Alpha Growth PLC Further re 2020 Annual Report (3954K)
January 04 2021 - 1:00AM
UK Regulatory
TIDMALGW
RNS Number : 3954K
Alpha Growth PLC
04 January 2021
Alpha Growth plc
("Alpha", or the "Company")
Correction to the 2020 Annual Report
Further to the Company's RNS of 31 December 2020, Alpha Growth
Plc (LSE: ALGW), the financial services specialist in the growing
Senior Life Settlement ("SLS") asset class apologises for a
drafting error in regard to a statement contained in its Annual
Report for the year ended 31 August 2020 (the '2020 Annual
Report').
The 2020 Annual Report which was published on 31 December 2020,
under subsequent events since end of year in the Strategic Report
section, a statement was made in relation to an equity placing that
was offered to and briefly being considered by the Company at the
time of the drafting of the 2020 Annual Report.
Regrettably, and the Directors apologise for the oversight, the
statement was not removed from the final draft 2020 Annual Report
after the Company elected not to proceed with the placing. Please
be assured that the Company will make announcements when material
events are to occur.
The above correction does not affect the references in the same
section of the 2020 Annual Report to the placing which the Company
completed in September 2020 to raise GBP454,000.
The Company will be providing a planned trading update in
January and continues to execute on its BlackOak fund and other
strategies with the resources on hand.
In compliance with Listing Rule 14.3.6 of the UK Financial
Conduct Authority ('FCA'), the corrected 2020 Annual Report will in
due course be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The corrected 2020 Annual Report is available at www.algwplc.com
.
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
Pello Capital Limited +44 (0) 20 7710 9610
Mark Treharne mt@pellocapital.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.
SLS Assets and Non-correlation
A SLS refers to the sale of an existing life insurance policy to
a third party for a cash payment. Such a payment will be in excess
of the policy's surrender value, but less than its face value.
After the sale, the purchaser becomes the policy's beneficiary and
assumes payment of its premiums. There are many reasons why policy
holders may choose to sell their life insurance policies and sales
are usually only undertaken when the insured person doesn't have a
known life-threatening illness. The SLS provides individuals with
policies the option to realise value from an asset under a
regulated transaction. As a longevity asset, the SLS 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 SLS Assets that
originate in the USA where the SLS market is highly regulated.
ENDS
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END
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