Can Can Lingerie Holding AG - Update Regarding Acquisition of ALF Group
(firmenpresse) -
Can Can Lingerie Holding AG - Update Regarding Acquisition of ALF Group
Kensington, 27th January 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) wants to provide the following update regarding the acquisition of a 50 percent interest in ALF Group (see press release dated 21st December 2009):
- Contract - Lawyers have been briefed to prepare the share sale agreement and CCH has been advised by its lawyers that the share sale agreement is expected to be circulated this week. Thereafter, ALF Group lawyers are to review and settle the final version of the share sale agreement with CCH lawyers. Our current expectation is that the share sale agreement will be executed on or before the 5th February 2010. The proposed acquisition will be a share deal based on a valuation of 0.10 Euro per CCH-share.
- Share transfers - A Director of CCH, Mr Michael Pakula, has been appointed as a Director of the newly incorporated ALF Group Singapore Pte Ltd pending settlement of the transaction. ALF Group Pty Ltd has furnished to our lawyers all share transfers and share certificates showing ALF Group Pty Ltd as the Australian Parent company of all ALF subsidiaries. Additionally, 100% of the issued share capital in ALF Group Pty Ltd has been transferred to ALF Group Singapore Pte Ltd.
As part of the settlement process, CCH has subscribed for 50% of the issued share capital in ALF Group Singapore Pte Ltd. CCH will hold these shares in escrow until execution of the share sale agreement and thereafter approval by CCH shareholders of the purchase of 50% of ALF Group Singapore Pte Ltd and the subsequent issue of CCH shares to the ALF Group vendor share holders.
ALF Group has provided over 7 years of tax and business records to CCH covering various trading entities whose entire business interests are the property of ALF Group Pty Ltd and or its subsidiaries. Our review of these entities financial accounts and tax records indicate that the earnings of the ALF Group are consistent with those previously provided to CCH prior to the parties entering into the Heads of Agreement.
Post acquisition earnings
CCHs 50 % portion of ALF Group earnings based on current exchange rate EUR/AUD is expected to be as follows:
2010 fiscal year - approx 4.5 million Euro EBIT
2011 fiscal year - approx 6.4 million Euro EBIT
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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Datum: 27.01.2010 - 05:12 Uhr
Sprache: Deutsch
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