Alpha Growth PLC Issue of Equity and Director/PDMR Dealing (9293A)
September 17 2018 - 2:01AM
UK Regulatory
TIDMALGW
RNS Number : 9293A
Alpha Growth PLC
17 September 2018
17 September 2018
Alpha Growth plc
("Alpha", or the "Company")
Issue of Equity and Director/PDMR Dealing
Alpha Growth plc (LSE: ALGW), the financial services specialist
in the growing Senior Life Settlement ("SLS") asset class, is
pleased to announce the placing of new ordinary shares to raise
gross proceeds of GBP400,000 (the "Placing").
Alpha Growth has today issued, conditional on admission,
20,000,000 new ordinary shares of 0.1p each (the "Placing Shares")
at a placing price of 2p per Placing Share. The Placing Shares
will, when issued, rank pari passu in all respects with the
existing ordinary shares. An application will be made for the
Placing Shares to be admitted to trading and admission is expected
to take place on or around 1st October 2018.
The net proceeds of the Placing will strengthen the Company's
cash position as it unfolds its business plan to become a leading
longevity asset manager in US life settlements. The proceeds will
be used to accelerate the expansion of Alpha's recently announced
acquisition of Alpha Longevity Management Ltd ("ALM"). ALM is a
British Virgin Island Financial Services Commission (the "FSC")
licensed investment manager. The expansion includes the acquisition
of specialist services and retention of experts as well as support
staff that will give the Group the ability to scale up and deliver
full suite of services and financial products in demand by clients
in this sector. Alpha is well positioned to take advantage of the
demand for life settlements and the resulting increase in the
specialisation of managing these assets.
The Company is also pleased to announce that Chief Operating
Officer, Danny Swick, has subscribed for 750,000 of the placing
shares on the same terms as above. Mr. Swick's previous holding was
nil (being 0% of the Company's issued share capital), and so this
subscription takes his holding, immediately after admission of the
placing shares, to a total of 750,000, being 0.59% of the enlarged
issued share capital of the Company.
At 14 September 2018, the Company's issued share capital
consisted of 106,335,000 ordinary shares. Following the issue of
the Placing Shares, the Company's issued share capital will consist
of 126,335,000 ordinary shares. Each share has one voting right and
no shares are held in treasury; these figures may be used by
shareholders in the Company as the denominator for the calculation
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
Chairman Gobind Sahney commented:
"We are pleased to have received such good support from our
corporate brokers as well as both new and existing shareholders in
completing this placing. These proceeds will be used to achieve
certain service contracts which will strengthen our market
position, product offering and investor relevance. We are now
positioned to accelerate our business development pipe and are
excited about the growth prospects of the Group in the near
term."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
** ENDS **
For more information, please visit www.algwplc.com or contact
the following:
Alpha Growth plc +44 (0) 20 3959 8600
Gobind Sahney, Executive Chairman info@algwplc.com
Cassiopeia Services (PR/IR) +44 (0) 7949 690338
Stefania Barbaglio Stefania@cassiopeia-ltd.com
Novum Securities Limited (Corporate Broker) +44 (0) 207 399 9400
Colin Rowbury crowbury@novumsecurities.com
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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 announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them:
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
------ ------------------------------------------------------------------------------------------
a. Name Daniel Swick
---------------------------------------------------
2 Reason for notification
------------------------------------- ---------------------------------------------------
a. Position/Status Director
------------------------------------- ---------------------------------------------------
b. Initial notification/ Initial notification
Amendment
------------------------------------- ---------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a. Name Alpha Growth plc
-------------------------------------
b. LEI 213800T46KFT32KYKR91
------------------------------------- ---------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
------ ------------------------------------------------------------------------------------------
a. Description of Ordinary Shares of 0.1 pence each
the financial
instrument, type
of instrument
------------------------------------- ---------------------------------------------------
b. Nature of the Subscription for shares through Open Offer
transaction
------------------------------------- ---------------------------------------------------
c. Price(s) and Price(s) per Volume(s)
volume(s) share
------------------------------------- --------------------------
2.00 pence 750,000
----------------------------------------------------------------------- ------------------
d. Aggregated information: 750,000 shares
- Aggregated
Volume 2.00 pence per share
- Price
------------------------------------- ---------------------------------------------------
e. Date of the transaction 17 September 2018
------------------------------------- ---------------------------------------------------
f. Place of the London Stock Exchange
transaction
------------------------------------- ---------------------------------------------------
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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