Can Can Lingerie Holding AG – Sale of non-core assets
(firmenpresse) -
Can Can Lingerie Holding AG – Sale of non-core assets
Sydney, Australia 25th February 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) is pleased to announce that it has entered into a conditional sale agreement to sell all non-core apparel related assets, namely, the Can Can Express Intellectual Property, which includes trade marks registered in various countries and several license agreements to a company associated with Mr Michael Pakula, a Director of CCH.
Given the potential conflict of interest involved in this transaction, ALF Group Directors, as incoming major shareholders have been actively involved in these negotiations and both CCH Directors and ALF Group Directors have confidence that the agreement reached will be of benefit to all CCH shareholders.
The sale will be conditional on the following points:
1.a going concern fair market valuation of the assets to be obtained by ALF Group for and on behalf of CCH.
2.the agreed final sale price has to be greater than the valuation price.
3.shareholder approval regarding the sale at the AGM.
4.CCH has to use the sale proceeds to pay down debt existing as at 31 December 2009.
Based upon enquiries to this point, CCH Directors and ALF Group Directors believe that the final price achieved will be at a substantial premium to its market value and will generate an additional profit to CCH of over 500,000 CHF in the 2010 fiscal year.
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
Datum: 25.02.2010 - 05:46 Uhr
Sprache: Deutsch
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