REG - Alpha Growth PLC - Acquisition Insurance Services Company

Alpha GrowthAnnouncement

17/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240517:nRSQ8176Oa&default-theme=true

RNS Number : 8176O  Alpha Growth PLC  17 May 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 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 signed a binding share purchase agreement to acquire,
subject to regulatory approval, 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 leading
the business in its next phase of growth.

Jeometri, a regulated insurance manager based in Guernsey, was established in
2017 to specialise in the formation and management of life and general
insurance and reinsurance companies. Jeometri has extensive experience in
working with companies and individuals, including private banks, financial
advisory firms and insurance brokers, who are looking to either self-insure to
manage their own risks or to write third-party insurance or reinsurance
business but need help to navigate the complexities of setting up and
administering a licensed insurance company.

Jeometri's management team boasts unique skills and years of experience in
general and life insurance, wealth management, banking, regulatory
consultancy, and retail and wholesale financial product development.
Furthermore, Jeometri has built a network of trusted professionals to deliver
an all-around service tailored to their clients' requirements.

This is a strategic acquisition which not only expands Alpha's abilities to
accumulate assets under administration but also provides complementary
services to Alpha's Guernsey-based life insurance company, Alpha International
Life Assurance Company (Guernsey) Ltd ("AILAC").

The consideration payable for the acquisition of Jeometri is £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. The acquisition of Jeometri is subject to regulatory approval by
the Guernsey Financial Services Commission. Subject to this approval, Alpha
expects to complete the acquisition within the third quarter of 2024 and will
make a further announcement in due course once completed.

 

Going forward, Alpha plans to actively assist in the growth of Jeometri
including through marketing Jeometri's solutions to its established clientele
and the broader insurance community globally with a view to materially
increasing its business with complementary activity for Alpha.

Darren Wadley, Jeometri's Founder and Managing Director, said: "The team and I
are very excited to be part of the wider Alpha group; this will allow Jeometri
to shed its small company image and truly showcase our knowledge, skills and
experience of the insurance industry to a much wider audience."

Jason Sutherland, Alpha's Executive Director and General Counsel, added:
"Jeometri is an ideal acquisition for Alpha as it will generate service fees
on its own level and opens a channel for business into the UK and worldwide as
interest in establishing insurance entities grows. Guernsey is the ideal
regulatory environment for such growth.  Jeometri is a small but important
acquisition for Alpha Growth and one which provides significant additional
opportunities.  As part of our buy and build strategy, we continue to
actively progress our acquisition pipeline and will update shareholders on
progress when appropriate."

** ENDS **

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.

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQFFFLIESIRLIS