[STOP PRESS: 11 JULY: SERIES F SHARES ISSUED FOR £0.001 -yes One penny! ] [FURTHER UPDATE 10 JULY 2025: QUANTEXA ADMITS MAKING FALSE RETURNS TO COMPANIES HOUSE] [UPDATE 9 JULY 2025: NO RESPONSE RECEIVED so now it is down to QUANTEXA to COMPLY WITH THE FORMAL s116 REQUEST or apply to the High Court] Response due from Ed Lascelles of Albion Capital Group llp by 16.00hrs Wednesday 9 July 2025 failing which it leaves the High Court as Quantexa's only option. That will look good in IPO documents.
STOP PRESS 11 JULY
MORE SERIES F SHARES ISSUED : CONFIRMS (?) QUANTEXA ENTERPRISE VALUE AT 50% OR LESS
Even new trainees at The Institutes of Chartered Accountants in Scotland, England & Wales should be able to work this one out:
50% overnight devaluation of Quantexa shares- just like Trump's new 50% tariff on Copper
"The Articles of Faith"
DEFINITIONS
Series F Exercising Investor has the meaning given in Article 10.21; Series F Investor Majority means, subject to Articles 7.6 and 7.7, the holders of more than 50% of all Series F Preference Shares in issue from time to time; Series F Preference Amount means US$1,233.89 (subject to adjustment: (i) to take account of any Adjustment Event; and (ii) in accordance with Article 10.28 and/or 10.29) together with a sum equal to any Arrears; Series F Preference Shares means the series F preference shares of £0.001 each in the capital of the Company from time to time; Series F Purchaser means OTPP. BPC and Auba Investment Pte. Ltd.: Series F Qualifying Issue has the meaning given in Article 10.21; Series F Starting Price means US$1,233.89 per Series F Preference Share (if applicable, adjusted as referred to in: (i) Article 10.24; and (ii) in accordance with Article 10.28 and/or 10.29); Series F Warrant Instrument means the instrument entered into by the Company by way of deed poll relating to the Series F Warrants dated on or around the Date of Adoption; Series F Warrants means the warrants issued by the Company from time to time to the holders of Series F Preference Shares to subscribe for additional Series F Preference Shares at an exercise price per Series F Preference Share of £0.001 in the event such warrant becomes exercisable in accordance with its terms;
Article 10.29
With effect upon and from the issue of the Warrant Shares, the Preference Amount and Starting Price applicable to the Series F Preference Shares held by each holder of Series F Preference Shares that exercised the Series F Warrants shall be adjusted to be equal to the quotient of (i) the aggregate Preference Amount or Starting Price of the Series F Preference Shares held by such holder of Series F Preference Shares immediately prior to the issue of the Warrant Shares and (ii) the number of Series F Preference Shares held by such holder of Series F Preference Shares immediately afterwards (including the relevant number of Warrant Shares), such that the aggregate Preference Amount and the aggregate Starting Price applicable to the Series F Preference Shares held by each holder of Series F Preference Shares remains the same prior to and after such issue of Warrant Shares (or as closely as is possible without involving fractions).
Is it really all Josiah Wedgwood's fault?
https://en.wikipedia.org/wiki/Buy_one,_get_one_free
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[UPDATE 16.01 HRS BST - WEDNESDAY 9 JULY 2025]
Request made to Quantexa under s116 Companies Act 2006. Sent by Signed for 1st Class post and by email to Baker McKenzie who provide registered Office services for Quantexa.
https://app.box.com/s/utff3krfhfqbou5c2ah5l70x49z9izea (Password protected until Quantexa have exhausted the 5 day limit to produce the documents or apply to the High Court for an order refusing the request.)
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[UPDATE 10 JULY]
What has Quantexa achieved by delaying correcting prior false filings? Appalling reputational loss? see Companies House records dated today. https://find-and-update.company-information.service.gov.uk/company/10045407/filing-history
A company that sells compliance systems has absolutely no excuse whatsoever for gross negligence and incompetence. Why would anyone rely on anything it sells? Perhaps they have been taking lessons from the ex MI5 "advisor" whose outfit stands condemned for lying to the High Court.
.... and while you are pondering that why not look at the accounting treatment of down rounds per my old firm. https://www.pwc.com/us/en/services/consulting/deals/library/down-round.html
Then compare the anti-dilution and terms applicable to each share class in the various versions of the Articles. Are the agencies of The Secretary of State actively promoting dodgy accounting with tax payers money where there is a buy-one-get-one-free downround?
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