Alpha Growth PLC Acquisition of ALM (9575U)
July 18 2018 - 2:00AM
UK Regulatory
TIDMALGW
RNS Number : 9575U
Alpha Growth PLC
18 July 2018
18 July 2018
Alpha Growth plc
("Alpha", or the "Company")
Acquisition of ALM
Alpha Growth plc (LSE: ALGW), the financial services specialist
in the growing Senior Life Settlement ("SLS") asset class is
pleased to announce the acquisition of Alpha Longevity Management
Limited ("ALM").
The Company has, today, signed an agreement for the acquisition
of ALM for total consideration of GBP1. ALM is incorporated in the
British Virgin Islands ("BVI") under company number 1832422 and
holds an Investment Business License issued by the BVI Financial
Services Commission ("BVI FSC"), which allows the company to
arrange, advise and manage investments to qualified investors.
It has the added advantage of also being beneficial for the tax
structuring of the Company's operations going forward. The
acquisition is conditional, among other items, on obtaining
approval by the BVI FSC for a change in control. As part of the
consideration Alpha has agreed to assume any liabilities, owed by
ALM at the time of the transaction, up to $5,000.
ALM was established by Mr. Gobind Sahney, CEO and Executive
Chairman of Alpha. Mr. Sahney is a Director of ALM and also owns
the majority of the shares, therefore the Board of Directors
decided to establish a separate Investment Committee, which
comprised Andrew Dennan, the Independent Non-Executive Director,
and Rory Heier the Chief Financial Officer. A value of GBP1 was
considered both fair and reasonable.
Rory Heier, member of the Investment Committee, commented:
"We are really pleased to announce the acquisition of ALM.
Whilst the company has yet to commence trading it holds numerous
benefits to Alpha going forwards and saves both time and money in
incorporating a new company ourselves. In addition, the BVI FSC
Investment Manager Licence provides us with a regulated entity that
can conduct authorised business which is a key feature in global
structured products and enhances the attraction and validity of
Alpha's platform and product offering to institutional investors in
longevity assets."
For more information, please visit www.algwplc.com or contact
the following:
Alpha Growth plc +44 20 3959 8600
Gobind Sahney, Executive Chairman info@algwplc.com
Cassiopeia Services (PR/IR) +44 (0) 7949690338
Stefania Barbaglio Stefania@cassiopeia-ltd.com
Novum Securities Limited (Corporate Broker) +44 (0) 207 399 9400
Colin Rowbury crowbury@novumsecurities.com
About Alpha Growth plc
Specialist in Longevity Assets
Alpha Growth plc is a financial advisory business providing
specialist consultancy, advisory, and supplementary services to
institutional and qualified investors globally in the multi-billion
dollar market of longevity assets. Building on its well-established
network, Alpha Growth has a unique position in the longevity asset
services and investment business, as a listed entity with global
reach. The Company's strategy is to expand its advisory and
business services via acquisitions and joint ventures in the UK and
the US to attain commercial scale and provide wholistic solutions
to alternative institutional investors who are in need of
specialised skills and unique access to deploy their financial
resource in longevity assets.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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