DGAP-News: Can Can Lingerie Holding AG Settles Acquisition of ALF Group

Can Can Lingerie Holding AG / Acquisition/Contract

03.02.2010 

Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.

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Kensington, 3rd February 2010 - Can Can Lingerie Holding AG (ISIN:
CH0044678180 / symbol: CCH) is pleased to announce that it has today
completed the previously announced share sale agreement with ALF Group
Singapore Pte Ltd ('ALF Group') and its shareholders to acquire 50% of the
shares in ALF Group. CCH is now obligated to issue 80,000,000 new ordinary
CCH shares to the vendors (subject to CCH shareholder approval).

The signing follows completion of the due diligence process and includes
3-year service agreements for key executives of ALF Group. CCH has also
negotiated an exclusive option to purchase the balance of the equity in ALF
Group at anytime before 31st December 2012, based on an agreed formula,
effectively, a multiple of earnings (subject to additional conditions). The
payment for the balance of the 50% equity in ALF Group is, on exercise of
the option, to be paid for by the issue of shares in CCH.

The enterprise value of the transaction is 8 million Euro (representing
CCH's 50% interest). The transaction was negotiated at a time when ALF
Group total 2010 EBIT forecast was 3 million AUD. Since that time ALF Group
has announced the signing of a major contract and upward revisions of
projected EBIT in 2010 to 14 million AUD and also issued a projected EBIT
for 2011 of 20 million AUD.

ALF Group Singapore Pte Ltd holds 100% of the issued share capital in ALF
Group Pty Ltd., the Australian Parent Company of the all ALF Group
subsidiaries. Details of the most important wholly owned subsidiaries of
ALF Group have been previously announced and can be found at
http://www.cancanholdings.com.

Mr. Michael Pakula, Director of CCH, stated: 'Our lawyers, Mr Ray Whitten
and Mr Andrew Whitten of Whitten's Lawyers and Consultants
(http://www.whittens.com.au) facilitated this important transaction and
will also act as the company's Australian corporate lawyers from now on.
Ray Whitten is the former Chairman of the National Stock Exchange of
Australia and has been Chairman of a number of Australian public
companies.'

Both companies' boards of directors have approved the transaction and the
share sale agreement. CCH are preparing resolutions to seek shareholder
approval at an AGM regarding the allotment of CCH shares to the ALF Group
vendor shareholders. Moreover, a new Director will be appointed at the AGM
to replace the outgoing Chairman, Dr Grossmann.

Mr. Michael Pakula, Director of CCH, said, 'ALF management have the
requisite skills and a common vision to benefit from the significant market
opportunities available to us over the coming months, especially in the
litigation funding, corporate restructuring and distressed assets sectors.'

Ms. Cathrine Byrnes, Director of ALF Group, commented, 'We believe the
combination of CCH and ALF Group will create a stronger platform to capture
more growth opportunities. We will further broaden and strengthen our
business base with the aim of increasing gross income and profitability for
the benefit of all our shareholders.'


About CCH     

Can Can Lingerie Holding AG 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.

To more accurately reflect the company's activities, it is proposed to
change the name of the company to Can Can Holding 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




03.02.2010  Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at <a href="http://www.dgap-medientreff.de">www.dgap-medientreff.de</a> and <a href="http://www.dgap.de">www.dgap.de</a>

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