Can Can Lingerie Holding AG – ALF Group valued at 24 Million Euro (36 Million AUD)
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Can Can Lingerie Holding AG – ALF Group valued at 24 Million Euro (36 Million AUD)
Sydney, 9th March 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) is pleased to update the market regarding several major factors that have a substantial impact on CCH.
As advised to the market on the 5th of March 2010, a final condition precedent to the acquisition of 50% of the ALF Group was a valuation which has now been completed by a well established and recognized accountancy firm, Pears Chartered Accountants, who specialize in company valuations.
Principal Managing Partner, Alan Pears, is a Fellow of the Institute of Chartered Accountants in Australia (ICAA), having qualified with the Institute in 1972 and established the firm in 1974. He has extensive experience in business valuations and utilizes this experience in litigation in the Family Court of Australia on behalf of business clients.
Recapping the details of the acquisition, CCH acquires half of ALF Group for 8 Million Euro, with payment by way of shares in CCH issued at 0.10 Euro per share.
When CCH negotiated the transaction with ALF Group, ALF Group agreed to exclude work-in-progress (WIP) and the many matters that where under negotiation at the time but not yet finalized. In adopting this conservative approach, ALF Group considered that upon additional revenue being brought to account and as new matters with future income were confirmed, the subsequent earnings projections increases would be reflected in an increasing CCH share price.
ALF Group shareholders concluded that they would not suffer any prejudice from excluding WIP and likely new income. ALF Group shareholders considered the strike price of 0.10 euro per share as a fair figure for both parties based on the EBIT projection disclosed at the time of 3 Million Euro.
The valuation figure has been determined as 36 Million AUD, which on today’s exchange rate is approximately 24 Million Euro for the entire ALF Group or 12 Million Euro for the 50% interest being acquired by CCH. This represents a 50% increase over the acquisition price and equates to a 4 Million Euro book profit for CCH. The current valuation has been arrived at using an adjusted EBIT of 7.5 Million AUD (about 5 Million Euro).
The Valuer has additionally determined that on an adjusted EBIT of 10 Million AUD the value of the ALF Group would be 49.35 Million AUD. However, ALF Group has projected earnings of 14 million AUD for fiscal year 2010. Post AGM and approval of the acquisition, the number of shares on issue for CCH will increase from 32.5 million to 112.5 million.
In order to achieve a move to either the General Standard Market or Prime Standard Market of the Frankfurt Stock Exchange there are a number challenges and tasks that CCH has to fulfill, including issuing a prospectus, increased financial reporting obligations, a compliance plan, and a minimum level of net equity.
CCH can confirm that it has engaged auditors and is moving to be able to provide the required audit reports via its Australian subsidiary. Furthermore, CCH has a draft compliance plan that it is currently reviewing and CCH is currently in discussion with a suitably qualified person who may take an independent directorship. With regards to net assets, CCH with its post acquisition balance sheet will likely now meet the minimum net asset requirement for a move to the Prime Standard Market.
About CCH
On 17th February 2010, Can Can Lingerie Holding AG announced that it would, at the upcoming AGM, scheduled for 12th April 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: 09.03.2010 - 02:04 Uhr
Sprache: Deutsch
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