Communicators
are winners!
News
24.02.2011
ALF Group Holdings AG: Takeover Bid for Australian Fund Extended
ALF Group Holdings AG: Takeover Bid for Australian Fund Extended
Zurich - 24 February 2011 – The Directors of ALF Group Holdings AG (ALF) wish to advise that ALF’s 90% owned subsidiary ALF PIF Finance Limited, has informed the National Stock Exchange of Australia (NSX), Australia's stock exchange for small cap companies, that it has extended its bid for the takeover offer for all the units in the Premium Income Fund (PIF) until 14 June 2011.
The takeover bid now seems a more compelling offer for shareholders to consider, as when the offer was initially made the existing management made promises of large dividends and promises of signs of improvement in the funds financial position.
Since our bid was announced in May 2010 the following has eventuated:
- The existing manager, having been exposed in a public examination in relation to her involvement in a multi-billion company collapse, is now at best ‘unreliable’ and appears to have lost the trust of most unit holders in relation to dividends that have failed to materialise when promised.
- As at 30th of June 2010 the existing manager reported another significant loss for PIF, further reducing the net asset value of PIF to AUD $265m.
ALF has been inundated with requests from unit holders to confirm if ALF PIF Finance Limited is still prepared to proceed with the offer and it appears that investor patience has worn thin.
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 Australian Litigation Funders Pty Ltd offer provides existing unit holders of PIF with the comfort that the PIF capital will not be dissipated 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.
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.
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.
Zurich - 24 February 2011 – The Directors of ALF Group Holdings AG (ALF) wish to advise that ALF’s 90% owned subsidiary ALF PIF Finance Limited, has informed the National Stock Exchange of Australia (NSX), Australia's stock exchange for small cap companies, that it has extended its bid for the takeover offer for all the units in the Premium Income Fund (PIF) until 14 June 2011.
The takeover bid now seems a more compelling offer for shareholders to consider, as when the offer was initially made the existing management made promises of large dividends and promises of signs of improvement in the funds financial position.
Since our bid was announced in May 2010 the following has eventuated:
- The existing manager, having been exposed in a public examination in relation to her involvement in a multi-billion company collapse, is now at best ‘unreliable’ and appears to have lost the trust of most unit holders in relation to dividends that have failed to materialise when promised.
- As at 30th of June 2010 the existing manager reported another significant loss for PIF, further reducing the net asset value of PIF to AUD $265m.
ALF has been inundated with requests from unit holders to confirm if ALF PIF Finance Limited is still prepared to proceed with the offer and it appears that investor patience has worn thin.
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 Australian Litigation Funders Pty Ltd offer provides existing unit holders of PIF with the comfort that the PIF capital will not be dissipated 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.
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.
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.