Can Can Lingerie Holding AG
Can Can Lingerie Holding AG Settles Acquisition of ALF Group
Can Can Lingerie Holding AG / Acquisition/Contract 03.02.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Kensington, 3rd February 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) is pleased to announce that it has today completed the previously announced share sale agreement with ALF Group Singapore Pte Ltd ('ALF Group') and its shareholders to acquire 50% of the shares in ALF Group. CCH is now obligated to issue 80,000,000 new ordinary CCH shares to the vendors (subject to CCH shareholder approval). The signing follows completion of the due diligence process and includes 3-year service agreements for key executives of ALF Group. CCH has also negotiated an exclusive option to purchase the balance of the equity in ALF Group at anytime before 31st December 2012, based on an agreed formula, effectively, a multiple of earnings (subject to additional conditions). The payment for the balance of the 50% equity in ALF Group is, on exercise of the option, to be paid for by the issue of shares in CCH. The enterprise value of the transaction is 8 million Euro (representing CCH's 50% interest). The transaction was negotiated at a time when ALF Group total 2010 EBIT forecast was 3 million AUD. Since that time ALF Group has announced the signing of a major contract and upward revisions of projected EBIT in 2010 to 14 million AUD and also issued a projected EBIT for 2011 of 20 million AUD. ALF Group Singapore Pte Ltd holds 100% of the issued share capital in ALF Group Pty Ltd., the Australian Parent Company of the all ALF Group subsidiaries. Details of the most important wholly owned subsidiaries of ALF Group have been previously announced and can be found at http://www.cancanholdings.com. Mr. Michael Pakula, Director of CCH, stated: 'Our lawyers, Mr Ray Whitten and Mr Andrew Whitten of Whitten's Lawyers and Consultants (http://www.whittens.com.au) facilitated this important transaction and will also act as the company's Australian corporate lawyers from now on. Ray Whitten is the former Chairman of the National Stock Exchange of Australia and has been Chairman of a number of Australian public companies.' Both companies' boards of directors have approved the transaction and the share sale agreement. CCH are preparing resolutions to seek shareholder approval at an AGM regarding the allotment of CCH shares to the ALF Group vendor shareholders. Moreover, a new Director will be appointed at the AGM to replace the outgoing Chairman, Dr Grossmann. Mr. Michael Pakula, Director of CCH, said, 'ALF management have the requisite skills and a common vision to benefit from the significant market opportunities available to us over the coming months, especially in the litigation funding, corporate restructuring and distressed assets sectors.' Ms. Cathrine Byrnes, Director of ALF Group, commented, 'We believe the combination of CCH and ALF Group will create a stronger platform to capture more growth opportunities. We will further broaden and strengthen our business base with the aim of increasing gross income and profitability for the benefit of all our shareholders.' 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@cancanholdings.com public eye CONSULTING BUSCHE Karsten Busche Managing Director Tel.: +49 30 43 05 89 22 eMail: info@publiceye-consulting.com 03.02.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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