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06.05.2010
ALF Group Holdings AG - To Exercise Option to Acquire All Equity in ALF Group Singapore Pte Ltd
ALF Group Holdings AG - To Exercise Option to Acquire All Equity in ALF Group Singapore Pte Ltd
Sydney, Australia 6th May 2010 - ALF Group Holdings AG (ISIN: CH0044678180 / symbol: AG1) is pleased to announce the following:
1. The Directors of ALF Group Holdings AG (AG1) have reviewed the terms of the option agreement and considered both the actual results (to 31/3/10) and reviewed internal forecasts for ALF Group Pty Ltd for 2010, 2011 and 2012 and have concluded that it is in the best interests of all shareholders to exercise the right to acquire the 50% interest in ALF Group Singapore Pte Ltd that it does not currently own.
After settlement of this purchase, AG1 will own 100% of the equity of ALF Group Singapore Pte Ltd. The benefits to shareholders include:
- 100% of the profits generated by the acquisition will be for the benefit of AG1 shareholders from the date of settlement.
- simplified corporate structure -100% ownership gives more transparency to the performance of the core Australian subsidiaries.
- elimination of additional costs in utilising the Singapore company as a holding company
- a significant financial benefit exercising the option this year rather than waiting for either 2011 or 2012.
2. As a consequence of the decision to exercise the option (as above) and in accordance with the compan’s plan to move to the regulated market the Directors of AG1 are preparing to call an EGM in order for shareholders to consider among other things the following:
- Reverse Split - In order to move the company’s listing from the non-regulated market to the regulated market, the issued shares must be in dominations of not less than1.00 CHF per share. In order to achieve this, the Directors of AG1 is planning a 100:1 reverse split in the share equity of the company. This will mean that the capital per share will move from CHF .01 to CHF 1.00. AG1 has consulted with financial advisors who have recommended a rights issue and the issue of fully paid free shares to be provided to shareholders simultaneously with the reverse split. This will ensure that AG1 shares trade within a preferred range.
- ALF Group Singapore Pte Ltd distributing 100% of its equity in the Australian Holding Company to AG1 so that the final corporate structure of AG1 will be that AG1 will directly own 100% of ALF Group Pty Ltd (which owns all of the Australian trading companies). This will further simplify the corporate structure of AG1 and minimise accounting and auditing costs whilst maximising shareholders visibility of the various businesses within the AG1 structure.
AG1 confirms that it currently has scheduled the EGM for June 2010. A further announcement will be posted confirming the date, the resolutions and a link to explanatory notes on the proposed resolutions.
3. Prior to the EGM, AG1 will issue audited accounts up to 31/3/10 and a pro-forma balance sheet which shows the asset value of the 50% acquisition as at the date of settlement, being 12th April 2010.
About AG1
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.
For further information please contact:
ALF Group Holdings 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
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Sydney, Australia 6th May 2010 - ALF Group Holdings AG (ISIN: CH0044678180 / symbol: AG1) is pleased to announce the following:
1. The Directors of ALF Group Holdings AG (AG1) have reviewed the terms of the option agreement and considered both the actual results (to 31/3/10) and reviewed internal forecasts for ALF Group Pty Ltd for 2010, 2011 and 2012 and have concluded that it is in the best interests of all shareholders to exercise the right to acquire the 50% interest in ALF Group Singapore Pte Ltd that it does not currently own.
After settlement of this purchase, AG1 will own 100% of the equity of ALF Group Singapore Pte Ltd. The benefits to shareholders include:
- 100% of the profits generated by the acquisition will be for the benefit of AG1 shareholders from the date of settlement.
- simplified corporate structure -100% ownership gives more transparency to the performance of the core Australian subsidiaries.
- elimination of additional costs in utilising the Singapore company as a holding company
- a significant financial benefit exercising the option this year rather than waiting for either 2011 or 2012.
2. As a consequence of the decision to exercise the option (as above) and in accordance with the compan’s plan to move to the regulated market the Directors of AG1 are preparing to call an EGM in order for shareholders to consider among other things the following:
- Reverse Split - In order to move the company’s listing from the non-regulated market to the regulated market, the issued shares must be in dominations of not less than1.00 CHF per share. In order to achieve this, the Directors of AG1 is planning a 100:1 reverse split in the share equity of the company. This will mean that the capital per share will move from CHF .01 to CHF 1.00. AG1 has consulted with financial advisors who have recommended a rights issue and the issue of fully paid free shares to be provided to shareholders simultaneously with the reverse split. This will ensure that AG1 shares trade within a preferred range.
- ALF Group Singapore Pte Ltd distributing 100% of its equity in the Australian Holding Company to AG1 so that the final corporate structure of AG1 will be that AG1 will directly own 100% of ALF Group Pty Ltd (which owns all of the Australian trading companies). This will further simplify the corporate structure of AG1 and minimise accounting and auditing costs whilst maximising shareholders visibility of the various businesses within the AG1 structure.
AG1 confirms that it currently has scheduled the EGM for June 2010. A further announcement will be posted confirming the date, the resolutions and a link to explanatory notes on the proposed resolutions.
3. Prior to the EGM, AG1 will issue audited accounts up to 31/3/10 and a pro-forma balance sheet which shows the asset value of the 50% acquisition as at the date of settlement, being 12th April 2010.
About AG1
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.
For further information please contact:
ALF Group Holdings 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
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.