Alpha Growth PLC Proposed Placing (4749X)
April 30 2019 - 2:20AM
UK Regulatory
TIDMALGW
RNS Number : 4749X
Alpha Growth PLC
30 April 2019
Alpha Growth plc
("Alpha", or the "Company")
Proposed Placing
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 GBP450,000 (the "Placing").
Alpha Growth has today agreed to issue, conditional on
publication of a prospectus, which is anticipated to happen in the
coming days, and conditional on admission, 30,000,000 new ordinary
shares of 0.1p each (the "Placing Shares") at a placing price of
1.5p per Placing Share, representing the last closing bid price of
Alpha's shares. The Placing Shares will, subject to the publication
of the prospectus and 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 following the
publication of a prospectus and admission is expected to take place
shortly after, further updates will be announced.
The net proceeds of the Placing are expected to provide
sufficient funding for existing operations for the next 12 months,
strengthening the Company's cash position as it rolls out its
product suite and unfolds its business plan to become a leading
longevity asset manager in US life settlements.
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
750,000 shares (being 0.59% 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 1,500,000, being
0.96% of the enlarged issued share capital of the Company.
Following the publication of the prospectus and issue of the
Placing Shares, the Company's issued share capital will consist of
156,635,000 ordinary shares, until then and as of 29 April the
Company issued share capital is 126,635,000.
Gobind Sahney, Chairman of Alpha, commented:
"We are pleased to continue to receive good support from our
corporate brokers as well as both new and existing shareholders in
completing this funding. Having also today announced our fund
launch, the Company is positioned to accelerate shareholder value
with a variety of institutionally relevant products for investors
in longevity assets as we embark on a more visible and tenacious
investor marketing campaign."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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
-----------------------------
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, the Alpha Growth Group has a unique position in the
longevity asset services and investment business, as a listed
entity with global reach. The Group'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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