Member Info for gilesfitzh

Most of the discrepancy in the total number of shares in issue would appear to have arisen from a transposition of numbers in the RNS of 17/12/2019. In the Annual report on p.65 section 20 it states that a placing of 9,406,690 was made but the RNS of 17/12/2019 gives the number as 9,604,690, the correct figure would appear to be the one in the Annual report as otherwise the Directors have exceeded the 75 million shares they were authorised to issue. I have been through the figures with a fine tooth-comb and there is however still a discrepancy of 660 shares, this is probably another typo. somewhere. The total shares in issue is either 201,635,666 as stated on p.6 of the Annual report or 201,635,006 if you add up the numbers stated for the various placements, warrants, shares granted for fees etc. allowing for the above transposition error.

There does seem to be a discrepancy in the numbers.
The Annual report details 42,933,340 shares issued post balance sheet.
But adding the shares mentioned in December RNS' 33,960,000 and the Warrants 9,166,650 comes to 43,126,650.
What it does show is that ALGW needs to be a little more accurate both in it's wording and it's adding up.

@ Ophidian.
From Annual report p.6:
As at 30 December 2019, the total number of issued Ordinary Shares with voting rights in the Company was 201,635,666.

the :) was supposed to indicate I was making a joke.

@ Ophidian.
In May 2019 the ALGW prospectus and share offering of 30,400,000 shares stated that the number of shares in issue before the offering was 126,635,000 and that "at the AGM on 4th March 2019 the Directors were authorised to allot up to 75,000,000 in period to the earlier of 31 March 2020 or the date of the Company’s next annual general meeting".
Since then there have been the following placings etc.:
30/04 - 10/05: 30,400,000 (Prospectus)
05/06/2019: 1,670,000 (RNS)
02/12/2019: 24,360,000 (RNS)
06/12/2019: 9,406,690 (Annual Report)
17/12/2019: 9,600,000 (RNS)
This totals: 75,436,690 shares
So, the Directors have actually slightly exceeded their authorised allotment and there are no shares left to pay Colva.

@ Frac. Is it ethical to profit from people dieing? :)

201,635,666

There are only 7 weeks left before 1st March. How much notice is supposed to be given for an AGM?

The web site is, frankly, a shambles. It doesn't have most of the documents that it is said elsewhere can be found on the web site.

It was stated on the 30/12/2019 IIRC that no more shares could be issued if that is what you're wondering.

Documents are now on the page 'About us'.

RNS 04/03/2019:
4 March 2019
Alpha Growth plc
("Alpha", or the "Company")
Result of AGM
Alpha Growth plc, the financial services specialist in the growing Senior Life Settlement ("SLS") asset class, announces that all resolutions proposed at its Annual General Meeting held earlier today were duly passed.

At the end of the day what matters is that, as HullFC mentioned, the total shares issued up to 30/12/2019 is 201,635,666 and it would seem that the warrants have all been exercised and it is only the 2,000,000 shares due to Rajiv Rebello on 1st April, subject to certain conditions, that remain to be issued. Call it 203.7 million .
What with there being more shares in issue than I thought and the fact that my wife's cash ISA money isn't likely to hit her S&S ISA until Friday and I'm not likely to see sub 2p again, I no longer have to worry about completing a TR-1, Hehe.

This from p.65 of the Annual report. Details the warrants and another 9.4million placing on 6/12/2019. Also that instead of buying Colva we're paying for their services with the 2 million shares.
20.
Post balance sheet events
Effective 6 December 2019 the Company raised the following monies through the issue of additional shares:
No of shares Net proceeds £
Placing 24,360,000 254,375
Warrant exercise 9,166,650 128,750
Placing 9,406,690 152,271
42,933,340 535,396
On 21 October 2019, an agreement was reached by the Company to suspend the share
purchase agreement in respect of Colva, with effect from 1 October 2019. In replacement
of this agreement, the Company will issue 2,000,000 shares on 1 March 2020 to Colva for
continuing services provided, subject to certain conditions being met.

I missed these new shares from the earlier list. 30/04/2019 and 10/05/2019 = 30,400,000 @ 1.5p.
I was not including the warrants granted to Novum and I believe there are actually a total of 9.167 million outstanding or the 2 million shares due to be issued to Rajiv Rebello for the purchase of Colva.

New shares issued in 2019 as follows: RNS of 20/02/2019 = 300,000 @ 2p. 05/06/2019 = 1,670,000 @ 1.5p. 02/12/2019 = 24,360,000 @ 1.25p. 17/12/2019 = 9,600,000 @ 1.75p.

When is the 2020 AGM? The anniversary of the 2019 AGM is 2nd March 2020. If it is then I should be able to make it and ask the myriad questions that I have to actually get some clarity :)

Will Patrick McAdams be joining ALGW? What about Alec Taylor? I can't see him/them being happy to walk away with nothing. Does it follow that ALGW will be getting the full 1.5% management fee and 20% of the performance over 7%? If this is the case then ALGW will break even much sooner than I had guessed which would be great news :)

Cititilidie :)
As I understand it, for the present at least, ALGW are only targeting the US. I have been wondering what SLIM bring to the table for their 50% of the management and performance fees (from their accounts at Company's House they had at end 2018 £150 million under management) will they be breaking into the UK / European Life Settlement market for BOAGF? I would imagine that the timescale for this would be quite lengthy.
The potential problems that I mentioned are, I believe, much longer term than the probable life expectancy of ALGW {do you see what I did there :)} and I am also 'fully loaded'.

No I am not SURE. I have put together a spreadsheet with my best estimates of all the variables for the next 5 years. I have had to guess everything. I have guessed that the AUM will be 100/250/400/600/1000 million over the next 5 years. I have guessed that the performance of the fund will be 3/6/9/12/15% over the next 5 years (you can't expect people to start dropping like flies straight away). I have guessed the facility charges, the commission that might be payable on acquiring AUM, and the overheads. In my ESTIMATION ALGW will beak even between 2022 and 2023. What it does show me is that, with scale, the profits could be ENORMOUS. However I did this for my own benefit and everything is based on my estimates. There are potential problems, for example market share is vital for scaleability, but I think these are longer term than ALGW will exist. Eventually household names in the Life Insurance market, Pension Companies, Asset Management funds will recognise that the returns of this are UNCORRELATED. This is probably the most important thing as the vagaries of world economic performance matters not a jot and therefore the risk is fixed. When MetLife/Brighthouse Financial, Northwestern Mutual, New York Life, and Prudential realise the potential I am sure they will offer their customers a 'cash-in' value for their policies. Luckily these behemoths don't move quickly so there is time for someone, maybe whoever buys ALGW, to establish themselves and maybe offer a more competitive cash in price. One thing is for sure this 'new market' will eventually become fully regulated and competitive much like the market for pension annuities. Over the next couple of years though I think we have the chance to make a VERY good return on our investment in ALGW. Good luck to us all :)