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24.03.2010
Can Can Lingerie Holding AG – Annual General Meeting and Annual Report
Can Can Lingerie Holding AG – Annual General Meeting and Annual Report
Sydney, 24th March 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) is pleased to confirm that the invitations to attend the AGM on the 12th of April 2010 have been issued and can be found together with the annual report at (http://www.cancanholdings.com/documents). An official notification has also been issued by CCH and can be viewed at (www.shab.ch).
The Directors when reviewing the auditors’ reports found that there was an important clarification that the market should be made aware of. The company has previously stated that the authorised capital is 65 million shares. The market may believe that there are 65 million shares issued and listed which is not the case. In 2008 the company got approval to increase its capital and to issue 32.5 million additional shares to complete a transaction. These shares are issued but not listed as the capital has not been paid in or the asset the company was acquiring was not finalized. These shares are the property of CCH.
After the AGM the capital structure of CCH will look as follows:
- 32,500,000 shares issued and listed pre AGM
- 80,000,000 shares issued and listed as consideration for the ALF acquisition (50%)
112,500,000 shares issued and listed in total (post AGM).
At the AGM, shareholders will be asked to approve the issue of a further 32,500,000 shares and in addition to the 32,500,000 shares issued but not paid for and not listed (discussed above) - a total of 65,000,000 shares will be available for the company to utilize in a capital raising at a much higher valuation planned later in 2010 (post AGM) to fund the growth of the ALF Group.
Mr Michael Pakula, Director of CCH, said, "All conditions to finalise the share sale agreement with the shareholders of the ALF Group have been met with the exception of the holding of the CCH AGM and the subsequent passing of the relevant resolutions. Also, I am via my entities, the largest shareholder in CCH and I have verbal positive commitments from other parties who have substantial shareholdings in CCH. Based on that I am convinced that there will be sufficient votes in favour of all resolutions put to the shareholders.”
About CCH
On 17th February 2010, CCH 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 AGM on 12 April 2010.
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
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>
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Sydney, 24th March 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) is pleased to confirm that the invitations to attend the AGM on the 12th of April 2010 have been issued and can be found together with the annual report at (http://www.cancanholdings.com/documents). An official notification has also been issued by CCH and can be viewed at (www.shab.ch).
The Directors when reviewing the auditors’ reports found that there was an important clarification that the market should be made aware of. The company has previously stated that the authorised capital is 65 million shares. The market may believe that there are 65 million shares issued and listed which is not the case. In 2008 the company got approval to increase its capital and to issue 32.5 million additional shares to complete a transaction. These shares are issued but not listed as the capital has not been paid in or the asset the company was acquiring was not finalized. These shares are the property of CCH.
After the AGM the capital structure of CCH will look as follows:
- 32,500,000 shares issued and listed pre AGM
- 80,000,000 shares issued and listed as consideration for the ALF acquisition (50%)
112,500,000 shares issued and listed in total (post AGM).
At the AGM, shareholders will be asked to approve the issue of a further 32,500,000 shares and in addition to the 32,500,000 shares issued but not paid for and not listed (discussed above) - a total of 65,000,000 shares will be available for the company to utilize in a capital raising at a much higher valuation planned later in 2010 (post AGM) to fund the growth of the ALF Group.
Mr Michael Pakula, Director of CCH, said, "All conditions to finalise the share sale agreement with the shareholders of the ALF Group have been met with the exception of the holding of the CCH AGM and the subsequent passing of the relevant resolutions. Also, I am via my entities, the largest shareholder in CCH and I have verbal positive commitments from other parties who have substantial shareholdings in CCH. Based on that I am convinced that there will be sufficient votes in favour of all resolutions put to the shareholders.”
About CCH
On 17th February 2010, CCH 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 AGM on 12 April 2010.
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
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.