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 £1. 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 £1 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.


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