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News
04.04.2011
ALF GROUP HOLDINGS AG – ALF Subsidiary Receives AUD $5M In Equity and Takeover Bid for Australian ‘Premium Income Fund’ Update
ALF GROUP HOLDINGS AG – ALF Subsidiary Receives AUD $5M In Equity and Takeover Bid for Australian ‘Premium Income Fund’ Update
Zurich – Monday 4 April 2011 – The Directors of ALF Group Holdings AG (ALF) wish to advise that ALF Group Pty Ltd (100% owned by ALF), the Australian parent company, has drawn down AUD$5M under its facility with Kingsley Finance Co Limited (Kingsley), ALF’s largest shareholder.
The purpose of the drawdown is to enable ALF Group Pty Ltd to subscribe for 5m $1.00 shares in ALF PIF Finance Limited, which is currently 90% owned by ALF.
This equity investment further underlines ALF’s commitment to the takeover bid and should add considerably to the prospects of success of the ALF PIF bid for the current takeover offer for all the units in the Premium Income Fund (PIF).
PIF is an Australian mortgage fund with stated net assets of AUD$265m that ALF PIF have an existing interest in and are seeking to take over the remaining units.
ALF PIF will now post to over 10,500 unitholders a new and revised document from the Board of ALF PIF explaining the benefits of the ALF PIF offer and point out the appalling track record and recent releases by the takeover targets board that amplify the claims we have made regarding their mismanagement and why the unit holders must act now and accept this offer.
We have privately recieved substantial support from many unit holders who have simply lost complete confidence in the existing management.
Further, to add to the prospects of the success of the bid, Australian Litigation Funders Pty Ltd, a wholly owned subsidiary of ALF, has agreed to take over and fund all recovery action, all unit/ shareholder class action claims against the existing manager and all recovery action against third parties who may have a liability owing to PIF.
The offer from Australian Litigation Funders Pty Ltd provides existing unit holders of PIF with the comfort that the PIF capital will not be dissipated by expensive and time consuming litigation and that Australian Litigation Funders Pty Ltd will work on a no win/no fee basis and take a fixed percentage of 33% from all recoveries (plus legal costs).
ALF believes that there is potentially over AUD $140,000,000 in potential claims, suits and recoveries. This means that there is the potential to deliver fees of approximately AUD $46m to ALF from litigation recoveries alone.
About ALF Group Holdings AG
ALF Group Holdings AG (ALF) wholly owns ALF Group Pty Ltd and its subsidiaries, which includes one of Australia’s largest litigation funders, and a corporate restructuring services company, which also provides funding, and debt and equity solutions. It is also an acquirer and developer of distressed assets.
For further information please contact:
ALF Group Holdings AG
Level 29, Chifley Tower, 2 Chifley Square, Sydney, NSW 2000, Australia
Telephone +61-2-9293-2500,
Fax +61-2-9293-2930
Website: www.alfgroupag.com
E-mail: info@alfgroupag.com
max. Equity Marketing GmbH
Maximilian Fischer, Marienplatz 2, 80331 Munich, Germany
Telephone +49 89 1392889 0
Fax +49 89 1392889 29
Website: www.max-em.de
E-mail: m.fischer@max-em.de
Legal Disclaimer
This press release contains forward-looking statements based on beliefs of ALF management. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. Such statements reflect the views of ALF Group Holdings AG as of the date made with respect to future events and are subject to risks and uncertainties. Many factors could cause actual results to be materially different from those projected here, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. ALF disclaims any intention or obligation to update these forward-looking statements.
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Zurich – Monday 4 April 2011 – The Directors of ALF Group Holdings AG (ALF) wish to advise that ALF Group Pty Ltd (100% owned by ALF), the Australian parent company, has drawn down AUD$5M under its facility with Kingsley Finance Co Limited (Kingsley), ALF’s largest shareholder.
The purpose of the drawdown is to enable ALF Group Pty Ltd to subscribe for 5m $1.00 shares in ALF PIF Finance Limited, which is currently 90% owned by ALF.
This equity investment further underlines ALF’s commitment to the takeover bid and should add considerably to the prospects of success of the ALF PIF bid for the current takeover offer for all the units in the Premium Income Fund (PIF).
PIF is an Australian mortgage fund with stated net assets of AUD$265m that ALF PIF have an existing interest in and are seeking to take over the remaining units.
ALF PIF will now post to over 10,500 unitholders a new and revised document from the Board of ALF PIF explaining the benefits of the ALF PIF offer and point out the appalling track record and recent releases by the takeover targets board that amplify the claims we have made regarding their mismanagement and why the unit holders must act now and accept this offer.
We have privately recieved substantial support from many unit holders who have simply lost complete confidence in the existing management.
Further, to add to the prospects of the success of the bid, Australian Litigation Funders Pty Ltd, a wholly owned subsidiary of ALF, has agreed to take over and fund all recovery action, all unit/ shareholder class action claims against the existing manager and all recovery action against third parties who may have a liability owing to PIF.
The offer from Australian Litigation Funders Pty Ltd provides existing unit holders of PIF with the comfort that the PIF capital will not be dissipated by expensive and time consuming litigation and that Australian Litigation Funders Pty Ltd will work on a no win/no fee basis and take a fixed percentage of 33% from all recoveries (plus legal costs).
ALF believes that there is potentially over AUD $140,000,000 in potential claims, suits and recoveries. This means that there is the potential to deliver fees of approximately AUD $46m to ALF from litigation recoveries alone.
About ALF Group Holdings AG
ALF Group Holdings AG (ALF) wholly owns ALF Group Pty Ltd and its subsidiaries, which includes one of Australia’s largest litigation funders, and a corporate restructuring services company, which also provides funding, and debt and equity solutions. It is also an acquirer and developer of distressed assets.
For further information please contact:
ALF Group Holdings AG
Level 29, Chifley Tower, 2 Chifley Square, Sydney, NSW 2000, Australia
Telephone +61-2-9293-2500,
Fax +61-2-9293-2930
Website: www.alfgroupag.com
E-mail: info@alfgroupag.com
max. Equity Marketing GmbH
Maximilian Fischer, Marienplatz 2, 80331 Munich, Germany
Telephone +49 89 1392889 0
Fax +49 89 1392889 29
Website: www.max-em.de
E-mail: m.fischer@max-em.de
Legal Disclaimer
This press release contains forward-looking statements based on beliefs of ALF management. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. Such statements reflect the views of ALF Group Holdings AG as of the date made with respect to future events and are subject to risks and uncertainties. Many factors could cause actual results to be materially different from those projected here, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. ALF disclaims any intention or obligation to update these forward-looking statements.
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.