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 £450,000 (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.

 


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