[UPDATE 25 September to add financial analysis - 23 September VCT Directors and Albion admit materially overvaluing assets] Following the gross "irregularities" (to use a neutral phrase !) at the AGM of Albion Enterprise VCT plc held on Wednesday 10 September 2025.......
....the only course of action left to prevent the ongoing and unremedied criminal conduct and civil offences of the Directors and of the members of Albion Capital Group llp, is by means of an application, that has been made, to inspect and take a copy of the Register of Members for the purpose of asking them (or at least 100) to convene a meeting of members to remove all the Directors.
Public solicitation of persons willing to stand in their stead will commence on Friday 10 October 2025.
copy letter of request: [deemed service is Monday 22 September 2025 after which time a copy will be posted here] AND Questions to AAEV AGM combined
https://app.box.com/s/a5kcdn28ciptvm2gylyydpfdkgkfgh3o
NB The Government states that there are less than 27,000 investors pa
in the entirety of the Stock Exchange Listed VCTs - so it isn't that big an exercise.
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[UPDATE 23 September. AATG today released its 6 month accounts confirming the "Proveca" matter raised in the above questions but which the Chairman of AAEV unlawfully refused to address at the AGM. No facts have changed since July 2024 so the overvaluation was a clear and deliberate fraud for the purposes of the Mergers]
Page 12 of https://albion.capital/wp-content/uploads/2025/09/AATG30Jun2025.pdf
It is worth reading the Companies House filings for Proveca Limited that prove beyond all doubt that each, retired or current, of the Directors of 5 of the 6, now 3, Albion VCTs have been (AND REMAIN) grossly negligent and complicit with Albion Capital Group llp in failing to comply with Part 21 of Companies Act 2006 for nearly a decade!.
It would be very harsh for Dr Christopher Ruedig of Albion to be the only one facing a 12 month prison term because he alone signed all the documents on behalf of Albion Capital Group llp stating it was the underlying party in default. The ones who ought to be in prison are Patrick Reeve, Will Fraser-Allen and Vikash Hansrani who are all members of ICAEW and controllers of the Albion scams. Time will tell.
It certainly proves the need to get rid of all Directors and start again with no futher pretence that there are no Executive Directors.
Financial analysis (25/9/25)
PROVECA LTD.
EXTRACTS FROM ANNUAL RETURNS AND CONFIRMATION STATEMENTS
Shareholdings at 13 July 2025
TOTAL issued shares
Ord, B,C,H “D” “E” “G” “I” “I(2)” TOTAL
281,260 112,691 63,846 43,004 41,873 19,846 539,731
of which Albion VCTs own:
AAEV 47,243 28,483 16,601 16,916 8,464 117,707
AATG 52,874 26,195 17,337 17,366 8,997 122,769
CRWN 12,574 9,168 4,756 5,477 2,385 34,360
112,691 63,846 38,694 39,759 19,846 274,836
Albion % 100% 100% 90% 95% 100% 51%
BUT...BUT...BUT... Latest Articles of Association “cap” “Albion Investors” votes at 49.9%
Acquired:
2013 69,314
2015 43,322
2016 21,661
2017 42,130
2019 50 50 38,689
2024 5 5 5 39,759 19,846
112,691 63,846 38,694 39,759 19,846
NB: The “0ne/Ten to each VCT” extra D,E and G shares issued in 2109 and 2024 is a well known Investment Manager scam to value at “last issued price”.
Proveca’s accounts and capital issues with changes to the Articles of Association and new inter-creditor agreement indicate it has been on life-support for some years with no other investor willing to touch it with a barge pole.
Having raised £Multi-Million loans from Albion and now borrowing from a seemingly “Last resort lender”, who lent only to the Irish operating company and required parent company warrants as well as high interest, a charge over all income including trade receivables AND conversion of Albion’s secured loans and release of Albion’s Debenture, leaving other loans and accrued but unpaid interest outstanding.
Total stated cost: £12.6m
Valuations:
June 2024: £44m (Merger and Prospectus documents dated 12/11/24)
Sep 2024: £44.6m (Financial statements dated 26/11/24)
Dec 2024 £41.8m (Financial statements dated 27/3/25)
Mar 2025 £41.1m (Financial Statements dated 03/06/25)
June 2025 £34.5m (Financial Statements dated 10/9/25)
Sep 2025 ?< £5m ? (Date in Nov 25 tba)
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