TIDMALGW
RNS Number : 5113W
Alpha Growth PLC
19 August 2020
19(th) August 2020
Alpha Growth plc
(" Alpha ", or the "Company")
Appointment of Pello Capital Ltd and Placing
Alpha Growth plc (LSE: ALGW), the financial services specialist
in the growing longevity asset class, is pleased to announce the
appointment of Pello Capital Limited ("Pello") as broker to the
Company and the raising of GBP500,000 through a placing initiated
and completed by Pello. The net proceeds of the placing will be
predominantly used to fund development of the Alpha growth and
income strategy and other general working capital purposes.
Placing
The gross proceeds of GBP500,000, was completed at a price of
1.40 pence which represents a discount of 17.6 per cent to the
closing share price of 1.7 pence on 18(th) August 2020. The
35,714,286 Placing Shares being issued together represent
approximately 17.4 per cent of the existing issued ordinary share
capital of the Company immediately prior to the Placing.
Issue of Placing Shares
The payment and delivery of the Placing Shares is expected to
take place on 7 September 2020 and is conditional on the Financial
Conduct Authority approving a prospectus in accordance with the
Prospectus Rules and the Placing Shares being admitted to listing
on the Official List (standard listing segment) and to trading on
the London Stock Exchange's main market for listed securities. The
Placing Shares will have the same rights and benefits as, and rank
pari passu in all respects with, the existing ordinary shares.
A further announcement will made in due course once the
Prospectus has been published.
Total Vo ti ng Rights
Following the issue of the Placing Shares, the Company's issued
share capital will consist of 240,815,959 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.
Subscription facility
The prospectus also provides for a Subscription facility to give
the Company the ability to issue up to 35,819,047 Ordinary Shares
in the 12 months from the date of the prospectus without the
requirement to issue a new prospectus , thus saving costs if
required. The Subscription is not underwritten or otherwise
guaranteed and there are no plans to utilize the facility at this
time. Further information on the Subscription facility will be in
the Prospectus.
Gobind Sahney, Executive Chairman of Alpha, commented:
"I and the Directors are pleased to be working with the team at
Pello and very much appreciate their support of Alpha's business
strategy. Their commitment to the Company and delivering
exceptional service was clearly demonstrated through the swift
completion of the Pello initiated placing. The growth and
innovative vision of Dan Gee and his team for Pello is very
impressive."
Daniel Gee, Managing Director of Pello, commented:
"We at Pello are delighted to have been able to support Gobind
and his team at Alpha Growth with this placing. We look forward to
building a longstanding relationship with the Company and
continuing to assist in the exciting growth of the business."
** 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
Pello Capital Limited +44 (0) 20 7710 9610
Mark Treharne mt@pellocapital.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, 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
holistic solutions to alternative institutional investors who are
in need of specialised skills and unique access to deploy their
financial resource in longevity assets.
Longevity Assets and Non-correlation
As a longevity asset, it is non-correlated to the real estate,
equity capital and commodity markets. Its value is a function of
time because as time passes the value gets closer to the face value
of the policy. Hence creating a steady increase in the net asset
value of the investment. This makes it highly attractive to
investors wishing to counteract volatility within an investment
portfolio and add yield.
Note: The Company only advises on and manages Longevity Assets
that originate in the USA where the structured and life settlement
market is highly regulated.
Forward Looking Statements Disclaimer
Certain statements, beliefs and opinions in this document are
forward-looking, which reflect the Company's or, as appropriate,
the Company's directors' current expectations and projections about
future events. By their nature, forward-looking statements involve
a number of risks, uncertainties and assumptions that could cause
actual results or events to differ materially from those expressed
or implied by the forward-looking statements. These risks,
uncertainties and assumptions could adversely affect the outcome
and financial effects of the plans and events described herein.
Forward-looking statements contained in this document regarding
past trends or activities should not be taken as a representation
that such trends or activities will continue in the future. The
Company does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. You should not place undue reliance on
forward- looking statements, which speak only as of the date of
this document. Readers should not treat the contents of this
document as advice relating to legal, taxation or investment
matters, and are to make their own assessments concerning these and
other consequences, including the merits of information and the
risks. Readers of this announcement are advised to conduct their
own due diligence and agree to be bound by the limitations of this
disclaimer.
Important Notice
The content of this announcement has not been approved by an
authorised person within the meaning of the Financial Services and
Markets Act 2000 (FSMA). This announcement has been issued by and
is the sole responsibility of the Company. The information in this
announcement is subject to change.
This announcement is not an offer of securities for sale into
the United States. The securities referred to herein have not been
and will not be registered under the U.S. Securities Act of 1933,
as amended (the Securities Act), and may not be offered or sold,
directly or indirectly, in or into the United States, except
pursuant to an applicable exemption from registration. No public
offering of securities is being made in the United States. This
announcement is not for release, publication or distribution,
directly or indirectly, in or into the United States, Australia,
Canada, the Republic of South Africa, Japan or any jurisdiction
where to do so might constitute a violation of local securities
laws or regulations (a Prohibited Jurisdiction). This announcement
and the information contained herein are not for release,
publication or distribution, directly or indirectly, to persons in
a Prohibited Jurisdiction unless permitted pursuant to an exemption
under the relevant local law or regulation in any such
jurisdiction.
Pello Capital Limited (Pello) is authorised and regulated by the
Financial Conduct Authority in the United Kingdom. Pello is acting
solely as the Company's broker and placing agent in relation to the
Placing and for no one else in connection with the contents of this
announcement and will not regard any other person (whether or not a
recipient of this announcement) as its client in relation to the
contents of this announcement nor will Pello be responsible to
anyone other than the Company for providing the protections
afforded to their clients or for providing advice in relation to
the contents of this announcement. Apart from the responsibilities
and liabilities, if any, which may be imposed on Pello by FSMA or
the regulatory regime established thereunder, Pello accepts no
responsibility whatsoever, and makes no representation or warranty,
express or implied, for the contents of this announcement including
its accuracy, completeness or verification or for any other
statement made or purported to be made by it, or on behalf of it,
the Company or any other person, in connection with the Company and
the contents of this announcement, whether as to the past or the
future. Pello accordingly disclaims all and any liability
whatsoever, whether arising in tort, contract or otherwise (save as
referred to above), which it might otherwise have in respect of the
contents of this announcement or any such statement.
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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