Can Can Lingerie Holding AG – ALF Group Transactions Update
(firmenpresse) -
Can Can Lingerie Holding AG – ALF Group Transactions Update
Sydney, Australia 22nd February 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) is pleased to announce that it has received a regular corporate update from ALF Group today and details the information as follows:
(i) Summary:
ALF Group wholly-owned subsidiaries, Australian Litigation Funders Pty Ltd, ALF General Liquidator Funding Co Pty Ltd and Australian Corporate Restructuring Services Pty Ltd, have provided details of all current matters including confirmation that they have entered into 6 new funding and service agreements since the previous corporate update on January 22nd 2010.
These new matters have an estimated recovery value for the benefit of their clients of over 28 million AUD from which an estimated commission of 7.15 million AUD is due to ALF Group companies. These matters are expected to be settled in 2010.
These transactions are in addition to those previously announced and the resulting profits (7.15 million AUD) are in addition to those previously provided by the ALF Group and announced by CCH on 3rd February 2010.
(ii) Forward deal flow
ALF Group wholly-owned subsidiaries Australian Litigation Funders Pty Ltd, Australian Corporate Restructuring Services Pty Ltd and ALF General Liquidator Funding Co Pty Ltd continue to receive a large number of requests for funding and associated services.
As a result of the Funding Agreement for a 20 million AUD debt facility announced on 11th February 2010, ALF Group has the ability to substantially scale and grow the business. ALF Group staff and advisors are actively marketing the ALF Group businesses and are receiving up to 3 applications per day from liquidators and law firms, whose clients seek litigation and liquidator funding. ALF Group is currently reviewing a growing number of new proposed transactions. These new transactions would be expected to settle in 2011.
Australia has 5 main litigation Funders operating in Australia. The largest is MF; which is an ASX publicly listed company, and the largest litigation funder in Australia (http://www.imf.com.au); ALF Group ranks third measured by volume and aggregate value of claims.
ALF Group has substantially more active matters than most funders and spread their risk over a greater number of matters. The ALF business model differs as they provide a corporate advisory and restructuring company service and as a result of ALF General Liquidator Funding co, providing litigation and recovery services for liquidators and receivers, the ALF Group is able to get access to distressed assets before they reach the market. ALF Group is a net buyer of distressed loan books at a major discount to face value and a buyer of property assets at a discount to face value
About CCH
Can Can Lingerie Holding AG develops, acquires or invests in innovative companies operating or expanding internationally. On 17th February 2010, CCH announced that it would, at the upcoming AGM, scheduled for 26th March 2010, seek shareholder approval to make a significant change to the nature and scale of the business activities of CCH.
The Directors of CCH anticipate the rapid growth of the new acquisition (50% of ALF Group Singapore Pte Ltd) and given its current opportunities, believe that it is in the best interests of all shareholders to concentrate CCH resources in maximising the return from the acquisition. This may include CCH exercising its option to purchase the remaining 50% of the ALF Group that it does not already own.
Upon completion of the share sale agreement by shareholders approving the ALF Group acquisition, CCH will own 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.
To more accurately reflect the company’s activities, it is proposed to change the name of the company to ALF Group Holdings 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: 22.02.2010 - 07:01 Uhr
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