TIDMALGW
RNS Number : 9229R
Alpha Growth PLC
06 March 2023
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 (as
amended). Upon the publication of this announcement, this inside
information is now considered to be in the public domain.
Alpha Growth plc
(" Alpha " or the "Company")
2022 BlackOak Alpha Growth Fund performance update and recap of
the year
Alpha Growth Plc (LSE: ALGW and OTCQB: ALPGF), a leading
financial services specialist in the growing longevity asset class
and insurance linked asset management, is pleased to provide a
general update on the Company's activities within its fund and
insurance business segments and a review of achievements in
2022.
2022 was yet another transformational year for Alpha Growth plc,
a year which saw the BlackOak Growth Fund deliver consistent
returns far in excess of major stock market indexes and where the
Company completed and successfully integrated two further
acquisitions into the group. The Company also launched a new Fund
during 2022 which introduced a new category of investor into the
group. In addition to the Company delivering on its strategic aims
for the year, it also increased assets under management ("AUM") to
circa $700m - a 70x increase from January 2020 and more than
doubling in the past 12 months alone.
Alpha Growth's 2B Plan
At the beginning of 2022, Alpha announced its strategic goal to
reach $2 billion in AUM by 2025. This ambitious but achievable
target demonstrates the Company's drive to establish itself as an
industry leader.
Over the last year, Alpha has made substantial progress towards
achieving its 2025 goal and demonstrated the efficacy of its
business model. Through its successfully completed acquisitions, a
strong pipeline of future acquisitions, and expected organic
growth, Alpha is positioning itself to surpass expectations in
growing its AUM and in doing so is creating an organisation of real
scale which the Board anticipates will be highly cash generative
once its goals are met.
Head of Affiliated Funds Appointment
On 26 September 2022 Chad Schafer began his new role as Head of
Affiliated Funds. Chad is a recognised expert in structured
securities and is responsible for the growth and strategic
direction of the Alpha funds.
Chad brings invaluable expertise and experience to the team and
has been making significant progress since his appointment.
Change of Adviser
In October 2022 the Company announced the appointment of Allenby
Capital Limited ("Allenby Capital") as the Company's sole
broker.
Allenby Capital advises or acts as a broker for more than 70
corporate clients who are listed on the AIM, Standard List or AQUIS
markets. This brings Alpha Growth access to a diverse range of
investors, including institutional investors, family offices,
private client brokers and high net worth individuals.
The appointment is an exciting development that marks a
significant shift in strategic opportunities, as Allenby Capital's
proactive approach and shared passion for Alpha Growth's future
promises to bring about positive change.
Broker Note
The Company is pleased to note that its new broker, Allenby
Capital, has recently initiated coverage of Alpha Growth with the
publication of a detailed research note. This research note
provides a very good overview of the Company and will be a useful
tool when introducing new investors to the Company. The note can be
found at:
https://www.allenbycapital.com/client/alpha-growth-plc
Warrants
The Company would like to confirm that, as announced on 11
February 2021, pursuant to a placing to raise GBP3.75 million, the
Company granted 187,500,000 warrants ("Warrants") to the placees,
exercisable at a price of 3 pence per share, for a period of 24
months following the date of grant, being 15 March 2021.
Due to circumstances whereby the prospectus was not published
and the admission for the shares issued was not completed until 21
December 2021, the Directors have resolved that, following the
statements made in announcements in relation to the same, the final
exercise date for the Warrants relating to the 2021 placing be
amended so that such references in the warrant instrument to the
final exercise date for the Warrants be fixed at 21 December 2023.
All other terms of the Warrants remain the same.
These Warrants can, if exercised by warrant holders, provide the
Company with a useful source of additional cash which may be used
to further accelerate the growth of Alpha.
The Alpha Funds
Alpha Alternative Assets Fund - Interval Fund
On 28 September 2022, the Company announced that its wholly
owned subsidiary Alpha Growth Management LLC ("AGM") had been named
investment manager of the Alpha Alternative Assets Fund with
current assets under management of $5 million. The Alpha
Alternative Assets Fund is a unique longevity-based interval fund,
providing access to institutional-grade assets for (US-Based)
mainstream investors through its low minimum investment size of
$2,500 and the ability for prospective investors to buy-in daily.
It offers a 5% annual dividend yield making it attractive to both
income and capital investors.
The fund charges a 1.5% management fee earned by AGM. Alpha's
team is actively repositioning the fund to focus on longevity
assets to ensure current and prospective investors into the fund
can enjoy the benefits of this uncorrelated and low volatility
asset class.
(Please note that this is not a solicitation to invest in the
Alpha Alternative Assets Fund and restrictions do apply for US and
non US investors)
BlackOak Alpha Growth Fund returns
The Company is pleased to report that the BlackOak Alpha Growth
Fund returned 7.20% during 2022. During this period it reported
positive returns every month and won multiple awards from Barclay
Hedge for its performance.
Since inception in September 2019 up until end December 2022,
the fund has produced returns of over 27% compared with the FTSE
100 which has only increased by circa 2% over the same period. Over
the same period the fund recorded positive returns in all but one
month with zero negative returns versus the much more volatile
FTSE100 which recorded losses in 5 months.
(Please note that this is not a solicitation to invest in The
BlackOak Alpha Growth Fund which only available to accredited and
institutional investors.)
Accretive Acquisitions to the Group
Guernsey Life Insurance Company
On 6 December 2022 the Company announced the successful
completion of the acquisition of Old Mutual International
(Guernsey) Ltd and this Guernsey based insurance company has since
been renamed Alpha International Life Assurance Company (Guernsey)
Ltd. which, at that time, added $275m of AUM to Alpha Growth.
This acquisition provides an excellent platform for Alpha to
offer both life insurance-based wealth management products and life
insurance linked funds, either originated by Alpha or through other
partners, to a broad base of European based UHNWI, family offices
and institutions.
Havelet Assignment Company Ltd
The Company reported on 12 December 2022 that it had
successfully finalised the acquisition of Havelet Assignment
Company Ltd. This Barbados based financial services company is a
strategic acquisition which has added $9m AUM to the Company.
This strategic acquisition not only expands Alpha's abilities to
accumulate assets under administration but also provides a
complementary source of business to Alpha's Providence Life
Assurance Company ("Providence").
This strategic acquisition carries a two-fold benefit to Alpha's
business. Firstly, it bolsters its ability to accumulate assets
under administration, thus expanding capabilities in this area.
Secondly, the acquisition brings with it a complementary source of
business which can serve as an additional revenue stream for
Providence. Overall, the acquisition has the potential to
contribute significantly to the growth and development of Alpha's
business.
Gobind Sahney, Executive Chairman, commented: "2022 was a very
productive year for Alpha Growth which saw AUM almost doubling to
circa $700m, bringing us significantly closer to achieving our
stated goal of managing over $2bn of AUM by 2025. During the year,
we completed two significant acquisitions and launched a
significant new fund which we expect to attract a new category of
investor into the Company."
"We start 2023 with a robust list of exciting opportunities
which will allow us to continue to rapidly scale the organization
both organically and through further acquisitions, none of these
opportunities are expected to require a raise. Throughout 2023, we
will also look to bolster our team of experts to support our 2B
plan and ensure we continue to grow AUM and revenue
significantly."
**S **
For more information, please visit www.algwplc.com or contact
the following:
+44 (0) 20 3959
Alpha Growth plc 8600
Gobind Sahney, Executive Chairman info@algwplc.com
+44 (0) 20 3328
Allenby Capital Limited 5656
Amrit Nahal (Sales and Corporate Broking)
Nick Athanas / Piers Shimwell (Corporate
Finance)
UK Investor Relations - Mark Treharne ir@algwplc.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
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
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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.
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END
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