) projections for this transaction ranging between AUD$10 million and AUD$8 million. For budgeting purposes, the management of ALF Group have conservatively allowed for a net income from this transaction of AUD$9M.
This is a record size transaction for ALF Group and is representative of the unprecedented deal flow currently available to ALF Group. Further details of this matter and the client are subject to a Confidentiality Agreement.
(ii) Additional major transaction
ALF Group wholly-owned subsidiaries Australian Litigation Funders Pty Ltd and Australian Corporate Restructuring Services Pty Ltd have agreed to settle a matter that has been the subject of several years of litigation and negotiation.
Background:
The claim originated when a funder advanced over AUD$ 60 million (inclusive of fees and interest) to a property developer, to fund a beachside development with an end value of approximately AUD$120 million. Upon request for a further agreed drawdown, the funder defaulted in late 2008 due to the Global Financial Crisis. In 2009, both the funder and the borrower were placed into liquidation. An ALF Group subsidiary was then able to negotiate a principal position in the transaction.
Outcome:
The claim has agreed to be settled by an ALF Group subsidiary entering into a contract to purchase the land for a total price of AUD$ 3 million. This is a AUD$ 38 million discount to the valuation in 2008 and a AUD$ 12 million discount to the estimated current value. The property has already had over AUD$ 30 million of planning, civil works and construction of services made to date.
Impact:
Upon settlement and consistent with IFRS Accounting Standards the property will be re-valued prior to the end of the 2010 financial year and is expected to yield an IFRS net profit of approximately AUD$ 11 million.
ALF Group have had preliminary discussions with several property development companies regarding an appropriate structure with regards to undertaking the required work to complete the project over the next 3-5 years and have also held discussions with previous civil contractors and construction and development management to be signed to complete the project starting in 2011. It is a five stage project with stage 1 budgeted to generate a net income of approximately AUD$ 10 million (expected to be in the 2012 financial year).
Further information will be made available as it is received.
(iii) Revised projected net income (EBIT) for ALF Group
- Fiscal year 2010 - AUD$ 14 million compared to AUD$ 3 million (previous estimate)
- Fiscal year 2011 - AUD$ 20 million
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
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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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