Yet another VCT investment valuation scam

Elliptic Enterprises Ltd - a case study in obfuscation and delusions.

Now that the dust has partially settled, let's look at some of the facts:

(NB: I have been provided with a second copy of the Register of Members that is confidential save for the Octopus and Albion VCT dealings that are disclosable only to the VCTs and their Members AND Elliptic have a long and dire record of law breaking when it comes to Companies Act compliance obligations. Not a good omen for s business peddling compliance solutions)

The following information is taken entirely from Public records, Press releases, Management interviews and statements made, or in response to questions asked, at the VCT AGMs. 


NEW YORK, May 12, 2026. Elliptic, the global leader in digital asset decisioning, today announced the closing of a $120 million Series D fundraise... The round values Elliptic at $670 million.

How do the Directors and British Business Bank reach what appears to be a pie-in-the-sky number of $670m when the issued share capital was 15,129,427 and the allotment price of the Series D-1 was only £28.068 with a preference value of $37.05 and raised only £34m or less than 38% of the stated $120m?

At new $37.05 issue price Enterprise Value = $560m

Add in 1,700,000 unexercised Share Options for an extra $63m and there is still $50m missing from the valuation, AND 

...$80m of the stated $120m money raised is still not accounted for, with British Business Bank sayng they have invested $17.5m - did BBB really take up more than 1/3rd of the entire funding round? UNLIKELY.

AND to add fuel to the fire:-

  1. Octopus and Albion have confirmed that they converted all loans into the Series D-2 at a 57% discount to any new money raised.
  2. That is NOT new money and only covers £20.6m if all such loans were converted.
Do take a look at the value of employee Warrants shown in the accounts and the declared sharoldings of Mrs Maini and Mr Smith in the filed Confirmation Statement.after the allotment immediately after the audtors signed the accounts. 

But what about the Octopus and Apollo VCT valuations? Just have to wait a couple more weeks for the Albion Enterprise VCT accounts and more will be revealed, but in the meantime Octopus say their "top-of-the-range" valuation differs from Albion's because they have differing classes of shares. That rather blows a hole in the Elliptic Enterprises Value statement which says all shares are worth the same.

tbc
.........................................

If it looks like a duck.....and just what is the Collins Dictionary definition of "Elliptic"?

"very condensed or concise often so as to be obscure or ambiguous" 

SEEMS TO BE A CONSISTENT THEME IN THE CRYPTO WORLD 

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