ALF Group Provides Shareholder Update And Notice of New Funding Claim Against Apple Australia

Further to the announcement made on December 22nd, ALF Group provide further information regarding that transaction and a business update including a new funding claim against Apple Australia.
By: K Byrnes
 
Jan. 13, 2010 - PRLog -- The management of ALF Group is pleased to provide an update to its shareholders regarding current activities and anticipated developments for the current year.

The key points are

- ALF Group has secured a renewal of its master funding agreement with Armstrong Wily & Co., one of the largest forensic accounting firms in Australia, specializing in corporate reconstructions and liquidations. The firm currently operates the largest non-government personal insolvency practice in Australia. For further information please go to http://www.armstrongwily.com.au/

- ALF Group has entered into an agreement with the liquidator to fund a major recovery action against Apple Australia. Whilst the initial claim is $4 million AUD, the claim has the potential to escalate into a class action against Apple for an amount considerably greater. ALF Group is entitled to a commission equal to 33% of the gross amount recovered.

Management considers that this matter should conservatively generate over $1million AUD to ALF’s 2011 financial year accounts, with significant further upside should the class action eventuate.

- ALF Group can now confirm that a majority of the conditions and covenants imposed on Can Can Lingerie Holding AG (CCH)  within the signed heads of agreement have now been complied with.

ALF and CCH have now agreed to instruct lawyers to proceed with the preparation of a share sale agreement and it is envisaged that the remaining conditions can be embedded into the share sale agreement.

For further information regarding this transaction, please go to: http://www.prlog.org/10461756-alf-group-to-sell-50-intere...

- ALF Group and CCH Directors and management have cohesively worked together to satisfy the respective parties conditions precedents. One positive covenant imposed on CCH was the natural progression from the Open Market to the General Standard Market and thereafter  consideration of a dual listing.

This has required CCH to enter into negotiations to engage an international accountancy firm to act as CCH Auditors with an intention to ensure that CCH complies with audit requirements, including a compliance plan and a corporate governance review so as to allow its progression to the General Standard Market.

Both ALF and CCH are committed to the move of CCH from the Open Market to the General Standard Market on the Frankfurt Stock Exchange and in recognition of this commitment and in order to assist CCH meet any regulatory capital requirement for this transition, ALF Group has approved an advance payment to CCH of 750,000 Euro (subject to terms and conditions) as an advance against the proposed 2010 dividend.

- ALF Group wish to confirm it has a large bank of prospective matters which it is now in the process of converting to actual litigation funding, corporate workout matters, and litigation case management matters. All of these new matters will have an impact on both cash flow and EBIT.


ABOUT ALF GROUP


ALF Group is the holding Company for various businesses. Within ALF Group are several litigation funding and restructuring Companies. ALF Group maintains strong relationships with all leading receivers and liquidators and identify excellent assets at distressed prices .ALF Group have the ability to acquire assets by proposing deeds of company arrangements for distressed companies.

ABOUT CCH

Can Can Lingerie Holding AG (CCH) 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.

Upon settlement of the above transaction, it is planned to change the name of the listed company to Can Can Holding AG, to more accurately reflect the wider range of investments and assets owned by CCH.


CCH website:http://www.cancanholdings.com

CCH press release regarding this transaction:

http://www.irw-press.at/press_html.aspx?messageID=15522

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ABOUT ALF GROUP


ALF Group is the holding Company for various businesses. Within ALF Group are several litigation funding and restructuring Companies. ALF Group maintains strong relationships with all leading receivers and liquidators and identify excellent assets at distressed prices .ALF Group have the ability to acquire assets by proposing deeds of company arrangements for distressed companies.
End
Source:K Byrnes
Email:***@gmail.com Email Verified
Zip:2000
Tags:Cch, Can Can, Can Can Lingerie Holding, Apple, Litigation Funding, Alf Group
Location:Sydney - New South Wales - Australia
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