FCA - Listing Rule 11 - Breaches by Albion Capital Group llp [Edited 18.25 BST]
https://www.londonstockexchange.com/news-article/CRWN/portfolio-update/16156958
The RNS was dated 7 days BEFORE QUNATEXA updated the records at Companies House for share allotments at £733.7 per share.
I have been asked to clarify the position of Albion Capital Group and its appalling breaches of the Listing Rules when it transferred some Quantexa Series A shares from ite Premium Listed VCTs to its private off-market funds.
The transfers were to a related party but were not disclosed as that contrary to every rule in the book.
They were done at a 20% discount to the value of Series E shares and at a discount to the purchase price by the same off-market funds of Founders Ordinary A shares.
Albion management participate as owners of both the VCTs and the private funds and disclose that they derive fees and performance incentives (based on Unrealised gains in the VCTs).
The requirement to disclose related Party transactions is quite clearly set out in LR11 and there are exemptions for "transactions in the normal course of business".
Self-dealing at a discount to previously stated value (see Press releases [EDIT 18.25BST and see RNS DATED MAY AND OCTOBER RE £733.70 PER SHARE VALUATION NOT £582 PRIVATE SALE for improper and fraudulent benefit of, inter alia, Albion Capital Group llp Members including Ed Lascelles who is a Director of QUANTEXA]) is not "in the Ordinary Course of Business". It is Fraud.
My attention has been drawn to an Academic paper.
The author expresses opinion on the 5% rule for shareholder approval but, like me, expresses absolute certainty on the need for disclosure - including of the terms.
Albion did not do that and its nominated director, Ed Lascelles, lied in the Quantexa accounts.
Do read the FCA Consultation Papers where my allegations based on rock-solid evidence are expressed to be clearly well founded.
https://www.fca.org.uk/publication/consultation/cp23-10.pdf
https://www.fca.org.uk/publication/consultation/cp23-31.pdf
QUANTEXA's own solicitors give a good write-up.
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