The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Latest broker note issued by Allenby this morning in case anyone hasn't seen it: https://www.allenbycapital.com/client/alpha-growth-plc/Some positive highlights:- The previous successful acquisition completions which "appear to have alerted sellers and regulatorsof similar businesses to ALGW's intent, with management reporting that it is being presented with similar opportunities on a regular basis, some of which are actively under review."- "The group's focus during H1 23 was (a) a potential new acquisition, (b) integration of AILAC and Havelet, acquired in Q4 2022, and (c) marketing the Interval Fund. The interim numbers only reflect the integration work as the acquisition is still subject to due diligence". So if DD is happening that presumably means a Letter of Intent has been signed and we could see completion of this acquisition in the next few months- And key for me: "ALGW does however have sufficient cashflow to cover ongoing corporate expenses and costs related to reviewing prospective acquisitions and carrying out legal due diligence. The group has three stable cash generative businesses/products comprising two life companies (Alpha International Life Assurance Company and Providence Life Assurance Company Fund) and a liability assignment business (Havelet Assignment Company Ltd)."Of course not all a bed of roses - "ALGW's current business is self-financing despite what it acknowledges has been a disappointing take-up for its two investment strategies. These have met performance targets but not as yet seen the expected demand. It remains committed to growing these funds but in order to reduce near term reliance on this product line, reformulated its business plan to focus on its M&A activity and continue to operate close to break-even" We discussed this possibility at the AGM earlier in the year so not a surprise. Focussing purely on M&A in the short term definitely feels like the right approach.