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15.03.2010
Can Can Lingerie Holding AG - Company Update Regarding ALF Group
Can Can Lingerie Holding AG - Company Update Regarding ALF Group
Sydney, Australia 15th March 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) has today received the following update from ALF Group (ALF).
In the last week, ALF subsidiary, Australian Corporate Restructuring Services, (ACRS) has acted as lead advisor on a number of insolvency matters that have seen five companies placed into administration and / or liquidation. The gross fee income for these matters is 170,000 AUD and the net income is estimated to be 100,000 AUD. These types of matters are the backbone of the ACRS cash flow.
Furthermore one general litigation matter, one bankrupt matter and a company administration matter have all settled in the last week. The gross fee income from these matters is 283,000 AUD and the net fees due to ALF are 200,000 AUD.
ALF also announced that a major matter that is being funded by ALF has resulted in an early offer to settle of 8.0 million AUD which would result in commission due to ALF of 2.0 million AUD. ALF has recommended against accepting the offer as they believe that 30 million AUD is achievable. The commission ALF expects to achieve is more than 7.0 million AUD.
ALF is currently working on several major matters. ALF will advise CCH as to the progress of these matters which will, if successful, also be announced on an Australian Stock Exchange, as these matters relate to other listed companies and are therefore market sensitive.
Other items:
ALF has appointed auditors for the Australian companies. Charltons (http://charltons.com.au) is an experienced accounting and auditing firm who currently audits several companies listed on the Australian Stock Exchange. Charltons will be responsible for providing audited financial statements to ALF Group Singapore Pte Ltd on a quarterly basis. ALF has also engaged Charltons from 1st April 2010 to take over the day to day management of the accounting function of ALF. Their role covers system and process development, account keeping, tax administration, payment processing and management reports.
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 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
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<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, Australia 15th March 2010 - Can Can Lingerie Holding AG (ISIN: CH0044678180 / symbol: CCH) has today received the following update from ALF Group (ALF).
In the last week, ALF subsidiary, Australian Corporate Restructuring Services, (ACRS) has acted as lead advisor on a number of insolvency matters that have seen five companies placed into administration and / or liquidation. The gross fee income for these matters is 170,000 AUD and the net income is estimated to be 100,000 AUD. These types of matters are the backbone of the ACRS cash flow.
Furthermore one general litigation matter, one bankrupt matter and a company administration matter have all settled in the last week. The gross fee income from these matters is 283,000 AUD and the net fees due to ALF are 200,000 AUD.
ALF also announced that a major matter that is being funded by ALF has resulted in an early offer to settle of 8.0 million AUD which would result in commission due to ALF of 2.0 million AUD. ALF has recommended against accepting the offer as they believe that 30 million AUD is achievable. The commission ALF expects to achieve is more than 7.0 million AUD.
ALF is currently working on several major matters. ALF will advise CCH as to the progress of these matters which will, if successful, also be announced on an Australian Stock Exchange, as these matters relate to other listed companies and are therefore market sensitive.
Other items:
ALF has appointed auditors for the Australian companies. Charltons (http://charltons.com.au) is an experienced accounting and auditing firm who currently audits several companies listed on the Australian Stock Exchange. Charltons will be responsible for providing audited financial statements to ALF Group Singapore Pte Ltd on a quarterly basis. ALF has also engaged Charltons from 1st April 2010 to take over the day to day management of the accounting function of ALF. Their role covers system and process development, account keeping, tax administration, payment processing and management reports.
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 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
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.