Communicators
are winners!
News
17.05.2010
ALF Group Holdings AG – Takeover Bid Launched For Listed Australian Investment Fund with 265 Million AUD in Net Assets
ALF Group Holdings AG – Takeover Bid Launched For Listed Australian Investment Fund with 265 Million AUD in Net Assets
Sydney, Australia 17th May 2010 – ALF Group Holdings AG (ISIN: CH0044678180 / symbol: AG1) is pleased to confirm that a newly formed related company called ALF PIF Finance Limited has today lodged an offer document to purchase all of the units in the Premium Income Fund (ARSN 090 687 577 / symbol: PIN), which is listed on the National Stock Exchange of Australia (www.nsxa.com.au).
ALF Group Holdings AG holds a 40 percent interest indirectly (via ALF Group Pty Ltd) as well as a direct 10 percent interest in ALF PIF Finance Limited (ALF PIF).
KEY POINTS OF THE BID:
- existing PIN unit holders are being offered both preference shares and ordinary shares in an unlisted public company named ALF PIF Finance Limited (ACN 143 489 963) as payment for their units.
- The offer price, equivalent to 0.15 AUD represents more than a 100 percent premium over the current market price (0.072 AUD as at 13/5/2010). The payment will be made by issuing preference shares in ALF PIF, which are redeemable before any payment is due to be paid to ALF PIF shareholders and/or directors.
- Further, PIN unit holders will also receive ordinary shares in ALF PIF and can therefore still benefit from any upside in the PIN investments even after they have received payment for their preference shares.
- More information about ALF PIF and the bid can be found at www.alfpif.com.au
ABOUT THE PREMIUM INCOME FUND
- there are currently 755,032,768 units on issue, which are held by over 10,000 unit holders. These units were initially sold with a face value of 1.00 AUD each raising over $755,000,000 AUD since1999.
- the last financial report (as at 31/12/2009) shows the net assets of the Fund to be $265,136,000 AUD which equates to 0.35 AUD per unit.
- the last trading price for the units was 0.072 AUD (13th May 2010), which is a 79 percent discount to the net assets per unit.
- more information about PIN can be found at www.newpif.com.au
FINANCIAL BENEFITS TO ALF GROUP HOLDINGS AG SHAREHOLDERS:
1. ALF Group Holdings AG directly holds a 10% interest in the bidder vehicle (ALF PIF) by way of ordinary shares that upon the successful takeover being completed would have a value based on current net tangible assets of $14,000,000 AUD.
2. ALF Group Pty Ltd (100% owned by ALF Group Singapore Pte Ltd) directly holds an 80% interest in ALF PIF by way of ordinary shares that upon the successful takeover being completed would be valued at over $115,000,000 AUD. It is planned that ALF Group Pty Ltd will become a wholly owned subsidiary of AG1 post EGM (subject to shareholders approval).
3. It is intended that the ordinary shares in ALF PIF will be listed by way of an IPO on an Australian Stock Exchange within three months of successfully completing the take over (subject to normal regulatory approvals).
4. As ALF PIF unlocks the value in PIN by completing developments the asset values should improve providing a final asset value well in excess of the current $265 million AUD net asset value.
5. Given points 1 to 4 above, the takeover if successfully completed will provide over $129,000,000 AUD to the balance sheet of AG1.
WHY ALF?
- ALF executives have been monitoring PIN for some time and have a deep knowledge base about its operations and assets.
- ALF believes that the assets of the fund are essentially distressed assets and need a competent management team experienced in “corporate workouts”’ in order to maximize and release the value of these assets.
- ALF has the experience and the resources to undertake this job and believes that there are significant financial benefits to ALF shareholders (including those existing PIN unit holders accepting the offer) from a strategic plan aimed at maximizing the end value of each asset.
- Outcomes for an asset may include completing particular projects and/or settling legal claims in a commercial manner, but the overriding concept is to maximize the value of the assets.
RESULT OF A SUCCESSFUL BID:
- upon 100% acceptance, the PIN Units holders will direct that the trustee transfer the assets to ALF PIF.
- upon the transfer being completed ALF PIF will have an initial 265 million AUD in assets, with no external debt.
About ALF Group Holdings AG
ALF Group Holdings AG (AG1) currently owns 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.
The Directors of AG1 have announced their intention to exercise the option to acquire the remaining 50% of ALF that it does not own. This is expected to be completed before the EGM, details of which will be announced at the appropriate time.
For further information please contact:
ALF Group Holdings AG
Level 29, Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Australia
Telephone +61-2-9293-2500
Fax +61-2-9293-2930
Website: www.cancanholdings.com
eMail: info@alfpl.com
public eye CONSULTING BUSCHE
Karsten Busche
Managing Director
Tel.: +49 30 43 05 89 22
eMail: info@publiceye-consulting.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0044678180">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0044678180</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.
Sydney, Australia 17th May 2010 – ALF Group Holdings AG (ISIN: CH0044678180 / symbol: AG1) is pleased to confirm that a newly formed related company called ALF PIF Finance Limited has today lodged an offer document to purchase all of the units in the Premium Income Fund (ARSN 090 687 577 / symbol: PIN), which is listed on the National Stock Exchange of Australia (www.nsxa.com.au).
ALF Group Holdings AG holds a 40 percent interest indirectly (via ALF Group Pty Ltd) as well as a direct 10 percent interest in ALF PIF Finance Limited (ALF PIF).
KEY POINTS OF THE BID:
- existing PIN unit holders are being offered both preference shares and ordinary shares in an unlisted public company named ALF PIF Finance Limited (ACN 143 489 963) as payment for their units.
- The offer price, equivalent to 0.15 AUD represents more than a 100 percent premium over the current market price (0.072 AUD as at 13/5/2010). The payment will be made by issuing preference shares in ALF PIF, which are redeemable before any payment is due to be paid to ALF PIF shareholders and/or directors.
- Further, PIN unit holders will also receive ordinary shares in ALF PIF and can therefore still benefit from any upside in the PIN investments even after they have received payment for their preference shares.
- More information about ALF PIF and the bid can be found at www.alfpif.com.au
ABOUT THE PREMIUM INCOME FUND
- there are currently 755,032,768 units on issue, which are held by over 10,000 unit holders. These units were initially sold with a face value of 1.00 AUD each raising over $755,000,000 AUD since1999.
- the last financial report (as at 31/12/2009) shows the net assets of the Fund to be $265,136,000 AUD which equates to 0.35 AUD per unit.
- the last trading price for the units was 0.072 AUD (13th May 2010), which is a 79 percent discount to the net assets per unit.
- more information about PIN can be found at www.newpif.com.au
FINANCIAL BENEFITS TO ALF GROUP HOLDINGS AG SHAREHOLDERS:
1. ALF Group Holdings AG directly holds a 10% interest in the bidder vehicle (ALF PIF) by way of ordinary shares that upon the successful takeover being completed would have a value based on current net tangible assets of $14,000,000 AUD.
2. ALF Group Pty Ltd (100% owned by ALF Group Singapore Pte Ltd) directly holds an 80% interest in ALF PIF by way of ordinary shares that upon the successful takeover being completed would be valued at over $115,000,000 AUD. It is planned that ALF Group Pty Ltd will become a wholly owned subsidiary of AG1 post EGM (subject to shareholders approval).
3. It is intended that the ordinary shares in ALF PIF will be listed by way of an IPO on an Australian Stock Exchange within three months of successfully completing the take over (subject to normal regulatory approvals).
4. As ALF PIF unlocks the value in PIN by completing developments the asset values should improve providing a final asset value well in excess of the current $265 million AUD net asset value.
5. Given points 1 to 4 above, the takeover if successfully completed will provide over $129,000,000 AUD to the balance sheet of AG1.
WHY ALF?
- ALF executives have been monitoring PIN for some time and have a deep knowledge base about its operations and assets.
- ALF believes that the assets of the fund are essentially distressed assets and need a competent management team experienced in “corporate workouts”’ in order to maximize and release the value of these assets.
- ALF has the experience and the resources to undertake this job and believes that there are significant financial benefits to ALF shareholders (including those existing PIN unit holders accepting the offer) from a strategic plan aimed at maximizing the end value of each asset.
- Outcomes for an asset may include completing particular projects and/or settling legal claims in a commercial manner, but the overriding concept is to maximize the value of the assets.
RESULT OF A SUCCESSFUL BID:
- upon 100% acceptance, the PIN Units holders will direct that the trustee transfer the assets to ALF PIF.
- upon the transfer being completed ALF PIF will have an initial 265 million AUD in assets, with no external debt.
About ALF Group Holdings AG
ALF Group Holdings AG (AG1) currently owns 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.
The Directors of AG1 have announced their intention to exercise the option to acquire the remaining 50% of ALF that it does not own. This is expected to be completed before the EGM, details of which will be announced at the appropriate time.
For further information please contact:
ALF Group Holdings AG
Level 29, Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Australia
Telephone +61-2-9293-2500
Fax +61-2-9293-2930
Website: www.cancanholdings.com
eMail: info@alfpl.com
public eye CONSULTING BUSCHE
Karsten Busche
Managing Director
Tel.: +49 30 43 05 89 22
eMail: info@publiceye-consulting.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0044678180">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0044678180</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.