Proof of why Company Law Compliance is an essential aspect of Investing and fraud prevention

If only someone had checked that Quantexa had filed the required Allotment of Shares on time and not 6 months late...

Why do we have a Department of Business and Trade in charge of Companies House whilst also being invested in Quantexa.......

This now looks even more of a scam than originally thought.

Five years later, Quantexa has still not filed the allotment return for its Series B shares and has been lying in every Confirmation Statement since then..

BUT.....

 it has finally filed its accounts for y/e 31 March 2023 and for the first time confirmed that the Funding Round was not all new money being raised by the company but 22+% was nothing to do with the Series E but was an amount being paid to existing Institutional shareholders (4 of the Albion Capital llp VCTs) who wanted to sell existing shares (and seemingly HSBC) if the latest Albion Prospectus is to be believed.

There is nothing wrong with shareholders selling shares but no-one should mislead the public and the Prime Minister that Quantexa had raised money when it did not.

A copy of the share register has been requested, but, if received, cannot be made public or given to any other person. Some of the details will become public in the Confirmation Statement due to be filed no later than 20 March (nb it was 6 weeks late last year). 

The Albion VCTs are all Listed on the London Stock Exchange and only notified the material event 6 months later in October 2023 just before announcing that Quantexa's auditors, BDO, was "unsuccesful" in its tender to renew the Albion VCT auditor appointment. 

New Prospectuses have been issued by the Albion VCTs where Quantexa shares are the biggest single asset accounting for some 20% of the entire value of the VCTs. The promotional materials of "Wealth Briefing" for the Prospectus (and referenced in the Albion website) state that the share sales only occurred after 30 September 2023 - a date which is outside the prospectus NAV unaudited assets. 

Curioser and curioser. When in a hole... keep digging!

And the accounts are worth a read. HSBC is now 20% of turnover with more than £4m unpaid at the year end, has restricted its votes to 4.9% regardless of how many shares it owns (as has BNY Mellon) and capped its return at £1,000,000,000 regardless of how many shares it owns. All very odd indeed.