Member Info for gilesfitzh

On the subject of monthly newsletter from BOAGF. We shouldn't expect that to start until it's properly up and running and there would probably have to be an RNS first as the figures for AUM, which is presumably the most newsworthy subject, is of course a very price sensitive matter for ALGW.

I have no idea. It is surely price sensitive info. so I didn't ask GS. I did suggest that the 2nd December RNS could have been worded more accurately but GS said something to the effect that you can parse words until Kingdom Come and to not get too hung up on trying to interpret the meaning behind individual words. We all need to bear in mind that the Directors are Americans and it is sometimes said that we are separated by a common language so remember that they may use weeks meaning a time scale when we might use months :) Hood, trunk, sidewalk, gas, aluminum, color - they can't even spell :)

I didn't ask why the AGM was announced for the 7th February. AFAIK the AGM doesn't have to be on the same date every year but, in any case, is it not generally understood to be because ALGW have to issue Colva with 2 million shares on 1st March and there aren't enough left from last years 75 million authorisation? It may or may not also coincide with the RCF announcement.

TBH I didn't think to ask exactly who would be at the AGM. GS said we are booked in the room for between 45 minutes and 1 hour though I expect that we could adjourn to somewhere else if the discussion is interesting enough. As to people being twitchy about how long the RCF is taking his response was that people who don't have confidence in the Directors (and who don't understand the business model) really shouldn't be invested. I mentioned that it was likely due to people's previous experience with companies on AIM which turned out to not be telling the whole truth and that the revelation of the problems were usually preceded by unexplained delays to which he replied ALGW is not on AIM.

I have just put the 'phone down after my conversation with GS who is in NY today flying in to Heathrow tomorrow pm. The questions that I had put to him were many and some quite specific. Unfortunately as I was not perhaps as clued up on what could be sensitive information, for example exact details of the bonus scheme targets which he advised me were not something that were made public as competitors could use that info. to poach key personnel (I had not thought of that) a few of the questions could not be answered. However the following were answered. First though my impression of him as a person: Very personable, straightforward, honest and upfront. He definitely expects the company to break even this year though he didn't specify whether this was the company year or the calendar year. I had queried this as I had assumed that there would be commissions payable to third parties in the acquisition of AUM, Danny Swick can't actually deal with individual policy holders (BTW DS is working 150% (GS's figure) for ALGW and Kango is on the back burner) and commission will have to be paid to whomever aggregates bundles/portfolios of life policies. I also assumed that the costs of the RCF would impact ALGW's profitability but both commissions and RCF charges are capitalised into BOAGF so the management fees and performance fees (eventually) will be ALGW's income and only Directors fees and usual business overheads have to be paid for out of this. BTW there was a suggestion that SLIM would not be part of the business shortly. GS says this is rubbish, he and DS have been involved in several joint ventures with SLIM for over 10 years and both are very happy with the relationship and will not be changing it. With regard to the resolution for the Directors to be able to issue 75 million shares he was adamant that share issues would only happen if what ALGW got for those shares would increase the value of ALGW by at least the value of the shares and hopefully considerably more. ALGW has enough 'money in the bank' to cover expenses to break-even. As to share buy back he explained that that was a precaution in case a large shareholder decided, due to unforeseen financial difficulties, to sell their shares and buying them back could prevent a run on the share price. (my comment - which presumably none of us want). Now that I know that any commissions on acquisition of AUM and RCF charges are not ALGW costs I have redone my estimate of ALGW's P&L and Balance sheet for the next few years I can say that it is looking VERY TASTY. One final point that GS made when I mentioned the rumours and supposed 'inside track' that some people claim was that NOTHING leaks from ALGW, everything that is market sensitive will be announced by RNS in a timely manner and you should take absolutely no notice of any claims on BBs especially those that might have an impact on the share price. All in all a very satisfactory conversation with GS.

GS can not announce that the credit facility is secured at the AGM unless he RNS's it first.

I was but it was a looong time ago :)

ProFX trader. Account created today. 2 posts. Just saying.

Yes, signed up :)

@Psn1. A word of warning. You don't know me and as I am 'hidden' behind a pseudonym on a pretty much unregulated board you should take everything that is written here with a large pinch of salt. Oh and to avoid disappointment I should mention that I'm happy married these last nearly 44 years, hehe :)
Having said that my impression is that everything is on track and, whilst we, and no doubt the Directors, are frustrated that the finalisation of the RCF is taking so long I'm sure it won't be long now.
I will have a better impression of how GS is feeling after my 'phone conversation on Monday and of course all should be made clear at the AGM on Friday if not before.

I don't think 'the team' will be in London until at least Tuesday as GS's email to me regarding the timing of his 'phone call was worded so: "I will call you during your afternoon say between noon and 5pm on the number you provided. Trust that works."

I emailed him some time ago asking about AGM procedures and had a very helpful reply. Following his reply I emailed him on Friday with the questions that I would like addressed at the AGM. Later on Friday I received another email in which he told me that some of my questions "are commercial in nature and not discussed in public forums" but "If you wish to discuss some of the non-commercial or market sensitive information, I am happy to give you a call." I replied giving him my 'phone number and he has told me to expect his call on Monday pm :)

My broker has posted a letter to me/ALGW confirming that I have shares in ALGW and I have booked my train ticket to go to the AGM. Is anyone else going?

It doesn't really matter who the RCF is with as long as ALGW get it and soon :) However look here: https://www.ipe.com/Uploads/k/x/x/Top-400-Ranking.pdf Blackstone is at #49 with £361,000,000,000 AUM :)

If you Google 'Blackstone UK' the 4th one down for me is 'European Overview - Blackstone'. That's the one to look at.

Sorry about that. Try: https://www.blackstone.com/the-firm/our-offices and scroll down.

@sheepynerd. take a look here: https://www.blackstone.com/european-overview.

I have been looking at Blackstone, it's a behemoth. DS once said that he was looking to get ALGW to a market Cap. of $100 million. Blackstone, once it sees that the idea of BOAGF works, could swallow ALGW, priced at $100 million, without batting an eyelid. It is, as Ophidian mentioned at 12.50, just the sort of opportunity they look for.

Thank-you Olderandwiser :) I'm hoping for a very nice present 'from' GS et al Friday week.

It's my birthday today but I'm not doing anything particularly special. Mr Schwarzman, on the other hand, according to Wikipedia, spent $20 million on his 70th birthday party in 2017. According to Forbes, he had a net worth of $12.4 billion as of August 2018. Unfortunately he is reportedly a friend of Donald Trump. Lets hope that is due to business interests and not a meeting of minds.