Member Info for gilesfitzh

There is only one reason for a negative post = the poster wants the share price to go down. Make no mistake this is the only reason. If a shareholder decides that he/she has made a mistake by investing in ALGW he/she will sell his/her shares. He/she will not bash the company first as this would be detrimental to his own position and reduce his/her profit or increase his/her loss. So if you read a negative post you can be sure that the poster has an agenda and, as you are a shareholder, it does not align with yours.

The only proper reasons for being on this BB are if you own or are thinking of buying shares in ALGW. I would therefore expect all shareholders’ posts to be accurate, informative and generally positive. Some shareholders do get a little over enthusiastic from time to time but, as we’re all getting a little stir crazy being stuck at home all the time, it’s understandable. My advice to anyone considering buying into ALGW would be to start by reading all the documents and RNS’s on the Company’s web site and only then post here with your questions.

An Extraordinary general Meeting is now just called a General Meeting. The Directors must call a General Meeting if 5% of the voting shares (or 5% of the voting rights if there are no shares). The figure was reduced from 10% to 5% by the Companies (Shareholders’ rights) Regulations 2009 (S.I. 2009/1632), reg 4(2).
So I could call for a GM but why would I? The BoD are doing what they can in the present difficult circumstances and I remain supportive of their efforts.

TRADES
Time/date of execution Price Currency Volume Trade value* Trade type Trade flags MIC
08:28:08 06-May-2020 1.58 GBX 70,000 1,106.00 Off-book XLON
08:26:16 06-May-2020 1.58 GBX 20,000 316.00 Off-book XLON
08:21:58 06-May-2020 1.55 GBX 192,093 2,973.60 Off-book XLON
08:21:25 06-May-2020 1.55 GBX 100,000 1,548.00 Off-book XLON
08:20:14 06-May-2020 1.55 GBX 40,000 619.20 Off-book XLON
08:14:25 06-May-2020 1.50 GBX 264,687 3,967.66 Off-book XLON
08:07:35 06-May-2020 1.50 GBX 200,000 2,990.00 Off-book XLON
08:02:27 06-May-2020 1.50 GBX 100,000 1,495.00 Off-book XLON

Mark Ward certainly has a long history in investment.

Was Savant the name of the firm the other person who attended the AGM worked for? I don't remember the exact name but it did begin with an 'S'. Old age is sometimes rubbish, my memory isn't what it used to be :( I do remember that GS told me about a month back that he, the other person at the AGM, was still buying shares on behalf of his clients.

For the sake of accuracy I did not post the shareholder list, it was posted on twitter and I shared the link :)

Do you mean this? h t t p s : / / t w i t t e r . c o m /Fox_in_the_hole/status/1257609833341124616

Haha, not from me they don't.

Sorry, fees etc. are paid quarterly.

Which is where ALGW's model is different. The Life policies are bought having been carefully vetted, these are bundled together into BOAGF and then matching bonds issued to the investors. The warehousing facility is effectively the bridging loan for the short period between actually buying the Life Policies and issuing the bonds to the lined up investors. The cost of the bonds is made up of the price paid for the Life Policies, the future premiums and all costs. ALGW (and SLIM) is later paid monthly the management fee and any performance bonus.

As I understand it the lender has insisted on 'face to face' for the final negotiations and signing as they want Lawyers present and there are reams of documentation that may need to be referred to.

@BoobyAxlerod: Are you able to say who this 'larger shareholder' is? Acqam sold up after their conduit was kicked off the BoD.

And the reason that they have not signed or sealed the contracts is that they are unable to travel to the UK to do so. Give it a month or so and they should be able to fly to the UK and sign and seal the contracts.

@TipToes: Have you read 2mex's post listing 20+ reasons why ALGW will succeed? It's been reposted several times so shouldn't be too difficult to find but focusing on your 2 'elephant in the room' points:
Selling: Have a read of DS’s bio on the ALGW web site. He’s up there with the best of them and, supported by JS and AK, has a first class contact list to give him the best possible chance of introducing the product to potential investors.
Bear in mind that he is not going to be facing, at least for the next couple of years, much in the way of competition and, given the market shock many UHNWI and Institutions have suffered recently, it’s likely that they will be actively looking for a real ‘safe haven’ for their fortunes and keen to invest in ALGW’s product.
Where else will they be able to get a 10% - 16% gross return on a £multi million investment? It’s a very different environment than the one you and I look to make money. There are no AIM stocks in which you could invest that sort of money, never mind the risk, and even FTSE100 stock share prices would be affected if you traded those sort of sums, just look at the hit many £multi billion funds took because at that level they just don’t have the flexibility and their sectors don’t have the liquidity to exit even if problems are seen in advance.
Intellectual property: You are right that, in theory, any Tom, Dick or Harry could indeed set up in competition but could they actually do so in practice? This is a little different to selling a can of baked beans or even making a car. There is no manufacturing to copy but instead you’ll need to emulate the people skills/knowledge and experience. Now of course there are many other people with those atributes worldwide but hardly every Tom, Dick or Harry and, in any case, the market is absolutely vast so there will be room for the many big players who will eventually emerge. For the first few years however ALGW have a head start on any competition with a new financial product that is uncorrelated to the usual financial markets and offers a benign tax environment in the Cayman Islands.
I have no doubt that the ALGW model will be copied by the mega Asset Managers / Insurance companies but they take a long time to decide on and bring to market a new product and, in the mean time, ALGW can be establishing itself in the market. I am quite sure that one of those mega Asset Managers will decide that it would be much quicker and, in the end, cheaper to just buy ALGW and indeed I am sure that our BoD have such an exit strategy. What might the offer be for ALGW? 50p per share is not unreasonable as £100 mn is chickenfeed to the likes of Blackstone.

Quite apart from the 20+ excellent reasons to invest in ALGW as set out in 2mex's oft quoted post I like to run the figures, probably because I was an accountant back in the day.
From the RNS of 27th April we know that BOAGF Assets Under Management (AUM) is currently £8mn and producing 10% returns annually. The (in)famous post the other day suggested that a further ($35mn) £28mn AUM has been provisionally acquired and that a Separate Managed Account (SMA) of ($75mn) £60mn would shortly be secured.
I have assumed that DS will achieve his target and get BOAGF AUM to ($100mn) £80mn by year end and a further ($250mn) £200mn AUM by end 2021, also that only 1 SMA will be signed up each quarter.
With a 10% return BOAGF earns ALGW 0.2625% per quarter and I have guessed that a Managed Account will earn just 0.1% per quarter.
Using those figures ALGW would earn £472,500 in 2020 and £2,100,000 in 2021.
These earnings equate to an EPS of 0.32p in 2020 and 1.57p in 2021.
The latest figures that I can find have the Capital Markets category of the Financial Services sector averaging a P/E of 18.83. Using the above modest AUM/earnings figures and a P/E of just 15 ALGW’s sp would be 4.80p by end 2020 and 23.55p by end 2021.
However I think it highly likely, considering the current financial turmoil/volatility, that many more UHNWI and/or Institutions will want an SMA. Each $75mn SMA is worth about £240,000 per annum to ALGW, this equates to an extra 0.12p EPS or 1.78p on the share price.
If 2 SMA’s are booked each quarter until end 2021 then the EPS’s would be 0.41p in 2020 and 2.10p in 2021 equating to an sp of 6.15p in 2020 and 31.5p in 2021.
If 3 SMAs were booked each quarter the EPS’s would be 0.49p in 2020 and 2.63p in 2021 giving share prices of 7.35p in 2020 and 39.45p in 2021.
Bear in mind that once ALGW is known to be partnered with Blackstone, Aberdeen, or whomever the floodgates could really be opened wide.
Does the above give you some idea of the potential upside of ALGW? Given the current sp it is, IMO, a no-brainer.

10.4 million shares, average above where we are atm.

If you require decent liquidity I presume you want to buy more than a couple £100 worth :) Check the quote for different quantities as it's often cheaper to buy several lots of 100,000 shares (the market quantity) or up to 250,000 which is sometimes the same price rather than one million shares in one transaction for which the MMs will probably widen the spread costing you far more than the cost of several transaction charges.

Bought on the open market over a period of time. Though it's quiet atm it hasn't always been.

Do not invest money that you might need in the next 6, preferably 12 months.
Do not invest money that you can not afford to lose.
Do your own research, read all the material that the company has published.
The next few apply particularly to shares like ALGW:
Don’t believe anything you read on a BB before verifying it yourself.
Never declare your holding or your average price especially on a BB.
Do not operate a stop-loss that your broker will act on without further instruction from you as it too easy for others to guess where stop losses are likely to be and push the sp down in order to trigger these.