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Alpha Returns Group (ARGP)

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Wednesday 18 October, 2017

Alpha Returns Group

Change of Adviser & Investing Strategy Update

RNS Number : 0066U
Alpha Returns Group PLC
18 October 2017
 

Alpha Returns Group PLC

("Alpha Returns" or the "Company")

 

18 October 2017

 

Appointment of Nominated Adviser, Appointment of Chairman

and Investing Strategy Update

 

Appointment of Nominated Adviser

 

Alpha Returns Group PLC (AIM: ARGP) is pleased to announce the appointment of Beaumont Cornish Limited as Nominated Adviser to the Company with immediate effect.

 

This is further to the Exchange's announcement of 10 October 2017 and the Company's announcement of 11 October 2017 regarding the pending removal of ZAI Corporate Finance Limited from the register of nominated advisers. Given the particular circumstances, the Exchange has agreed that Beaumont Cornish Limited has until 5pm on 19 December 2017 to finalize its due diligence and provide all relevant nominated adviser confirmations to the Exchange.

 

There can be no guarantee that Beaumont Cornish Limited will be able to satisfactorily conclude its due diligence by 5pm on 19 December 2017 or provide the relevant declaration to the Exchange. Accordingly, in such circumstances there is a risk that the Company's AIM securities will be suspended on or before 5pm on 19 December 2017 pursuant to AIM Rule 1. If within one month of that suspension, the Company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled.

 

Notwithstanding the extension of time provided in respect of due diligence obligations at engagement, Beaumont Cornish Limited will continue to be subject to all the ongoing nominated adviser responsibilities under the AIM Rules for Nominated Advisers.

 

Appointment of Chairman

 

In addition, Alpha Returns is pleased to announce that Nigel Brent Fitzpatrick MBE, a Non-executive Director of the Company, has been appointed as the Company's Non-executive Chairman with effect from today.

 

Brent has over 20 years of experience as a corporate finance consultant with considerable quoted company experience. His current directorships including Vordere plc, Lombard Capital plc, Powerhouse Energy Group plc and Vela Technologies plc. He is a member of the Audit Committee Institute. Brent was awarded a MBE for services to education in the Queen's Birthday Honours List 2012.

 

Chan Cheong Yee (Quattro), Interim Chairman, will revert to his role as the Company's Executive Director.

 

Investing Strategy Update

 

Finally, as part of an investing strategy review, the Board of Directors has made the decision to refocus on investments within the technology sector, especially in Fintech with the broadening of our geographical focus to include other parts of the World including Europe.

 

Within the Fintech space, the Directors have identified key areas of opportunities, and these include artificial intelligence, cyber-security, block-chain and cryptocurrencies. Furthermore, as the Directors recognize that the proliferation of Fintech is presently a global phenomenon, the Directors intend to remove the Company's geographical focus on Asia Pacific as part of this strategy change.

 

The Board of Alpha Returns will seek shareholder's approval for a revised Investing Policy once its investing strategy review is complete.

 

It is also the Board's intention to appoint in due course an additional UK-based non-executive director to support the revised Investing Policy.

 

Quattro Chan, commented: "We are delighted that Brent has accepted the appointment as Chairman of Alpha Returns. It is a crucial time for the Company following the new investing strategy change and with Brent at the chair, we are confident that the Company is well placed to adopt and implement its new strategy."

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014

 

For further information:

 

Alpha Returns Group plc

Christopher Neo

Executive Director

020 3286 6388

Beaumont Cornish Limited (Nomad)

Roland Cornish/Rosalind Hill Abrahams

0207 628 3396

Peterhouse Corporate Finance (Broker) 

Duncan Vasey/Lucy Williams

020 7220 9797

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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