Albion VCTs requests to convene General Meetings of the 3 Albion VCTs.

UPDATE 24 FEBRUARY 2026 Following the publication of  ELLIPTIC's accounts at the last possible minute, I wrote asking for a copy of the Register of Members including the warrants issued some time in 2023. Despite repeated requests I never got a reply which is a strict liability offence (s118.1 Companies Act 2006 with a fine of <£1,000 and a further 10% per day after the 5th day of default), and then to cap it all ELLIPTIC reported that only minutes after the Auditors had signed the accounts, the Directors had  issued more than 15% of the entire issued share capital for a total of £1.59 (yes you did read that correctly) on the excersise of warrants valued at only £152,191 in the accounts for a company previously valued at nearly £200,000,000 by Albion and Octopus (Octopus' lesser 14% holdingis apparently worth £30,000,000). Dodgy/false accounting or what! What was going on? Is it all the fault of the Directors of the Albion and Octopus VCTs and the fraudster and liar Richard...

Ben Larkin, Chair of Albion Enterprise VCT plc and the defunct Albion Development VCT plc, went to great lengths to evade my questions at the virtual AGM (which is why he and I are in the High Court in March and October 2026) and to spout how much care they take over Valuations. The Quantexa accounts prove what a lot of nonsense he was talking in September 2025 because he and his fellow directors already knew all about not only the already incurred July 2025 "warrant dilution" for Quantexa's failed accounting representations  but also the projected collapse in Quantexa's value from the Series F yet to be issued at that time. Minute 28.44 of the recording  https://www.youtube.com/watch?v=UAYwlbjuOYY And it only gets worse when you look at another of the Albion VCTs "top ten" >£10m assets - Elliptic Enterprises Ltd. All you have to do is look at the last minute accounts filing by the Crypto peddling company ELLIPTIC ENTERPRISES LTD   (Directors - The same...

This is the reason that the Directors refuse to answer questions at the AGM and why they want to deny shareholders an in person AGM. I do of course refer to the scam that is QUANTEXA. https://clcluk.blogspot.com/2026/01/quantexa-ltd-and-british-business-bank.html The simple distilled facts for the sucker Albion VCT shareholders are: 1. The Albion VCT Directors knew the Series F shares had not been issued nor paid for. 2. The Albion VCT Directors knew about the warranties given by Quantexa as to its financial position and that those warranties had not been met before the prospectus and VCT September statements were issued 2. The Albion VCT Directors knew the deal was to only issue 40% of the shares in March 2025 and then issue and pay for the remanider only after the next shareholder disclosures deadline 3 weeks before the Quantexa 2026 y/e with a price calculated on what turns out to have been a dreadful year for Quantexa with Breach of Contract claims and a total £8.4m write-off of th...

Having refused to answer any and all questions about the investment at the recent AGM's, Messrs Reeve and Fraser-Allen seem to have quietly written off £5m  (almost the entire equity investment value) in the Radnor House school in Sevenoaks - the only explanation being "changes in UK taxation" - just before the Prospectus was issued AND written off another  <10% of June 2025 carrying value since then. The only things left are secured loans totalling almost £10m with the security Trustee being the defunct Albion Development VCT plc. Time to remortgage and get rid of this dog? Even though it is stated the interest rates are upto 9.8% - it is  hardly a "qualifying asset" as any normal person would understand the VCT phrase. NB Gerald Eve valued the property at £32m in 2023 so that's all right then. Is the interest actually being paid?  School numbers now reported at 519 against 750 capacity ( https://get-information-schools.service.gov.uk/Establishments/Est...

 " The Albion VCTs are not required to register with or pay an annual charge to the Information Commissioner as they only  undertake  exempt processing" Anyone care to read the list of exemptions and express an opinion? https://ico.org.uk/for-organisations/uk-gdpr-guidance-and-resources/exemptions/a-guide-to-the-data-protection-exemptions/ Is Will Fraser-Allen really arguing that it is a matter of National Security that "his" VCTs are exempt from UKGDPR?  Poor cannon-fodder shareholders - stuffed again.

This is why Investment Managers annual and performance fees need to be scrapped for a "cost plus" until profits are realised: let us hope the Chancellor agrees. QUANTEXA offers an interesting insight for arguments to be put to The Chancellor in her requested "consultation". First off - well done Albion for spotting the opportunity - the only VCT that did, even with the bribery,  fraud and corporate failings in which they later indulged. (NB. AUDITORS AND "VALUERS" TO ALL PARTIES: BDO llp !) Total Cash Invested across all Albion VCTs (2017-2020):                                                       £10,075k  Annual fees paid (based on AADV 2.5% plus 20%) before any realised profit:                    £4,536k Performance fees paid in 2018 and 2020: £520k + £465k ...