Total collapse of Albion's foray into private education?

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/Establishment/Details/118957)

Perhaps others would like to ask the Chairmen of the 3 VCTs what on earth is going on. Dividends anyone?

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PS: anyone know why Albion Capital Group llp are in breach of filing "person of significant influence" over Radnor House when they declare they control 48.3% of the oting capital? 

Surely it couldn't just be even more contempt for the laws of the UK by each of the members of Albion (without exception) and the gross negligence and breach of fiduciary duty by the VCT directors?

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