Last checked at 1 Mar 2019 07:00
1 March 2019
Alpha Growth plc
("Alpha", or the "Company")
Acquisition of Colva
Alpha Growth plc (LSE: ALGW), the financial services specialist in the growing Senior Life Settlement ("SLS") asset class, is pleased to announce the acquisition of Colva Insurance Services Corp. ("Colva").
The Company has signed an agreement for the acquisition of the entire ordinary share capital of Colva. Colva is a specialist actuarial service provider to the SLS industry and has a number of key clients, primarily based in the US.
The major shareholder of Colva is Rajiv Rebello, who founded Colva in order to use his first hand actuarial and life insurance expertise to minimize premium payments and maximize returns for life insurance and life settlement investors. Rajiv is a Fellow of the Society of Actuaries (FSA) and prior to Colva worked on AIG's 4,000+ policy life settlement portfolio with $18 billion in face. Prior to AIG, Rajiv worked at New York Life helping to price, design and create illustration software for their Universal Life and Variable Universal Life products. While at New York Life, Rajiv was also involved in analyzing mortality and lapse data experience and the creation of a new mortality table for New York Life. Colva is incorporated in California, USA, company number 3404971.
Alpha will acquire the entire share capital of Colva for a total consideration of £77,727 which shall be settled through the issue of 3,985,985 new ordinary shares of 0.1 pence each in the Company at an issue price of 1.95p per share, being the closing price of Alpha's shares on the day heads of terms were agreed. The shares will be issued and admitted for trading on the one year anniversary of the acquisition, subject to Rajiv continuing to be commercially engaged with Alpha on the issue date.
Further announcements will be made in due course.
Gobind Sahney, Chairman commented:
"The acquisition of Colva includes the addition of Rajiv who will become our Chief Actuary and Director of Investment Analytics. Rajiv is a terrific addition to the team and expands our in-house abilities to provide clients with superior advise and guidance on longevity assets. We welcome Rajiv and the clients that Colva works with to the Alpha team."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For more information, please visit www.algwplc.com or contact the following:
Alpha Growth plc | +44 (0) 20 3959 8600 |
Gobind Sahney, Executive Chairman | info@algwplc.com |
|
|
Vox Markets (Digital IR) | +44 (0) 203 865 0130 |
Abraham Darwyne | content@voxmarkets.co.uk |
|
|
Novum Securities Limited (Corporate Broker) | +44 (0) 207 399 9400 |
Colin Rowbury | crowbury@novumsecurities.com |
About Alpha Growth plcSpecialist in Longevity AssetsAlpha Growth plc is a financial advisory business providing specialist consultancy, advisory, and supplementary services to institutional and qualified investors globally in the multi-billion dollar market of longevity assets. Building on its well-established network, Alpha Growth has a unique position in the longevity asset services and investment business, as a listed entity with global reach. The Company's strategy is to expand its advisory and business services via acquisitions and joint ventures in the UK and the US to attain commercial scale and provide wholistic solutions to alternative institutional investors who are in need of specialised skills and unique access to deploy their financial resource in longevity assets.