Yet more proof of concept following on from the previous post.... seems to me that the Directors of the Albion VCTs now have little choice but to apply to immediately suspend the Listing of all the VCT shares.

Finally Patrick Harold Reeve ("PHR"), and William Thomas Fraser-Allen ("WTF")  and the other reprobates at Albion Capital Group llp ("ACG") yesterday, and nearly a month late, complied with their undertakings to the Members of the VCTs and made copies of the "Independent Valuer Reports" available as was stated in the Merger Documents as being a pre-condition to the Merger allotments.

https://albion.capital/mergers/

A simple comparison of the contents of the reports with the requirements of s597 Companies Act 2006 will reveal the deliberate omissions by the Valuer - Dale Cadet of MacIntyre Hudson in Maidenhead. I have written to him asking for an explanation of his grossly delinquent behaviour.

In furtherance of their fraud, PHR and WTF deliberately filed false returns at Companies House for 2 of the 3 VCTs  stating that share allotments were for nothing but cash in order to avoid filing the Valuer's Report. Even the proverbial moron-in-a-hurry can see that was an outright lie, and at the very minimum is an offence under s6 Perjury Act 1911, and the various Common and Statute law offences of Fraud.

They have since tried to correct the filings but again contrary to law (s597) and the statement on the face of the forms, in 2 out of 3 instances they deliberately failed to attach or otherwise file the Valuer's Report at Companies House - which yesterday confirmed to me that they are now  investigating the matter. 

Is anyone at ACG in the least bit competent at anything? What is their average reading age?

The only possible conclusion to be reached from this failure to disclose, and to then deliberately withhold, information vital to the members in their determination of their votes, is that PHR and WTF intended to and did further defraud all the VCT members. 

.....  BUT IT IS EVEN WORSE THAN THAT  .......

PHR as a named Director of Albion Technology VCT Ltd is particularly to blame because not only was he personally responsible for instructing the apparently "tame and can be relied on" Valuer, but he knew all about the new Quantexa accounts problems only some of which were confidentially disclosed to me by WTF in person a week before the VCT meetings and just before PHR and I met and agreed matters on what turned out to be false statements by WTF.

PHR and WTF intended to and did deliberately mislead the shareholders of Albion Kay VCT plc because they knew that the merger ratio to be adopted relied disproportionally on the more than 50% discrepancy between the two entities holdings in Quantexa (£31m and £19m), and any over/under value attributed to those holdings has/had a material impact on the Members of both VCTs.

Using only my promulgated/justified 60% write-off in the current value of Quantexa shares (>£75,000,000) based on the newly filed accounts, drafts of which were available to PHR and WTF at all relevant times, AND the same underlying Valuation principles set out by Mr Cadet, the KAY shareholders were defrauded of a material further allotment of millions of AATG shares.

Should ACG be allowed to retain it's FCA authorisation? Not in my view and time will tell.