Home News DGAP-News: Can Can Lingerie Holding AG Completes Acquisition of ALF Group

DGAP-News: Can Can Lingerie Holding AG Completes Acquisition of ALF Group

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Release of a Corporate News, transmitted by DGAP – a company of EquityStory AG. For the content of Communication is the issuer / publisher responsible.
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Kensington, the February 3, 2010 – The Can Can Lingerie Holding AG (ISIN: CH0044678180 / Symbol: CCH) is pleased to announce that we today completed the previously announced share purchase agreement with the ALF Group Singapore Pte Ltd.
( ‘ALF Group’) and its stockholders with respect to the acquisition of Completed 50 percent of the shares in the ALF Group. CCH now has to CCH 80,000,000 new shares – subject to approval by the CCH shareholders – to the sellers to spend.
The signing took place after the completion of Due diligence and include 3-year employment agreements for key executives of the ALF group. CCH has also negotiated an exclusive option to the other 50 percent of the Shares in the ALF group at any time until December 31, 2012 – based on an agreed formula, more precisely, a multiple of Profit (subject to further conditions) buy – can too. The Payment for the remaining 50 percent stake in the ALF group would at Exercise of such option shall also be made with CCH shares.
The enterprise value of this transaction is valued at 8 million euros and corresponds to a 50% share of CCH. The transaction was a Currently negotiated, as the EBIT forecast for 2010 for the ALF group a total of 3 million AUD was. Since that time, the ALF group was able to Signed a major contract under which the reported and expected EBIT in 2010 to increase to 14 million AUD and also an EBIT forecast to announce for 2011, amounting to 20 million AUD.
ALF Group Singapore Pte Ltd. owns 100 percent of the issued Share capital of ALF Group Pty Ltd, the Australian parent company of all ALF subsidiaries. Details on major 100% Subsidiaries of the ALF group have already been reported and may, in found http://www.cancanholdings.com.
Mr. Michael Pakula, a member of the CCH Board of Directors, said: "Our lawyers, Mr Ray Whitten and Mr Andrew Whitten of Whitten’s Lawyers and Consultants (http://www.whittens.com.au) have supported this important transaction and will be starting immediately act as lawyers for the company in Australia. Ray Whitten is the former president of the National Stock Exchange of Australia and was Chairman of a number of listed companies in Australia. "
The Board of Directors of both companies, the transaction and the stock purchase agreement approved. CCH prepares decisions to at the next General Assembly the approval of the CCH shareholders to issue shares to the selling ALF Group To obtain shareholders. Also received by the General Assembly should new Board will be appointed to the position of the outgoing Chairman, Dr. Grossman, occupies.
Mr. Michael Pakula, a member of the CCH Board of Directors, said: ‘The ALF management has the necessary Capabilities and a common vision for the significant market opportunities benefit to us in the coming months, especially in the areas of Finance litigation, corporate restructuring and offer non-performing assets. "
Ms Cathrine Byrnes, director of the ALF group, commented: ‘We believe that the combination of CCH and ALF Group a stronger base created to take advantage of growth opportunities. We will use our Business continue to expand and strengthen. The aim is to improve the revenue and Thus, the profitability for the benefit of all our shareholders . increase ‘
About CCH
Can Can Lingerie Holding AG develops, acquires or invests in innovative companies that are active internationally or to expand. We use our expertise in international operations, and Expansion with a focus on emerging markets and China, as we believe that emerging markets an excellent environment for Growth offer. We are also convinced that innovative Companies an opportunity for growth in all international Markets offer. Through the development and cooperation with innovative companies and taking advantage of the benefits of operating in emerging markets, we maximize the Growth potential.
At the next General Assembly an amendment is the company name to Can Can Holding AG planned to the activities better reflect the company.
For further information please contact:
Cancan Lingerie Holding AG 77-79 Anzac Parade Kensington, NSW 2033 Australia
Tel: +61 2 9663 2842 Website: www.cancanholdings.com Email: info@cancanholdings.com
public eye CONSULTING BUSCHE Karsten Busche Managing Director Phone: +49 30 43 05 89 22 eMail: info@publiceye-consulting.com
03.02.2010 Ad-hoc news, financial news and Press releases transmitted by DGAP. Media archive at http://www.dgap-medientreff.de and http://www.dgap.de