Member Info for gilesfitzh

I agree with John112334. I won't be selling up but seriously the communication between the Company and the rest of the world is very poor. The wording of the few communications they do put out is also poor. Wording Resolution 7 as £75000 worth of shares instead of 75 million shares was unnecessary and can only have been meant to be opaque.

@John112334.
Unless you have a private Crest account you won't be contacted directly. As the Notice for the AGM went onto the web site on Friday and assuming they then also circulated to the names on their shareholders register they did give the 21 days required.

My broker has told me that they don't notify people of AGM's. They don't ask if their clients wish to vote either but if you tell them you want to vote they will do it for you (I don't know if they would charge for this). They don't vote although of course the shares are in their name nor do they attend AGMs.

I have been searching on Google but can't find anything that says a company has to issue an RNS to advertise the AGM. They do have to contact all shareholders but for most of us that will be our brokers.

Then it just looks better and better :)
Any specifics?

If I say "Range Resources" does that explain my caution? :) The two companies are nothing like each other but that experience scarred me.

@John112334
Not at all, I am a massive fan of the business model and think that this Company could do extremely well over the next few years. BUT I was only talking about the P&L account for 2020.
If my cost estimates are broadly correct (and I freely admit that I have had to guess just about everything) and the fees are split with SLIM then ALGW are unlikely to be at break-even until the AUM is at about £500 million and the performance of BOAGF gets to about 10%. Mr Gobind Sahney gave ball park figures for AUM as $100 million (£77 million) this year and $250 million (£190 million) in 2021. Let's hope he was being cautious and we do much better than that but even then the AUM is unlikely to reach £500 million ($650 million) before 2022.
Of course the actual present day profitability of the company only has a small bearing on it's share price as that is all about perceived future performance.
IMO the future actual profitability of ALGW , and by that I mean 2023 and on, is fantastic. The fees earned on the first £500 million of AUM should pay all the costs but after that it's all JAM :)
Using my figures (and again I must point out that these are all guesses) when ALGW has £1 billion of AUM, which is perfectly achievable by 2024, the fee income should be in excess of £15 million and the Gross Profit nearly £9 million.
Someone said a few days back that it's possible that SLIM will not be a part of this soon. If this is the case and ALGW get the whole fee then break-even comes in early 2022 and fee income of £15 million in 2023 or earlier if acquiring AUM goes faster than the $100 million this year and $250 million next.
I see no reason why the sp shouldn't hit 10p this year even with a 37% dilution and, as for next year, it could reach 30p. If there are 350 million shares by then (+75 million each year) that gives a Market cap. of the £100 million that Danny Swick spoke of as his target and we might expect a buy out.
N.B. This is all pure speculation and I am certainly not recommending that anyone risks any money on my say so.

@John112334
I hope you are right but until the revolving facility is signed off we won't know the costs. Is 3% pessimistic? I don't know what commercial loans cost these days but BoE is still at 0.75%, is it likely that ALGW can borrow for less than 3%?
Acquiring whole life policies. I'm quite sure that Danny Swick can't contact individual whole life policy holders directly which means there will be commission to pay to whomever puts ALGW and the policy holder in touch, let's hope that ALGW pay less than 0.5%. Bear in mind that this commission should be a 'one off' and ALGW will get it's management fee on this AUM every year.
Do you think Overheads and Director fees/bonuses will be less than £0.75 million? Let's hope so :)

More @mrcarrick :)
1. Dilution. If they issue all 75 million shares your current holding will be diluted by 37%. (201.635 million + 75 million / 201.635 million). Bear in mind that at today's sp (say 2.5p) they could raise £1.875 million. They don't HAVE to issue all 75 million but if the need arises they will have the option.
2. They will need 2 million shares for Colva. Additionally ALGW is not making a profit or indeed any real money at all at the moment and there will be commissions, costs, Director's fees/bonuses and overheads to pay over the next year.
The revolving facility could cost £1.75 million if it's used for half the year at 3% and left idle for half the year at 0.5% (these are pure guesses). If 0.5% commission is paid to acquire AUM and ALGW acquire £100 million of AUM that will cost £0.5 million. Overheads/Directors maybe £0.75 million. That lot comes to £3 million and the income from fees on £100 million AUM is only £0.75 million (at the moment we have to assume that the management fee is shared with SLIM and there won't be a performance bonus) so hopefully my estimated figures are pessimistic and the costs are not as high and that more AUM is delivered.

@mrcarrick
If you are a shareholder you are entitled to attend the AGM.
However like most, if not all, of us your shares are probably held in your broker's nominee account and therefore your name does not appear on the Company's shareholders register. BUT you can contact your broker and ask them (I am pretty sure they are not allowed to refuse) to make arrangements for the necessary documentation so that you can attend and vote. They will very probably charge you, my broker has told me they charge £30. Of course getting there might pose a problem as the AGM starts at 8am at Canary Wharf in London and if you live in Scotland that's quite a trip for an AGM.

@HullFC$ever.
Re: 2. Point 7.
The £75000 can be misleading as it does not clearly state, in plain English, that they mean 75 million shares. £75000 worth of "ordinary shares of £0.001p each in the Company".

Resolution 6 and 7 are concerned with issuing more shares. 75 million of them. This would represent a 37% dilution, not really peanuts. On the other hand the company is not making money atm and there will be expenses. 75 million shares would raise £1.875 million which, in all good faith, should be enough for several years so hopefully they won't need to issue them all. 2 million shares are already promised to Colva though.

Resolution 8 is about using excess funds to buy back shares in the company. TBH I don't know why they felt the need to include this as it would seem that they think they'll need more funds to get them through to break-even hence Resolutions 6 and 7. In any case should they be in the enviable position of having excess funds it would probably make more sense to pay down the revolving credit balance or buy more policies.
Just my 2p's worth :)

Surely the reason for bringing the AGM forward is because they need 2 million shares to give Colva?

@TerryL. Resolution 8 is about ALGW buying it's own shares back.

If they mean 75 million shares when they say "an aggregate nominal amount of £75,000" then IMO they really shouldn't put it like that as I didn't read it that way the first time. Why can't they be clearer in all their communications? There's no confusion if they say 75 million shares.

Resolutions 6 and 7 (basically issue more shares) refer to only £75,000 worth of shares, about 3 million atm. 2 million of these are needed for Colva so only 1 million for some/any other reason/plan. Percentage wise dilution would only be 1.5%, compared to some of the AIM stocks I've invested in this is very minor. No mention of Directors buying shares (mentioned by someone earlier) as far as I can see.

I am currently e-mailing to and fro with my broker with questions about AGMs as I have never attended one before but I am considering going to this. The buggers want to charge me £30 to arrange for me to attend, aren't nominee accounts just great - not. Anyone else considering going? Getting to Canary Wharf by 8am might be tricky if you live a long way away but it shouldn't take me more than an hour or so, door to door.

AGM info. is on ALGW web site, bottom of About Us page.

Timing wasn't so great as I had no idea that it would take 2 weeks for the money to get from her cash ISA with Coventry Building Soc. to our broker iDealing.com. Turns out you have to write a letter to your broker who then writes to the manager of the cash ISA who then send a cheque in the post to your broker and then you wait 4 days for the cheque to clear.

Wife's money finally arrived from her cash ISA into her S&S ISA and I spent it all today. Bought 736000 ALGW shares. Lets hope it brings her untold wealth or I'll be in deep DooDoo :)