(Alliance News) - Alpha Growth PLC on Monday said it has been engaging with prospective clients during the second quarter ended June 30 but does not expect any progress in these discussions to be reflected in its annual results.
The financial services firm, which ends its financial year on August 31, said that results from its efforts to attract new investors for its funds will be reflected in next year's accounts.
Alpha Growth maintained that attracting the attention of prospective clients remained its "core strategy" and said that its presence at the Alternative Investment Club event by the Swiss Financial Services "elevated its visibility among the investment community".
The company conceded however that discussions for a hybrid security investment from a UK top 10 insurance company moved slower than expected in the second quarter.
Alpha Growth filed a private placement memorandum with the Cayman Island Monetary Authority in order to attract investment in its BlackOak Alpha Growth Fund that it launched in April alongside UK-based SL Investment Management.
Its unit Colva Insurance Services, the US-based firm that it acquired for GBP77,727 in March, is generating initial revenue of USD10,000 per month, courtesy of three clients, Alpha said.
Shares in Alpha Growth fell 13% at 1.05 pence each in London on Monday morning.
Alpha Growth (ALGW)