Member Info for gilesfitzh

I bought my first shares in ALGW on 11th Oct 2018, 177k of them. On the recommendation of a friend, it was only £5.5k and I hadn't done any meaningful research at that point. After a little research I dove back in @ 1.54 on 11/11/2019 and then did some proper research and bought steadily through to 17/1/2020 by which time I was well over the amount I would usually invest in a small start-up but it is IMO one of those once in a lifetime opportunities.

I say that because GS told me that RCF costs will be capitalised into the BOAGF so the costs won't impact ALGW's profitability but I suppose the cost might initially be paid by ALGW until the policies are sold as Bonds in BOAGF at which point ALGW gets the costs back. So maybe the 'lender' will want some board representation.

Possible though the RCF is not for ALGW itself but for the Cayman registered company.

£45k saved on his remuneration.

I did suspect that my post on Friday might negatively impact the sp as I get the distinct impression that there seem to be a lot of people in here who are day trading or have invested money which they can't leave long term.
I will admit that I looked at selling some shares before posting but the bid was at 1.90 and I didn't have the courage to sell.
My post was merely a reporting of what I understood from the AGM and the Q&A after as many here had asked for a report.
If you would like to know a little more about me I am on fb though my personal profile is not used much I have a business page as well. You can see that here: https://www.facebook.com/gilesturnswood/. I am semi-retired helping my wife with her childminding business and doing a little wood turning.
Our position with ALGW is 5.767 million shares at an average of 2.26p so we're well under water atm but as I have said on many occasions I am confident long term.

@Johnny1949: Both are correct. The London operation is no doubt a separate legal entity and, as they are the ones doing the deal, then the RCF is with a UK asset manager. The reality though is that it is the London operation of a US giant.
@ad2017: Absolutely and when it was suggested (by the other PI at the AGM) that the AUM announcement might be in the same RNS we were told that it wouldn't be in the same RNS but soon afterwards. Please don't trade shares on my reporting of the word 'soon' :)

@ad2017: Just to clarify. Blackstone (or whoever) are not investing in ALGW (the plc that we have shares in). The facility will, I think, be in favour of Black Oak Alpha Growth Fund, GP, LLC the Cayman registered General Partner of which ALGW, via Alpha Longevity Management Ltd (100% owned by ALGW), and SLIM are co-investment managers. This way the charges for the use of the RCF can be capitalised into the bonds that will be issued by the BOAG Fund LP, also Cayman registered, and no costs need to be borne by ALGW. As GS said at the AGM, "life would be a lot simpler if we didn't have to worry about taxes". This tax benefit is however currently only offered to US investors by BOAGF and is one of it's main selling points.

I'm pretty sure that GS said the London office of a US asset manager at the AGM. It was 'in passing' during conversation but again let's not get too concerned about whether they are a 'leading UK' or the UK operation of a US firm. Blackstone's London office is, I believe, ranked 20something in the UK (does that count as 'leading'?) but the US Group is a behemoth.

I think what we have here is a basic misunderstanding of GS's approach to the business by iamrich and lr4850 and maybe many more on here.
In conversations/emails with GS he has told me that he is of the opinion that a potential investor should read all the RNS's, listen to the VOX pod casts and do all the research possible then make a decision regarding the business model and, basically, the trustworthiness of the Directors. If the investor is satisfied with his/her research then they should buy shares in the company and believe that the BoD will work to make ALGW a success which will, in turn, result in a higher share price.
GS is not fixated on the sp and indeed there is little he can LEGALLY do about it. He and DS are working 150% (his actual words) on making ALGW a success but the time it will take for things to happen is not something he can control.
I am sure that the RCF will be signed off but I don't know how many weeks away that is. I am also sure that GS is expecting that it will take years to achieve the full potential of ALGW and is prepared to be hard at work for all of that time. I am sure that he and the other Directors have an exit strategy, that is after all module 101 of business, but he's not going to tell me what that is :) DS hinted at a target of $100 million share cap for ALGW, what would the sp have be for that to be the case? Obviously it depends on the number of shares in issue but it'll be one hell of a lot higher than 2p.
There are some 74 million shares in the hands of the 'substantial shareholders' and Directors leaving 127 million shares in the hands of PIs. Although ALGW shares are listed in the main FTSE exchange it is managed by MMs and the sp reacts a bit like an AIM share because nearly all the trading activity is by people like you and me. In amongst us are LTHs and day traders. If you are a LTH then you will not be too bothered (though it's always nice to be in profit) about daily/weekly even monthly share price fluctuations. If you're a day trader or in it for a short term hoped for rise or fall then that is your choice (the market needs you and you're braver than I am) but there is no point in moaning if the share price doesn't do what you hoped it would based on your interpretation of the intention behind single words in an RNS or, God forbid, something you read here.
I remain positive about the long term prospects for my holding in ALGW.

@HullFC4ever.
Graham Holiday doesn't claim to have been at the AGM. I can only tell you what I understood with regards the RCF and that is that it will be, in GS's words, "soon" but, as he then said that he maybe shouldn't have used the word "soon" as he knows people have been disappointed by his use of the word "weeks" in the RNS of 2/12, I really don't think it will be Monday.
@Freddie-M-Tash.
You should have knocked on the door. The guy from Novum was late too but it wasn't a problem. I have no idea who your "John and Chris" were as the first to leave were the 2 from Link and they were not ""two guys". When the Q&A bit was done the guy from Novum, the other PI and I left the room together but only went as far as the windows in the main reception area as the view of the river was pretty good from there. The BoD also left the room at that time but only to get coffee or whatever as I was able to ask GS what the minimum investment in BOAGF was as he was re-entering the meeting room a few minutes after the AGM was over.
I am still as positive as I was before about the business model that ALGW has and I believe LTH's will do very well here over the next couple of years. We would all like things to happen faster and to become rich today rather than tomorrow but this is the real world and things take time. The agreement for the RCF is not, as GS explained, "a 2 page document" but actually 100s of pages long and the lender is a huge company where decisions don't get taken without having to go through many committees.

Whichever way around it comes doesn't matter. But it will come :)

@ad2017. SLIM is a firm full of actuaries :)

@mookster, easy typo m8, we're all hoping for "BOOM" :)

@mookster. You do know that ALGW is not on AIM yeah?

@ad2017. Resolution 7 is for authority to issue upto 75 million shares, 2 million are already promised to Colva hence the reason the AGM is before 1st March. There isn't IMO anything else to read into Resolution 7 or Colva.

Maybe a 7am RNS tomorrow then the AGM :) Here's hoping.

GS and DS have a relationship with SLIM going back 10 years already. They have participated in several joint ventures in the past and each is happy with what the other brings to the table.

I will be there.

BTW if you want to know more about SLIM take a look here: https://www.slinvest.co.uk/downloads/

GS did emphasise that atm they are only dealing with US citizens' policies. SLIM however are probably doing the UK/Europe side of things.