IN BRIEF: Alpha Growth eyes US acquisition and potential relisting
Alpha Growth PLC - London-based financial advisory services focused on longevity assets and insurance-linked asset and wealth management - Calls general meeting for August 1 for shareholders to approve an all-share acquisition. The unnamed target is a holding company for a group of businesses involved in claims management in the US. The target has been valued at between $192 million and $227 million, which Alpha Growth notes is more than 10 times than the higher market capitalisation Alpha Growth itself ever achieved. The target company had $9 million in profit in 2023 and cash reserves of $12 million. Unaudited results show both of these rising in 2024, Alpha Growth says.
Alpha Growth would conduct a 10-into-1 share consolidation and then issue 188.0 million consideration shares. It also would issue up to 80.0 million consideration warrants with a 65 pence exercise price. Together, these represent 85% of Alpha Growth’s current share total.
Alpha Growth delisted from the London Stock Exchange back in April but on Thursday says that the proposed acquisition may allow it to relist its shares ‘at a market capitalisation of sufficient size to attract institutional investors’.
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