REG - Alpha Growth PLC - Acquisition

Alpha GrowthAnnouncement

09/09/2024 07:00

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RNS Number : 3305D  Alpha Growth PLC  09 September 2024

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")

Acquisition of Jeometri Insurance Managers (Guernsey) Limited

Complementary Financial Services Company Strategic Acquisition

 

Alpha Growth plc (LSE: ALGW and OTCQB: ALPGF), a leading financial services
specialist in life insurance-linked wealth and asset management, is pleased to
announce that it has received regulatory approval and completed its strategic
acquisition of 93.36% of the outstanding shares of Jeometri Insurance Managers
(Guernsey) Limited ("Jeometri"), with the balance of the shares being retained
by its founder and current director, Darren Wadley. Darren Wadley will be
continuing as Managing Director of Jeometri and will be responsible for
leading the business in its next phase of accelerated growth.

The consideration paid for the acquisition of Jeometri was £449,321 in cash
inclusive of the costs of the share acquisition and an infusion of working
capital into the business.  The transaction funding has been satisfied from
Alpha's existing cash resources and no shares were issued by Alpha for the
acquisition.

Joining the Alpha group of companies enhances Jeometri's visibility within the
market place and provides it with the support required to accelerate its
growth. With Jeometri's advanced solutions and its global clientele, we'll
unlock significant opportunities for Alpha's life insurance businesses.

Moreover, Jeometri will deliver services currently provided by third parties
for Alpha International Life Assurance Company in Guernsey. This strategic
vertical integration will streamline operations, reduce costs, and enhance our
efficiency, thereby boosting margins and overall performance for Alpha.

Gobind Sahney, Alpha's Chairman and CEO added: "We are very pleased to have
received the Guernsey Financial Services Commission's change of control
approval and to be able to expand our insurance services offering in
Guernsey.  This strategic acquisition represents a significant opportunity
for growth, and we look forward to collaborating with Darren and his team to
further grow Jeometri. Together, we aim to deliver complementary,
value-enhancing support across the group's businesses.

We are also pleased to share that the group's 'buy strategy' is progressing
well, and I look forward to updating our shareholders on our acquisition
pipeline in due course.

The board of Alpha remains confident in our ability to achieve our goal of $2
billion in assets under management and administration in 2025. Achieving this
goal will deliver significant improvements to both revenue and profitability."

** END **

For more information, please visit www.algwplc.com (http://www.algwplc.com) or
contact the following:

 

 Alpha Growth plc                                   +44 (0) 20 3959 8600
 Gobind Sahney, Executive Chairman                  info@algwplc.com (mailto:info@algwplc.com)
                                                    +44 (0) 20 3328 5656

 Allenby Capital Limited
 Amrit Nahal (Sales and Corporate Broking)
 Nick Athanas / Piers Shimwell (Corporate Finance)
                                                    ir@algwplc.com (mailto:ir@algwplc.com)

 UK Investor Relations - Mark Treharne

 

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.

 

 

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