Alpha Growth PLC Acquisition of Colva (5169R)
March 01 2019 - 1:01AM
UK Regulatory
TIDMALGW
RNS Number : 5169R
Alpha Growth PLC
01 March 2019
1 March 2019
Alpha Growth plc
("Alpha", or the "Company")
Acquisition of Colva
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 Colva Insurance Services
Corp. ("Colva").
The Company has signed an agreement for the acquisition of the
entire ordinary share capital of Colva. Colva is a specialist
actuarial service provider to the SLS industry and has a number of
key clients, primarily based in the US.
The major shareholder of Colva is Rajiv Rebello, who founded
Colva in order to use his first hand actuarial and life insurance
expertise to minimize premium payments and maximize returns for
life insurance and life settlement investors. Rajiv is a Fellow of
the Society of Actuaries (FSA) and prior to Colva worked on AIG's
4,000+ policy life settlement portfolio with $18 billion in face.
Prior to AIG, Rajiv worked at New York Life helping to price,
design and create illustration software for their Universal Life
and Variable Universal Life products. While at New York Life, Rajiv
was also involved in analyzing mortality and lapse data experience
and the creation of a new mortality table for New York Life. Colva
is incorporated in California, USA, company number 3404971.
Alpha will acquire the entire share capital of Colva for a total
consideration of GBP77,727 which shall be settled through the issue
of 3,985,985 new ordinary shares of 0.1 pence each in the Company
at an issue price of 1.95p per share, being the closing price of
Alpha's shares on the day heads of terms were agreed. The shares
will be issued and admitted for trading on the one year anniversary
of the acquisition, subject to Rajiv continuing to be commercially
engaged with Alpha on the issue date.
Further announcements will be made in due course.
Gobind Sahney, Chairman commented:
"The acquisition of Colva includes the addition of Rajiv who
will become our Chief Actuary and Director of Investment Analytics.
Rajiv is a terrific addition to the team and expands our in-house
abilities to provide clients with superior advise and guidance on
longevity assets. We welcome Rajiv and the clients that Colva works
with to the Alpha team."
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
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Vox Markets (Digital IR) +44 (0) 203 865 0130
-----------------------------
Abraham Darwyne content@voxmarkets.co.uk
-----------------------------
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.
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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