BREAKING NEWS......Company Law Compliance shows that Quantexa's latest PR is a complete scam on investors. Series F: A case of "Buy one get one free"?

This morning finally brings us disclosure of the statutory filings related to the entirely fictitious "US$175m Series F".

Before the detail of the scam, do note that Vish and his chums are preparing the ground for a new holding company so that they can urgently desert the UK and all it's compliance obligations so that they can list on NASDAQ as a US corp. (New Article 39 and references to 1.5 and 2 times original Series F price (excluding warrants dilution - see below))

Now for the facts:

Maximum number of Series F shares to be issued: 109,202 @ US$1233.89. Solely to Toronto Teachers, Singapore Gov't and UK Gov't. TOTAL $135m not $175m

Issued 25 March: 51,840 @ £975.11 (US$1,233.89) TOTAL:

BUT Toronto Teachers also buy 25,393 existing Ordinary Shares and immediately convert into "Liquidation/Sale Preference" Shares designated A2. No amount stated.

BUT BUT

Albion Enterprise VCT states that as part of Series F it sold c8% of its 75,724 shares for £4.7m being last valuation at Series E price (more self dealing? who did they bribe to buy them this time?) or 20% discount to new Series F value.

BUT BUT BUT

Quantexa grants unstated number of Warrants to acquire Series F shares at £0.001 to Toronto Tearchers, Singapore and UK Gov'ts only.

Assuming all Series F shares being issued for actual cash were included in the reported 25 March allotment, then 57,362 warrants were granted implying diluted "real price" per series F share as US$(1233.89 x 51840/109202) or US$585.75 WHICH IS A 40% REDUCTION FROM SERIES E price.

That is a disaster in the making and just go to show why investors need to be able to rely on Company Law Compliance.