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News
06.07.2011
ALF Group Holdings AG: AGM Update, Bonus Share Update, ALF Takeover Proposal and Appointment of new Swiss Auditors.
ALF Group Holdings AG: AGM Update, Bonus Share Update, ALF Takeover Proposal and Appointment of new Swiss Auditors.
Sydney 6th July 2011 - ALF directors have been in continuous dialogue with the company’s auditors in Australia in an attempt to finalise the 2010 Australian accounts; the delay is mainly about treatment of funds advanced by Kingsley Finance Co Limited (Kingsley) to ALF’s Australian daughter company, ALF Group Pty Ltd and the treatment of funds then advanced to the parent company, ALF.
BFT Custodians Pty Ltd and Kingsley have a funding agreement with ALF’s Australian company and all advances to the parent come through the daughter company, which has the funding agreement.
We expect the accounting treatment of these loans to be finalised in the coming week.
Shareholders who qualified to receive Bonus Shares, from Kingsley, would be aware that ALF has requested their Swift codes to enable the finalisation of the share transfers. All share transfers with Swift codes received up until 24th of June have been processed.
In order to complete all transfers, we now proposing to email to every Shareholder whose information is held on file, requesting that shareholders swift code, so that we can complete ALL transfers to those that have supplied the necessary information to complete the transfers. Some shareholders have supplied incomplete information and it is impossible to make these transfers.
We would ask that only shareholders whom have not sent their swift code confirm as follows:
Shareholder name:
Account number:
Bank or share account detail (which bank) (address) and bank contact number:
Swift code:
ALF have commenced the process of listing its daughter company, ALF Finance Limited on the Australian Stock Exchange. Kingsley has been promoting the idea that this daughter company make a cash and share takeover offer for the Swiss listed company, ALF.
Kingsley, who are ALF’s largest shareholder, and therefore have the largest paper loss on their current ALF holdings, believe that a Swiss company’s shares listed in the Open Market on the Frankfurt Stock Exchange whose main assets are currently in Australia, may be a reason why the share price has gradually fallen to the current levels.
Kingsley and the ALF board believe that having the company listed on the Australian Stock Exchange, which is the equivalent of the Prime Standard on the Frankfurt Stock Exchange, may go a long way to achieving a share price in keeping with the assets underlying value.
Kingsley has agreed to take a placement in the new to be listed ASX company and swap their loans for shares.
Kingsley has agreed to underwrite an IPO to provide cash for the cash component of the proposed takeover.
Kingsley will also appoint a head-sponsoring broker to underwrite the IPO for new capital.
The ALF board and Kingsley (who control any takeover by virtue of their shareholding in ALF) are currently in discussion as to the range of the proposed cash component.
Additionally it is proposed that there will be an option for shareholders to either:
- take cash and shares for their holding or
- take a higher price with full payment in the new ASX listed ALF Finance Limited.
Kingsley has confirmed that they will take full shares as payment and underwrite the cash required for those who choose the cash and share option.
The range of the offer is still under negotiation but the cash component of the offer will be a substantial premium to the share price today. The cash and share price offer is yet to be determined but ranges from a minimum 25c to 27.5c AUD or Euro 18.5c to Euro 20.7c.
Finally, ALF are replacing Ferax, who have now retired, with a new firm of Auditors. ALF is careful to appoint a firm that can deliver audited accounts at a reasonable cost. We are in the process of entering into an engagement agreement and will advise accordingly.
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Sydney 6th July 2011 - ALF directors have been in continuous dialogue with the company’s auditors in Australia in an attempt to finalise the 2010 Australian accounts; the delay is mainly about treatment of funds advanced by Kingsley Finance Co Limited (Kingsley) to ALF’s Australian daughter company, ALF Group Pty Ltd and the treatment of funds then advanced to the parent company, ALF.
BFT Custodians Pty Ltd and Kingsley have a funding agreement with ALF’s Australian company and all advances to the parent come through the daughter company, which has the funding agreement.
We expect the accounting treatment of these loans to be finalised in the coming week.
Shareholders who qualified to receive Bonus Shares, from Kingsley, would be aware that ALF has requested their Swift codes to enable the finalisation of the share transfers. All share transfers with Swift codes received up until 24th of June have been processed.
In order to complete all transfers, we now proposing to email to every Shareholder whose information is held on file, requesting that shareholders swift code, so that we can complete ALL transfers to those that have supplied the necessary information to complete the transfers. Some shareholders have supplied incomplete information and it is impossible to make these transfers.
We would ask that only shareholders whom have not sent their swift code confirm as follows:
Shareholder name:
Account number:
Bank or share account detail (which bank) (address) and bank contact number:
Swift code:
ALF have commenced the process of listing its daughter company, ALF Finance Limited on the Australian Stock Exchange. Kingsley has been promoting the idea that this daughter company make a cash and share takeover offer for the Swiss listed company, ALF.
Kingsley, who are ALF’s largest shareholder, and therefore have the largest paper loss on their current ALF holdings, believe that a Swiss company’s shares listed in the Open Market on the Frankfurt Stock Exchange whose main assets are currently in Australia, may be a reason why the share price has gradually fallen to the current levels.
Kingsley and the ALF board believe that having the company listed on the Australian Stock Exchange, which is the equivalent of the Prime Standard on the Frankfurt Stock Exchange, may go a long way to achieving a share price in keeping with the assets underlying value.
Kingsley has agreed to take a placement in the new to be listed ASX company and swap their loans for shares.
Kingsley has agreed to underwrite an IPO to provide cash for the cash component of the proposed takeover.
Kingsley will also appoint a head-sponsoring broker to underwrite the IPO for new capital.
The ALF board and Kingsley (who control any takeover by virtue of their shareholding in ALF) are currently in discussion as to the range of the proposed cash component.
Additionally it is proposed that there will be an option for shareholders to either:
- take cash and shares for their holding or
- take a higher price with full payment in the new ASX listed ALF Finance Limited.
Kingsley has confirmed that they will take full shares as payment and underwrite the cash required for those who choose the cash and share option.
The range of the offer is still under negotiation but the cash component of the offer will be a substantial premium to the share price today. The cash and share price offer is yet to be determined but ranges from a minimum 25c to 27.5c AUD or Euro 18.5c to Euro 20.7c.
Finally, ALF are replacing Ferax, who have now retired, with a new firm of Auditors. ALF is careful to appoint a firm that can deliver audited accounts at a reasonable cost. We are in the process of entering into an engagement agreement and will advise accordingly.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0121325671">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0121325671</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.