Deal sheet
- Status
- Allotment confirmed by the company's own return of allotment, filed three years and three months after the event. Contradicted on the share capital figure by the company's own filed accounts. The accounts to 31 January 2022, 31 January 2023, 31 January 2024 and 31 January 2025 all report called up share capital of 500,000 pounds, and the year to 31 January 2023 contains the 14 November 2022 allotment date. The accounts to 31 January 2025 were filed on 29 January 2026, less than a month before the return of allotment that restated capital at 548,304. The contradiction is unresolved on the public file and is reported here as a contradiction.
- Parties
- emPawa Africa
- Amount
- GBP 857,879
- Rights covered
- NEW EQUITY ISSUED BY THE COMPANY, NOT RIGHTS SOLD BY AN ARTIST. 48,304 new ordinary shares in EMPAWA AFRICA MUSIC SERVICES LIMITED (England and Wales, 12412587), the UK operating company behind Mr Eazi's emPawa Africa, allotted on 14 November 2022. Nominal value one pound per share, amount paid 17.76 pounds per share, amount unpaid nil. Class rights are stated on the form as full rights regarding voting, payment of dividends and distributions. No master recording, song copyright, catalogue or publishing interest is named. Nothing here is an assignment or a licence of music rights.
PRICE AND IMPLIED VALUATION, DERIVED. At 17.76 pounds per share the 48,304 new shares raise 857,879 pounds, the 500,000 shares already in issue are valued at 8,880,000 pounds before the round, and the enlarged 548,304 shares carry an implied value of 9,737,879 pounds. These three figures are multiplications of numbers stated on the form. The company has published none of them.
PRICE STEP FROM THE PREVIOUS ROUND. The allotment filed 6 December 2021 took the company from two shares to 500,000, with 499,998 ordinary shares allotted on 4 December 2021 at one pound nominal and one pound paid. The November 2022 round was priced at 17.76 times that.
SUBSCRIBERS NOT NAMED ON THE ALLOTMENT FORM. Sixteen shareholders appear only in the corrected confirmation statements registered on 4 April 2026 and are absent from the originals. Their holdings sum to exactly 48,304 shares: Africa's Future Limited 2,500; Azajagotev Limited 2,500; BRUNE HOLDINGS OU 1,341; CARAVELLE INVESTMENT LIMITED 10,000; Daniel Kwame Osafo 2,500; Decimal Point Ventures 2,500; Edgepay Holdings Limited 2,500; ELEVATE PLUS LLC 10,000; EM Fund I, a series of Fund for Africa's Future 1,821; Flekke Limited 1,814; Fund for Africa's Future, LP – B4 2,500; LIG Africa Holding Limited 1,500; MBKC Entertainment LLC 1,250; Shekinah Apata LLC – FZ 2,500; Segun Somefun 1,000; Vauban Nominees Limited 2,078. The exact match to the number allotted is the strongest available evidence that these are the round's subscribers. No document states it.
- Territory
- UNITED KINGDOM, as a matter of corporate law. The issuer is registered in England and Wales, number 12412587, registered office Wisteria Grange Barn, Pikes End, Pinner HA5 2EX, stated SIC code 62090, other information technology service activities.
INVESTOR BASE IS CROSS-BORDER. The register entries use United States LLC, limited partnership, Estonian OU and free-zone FZ designations alongside UK-style limited company names. Only Vauban Nominees Limited (UK company 12480056) was matched on the UK register. No country of registration is given for the others on the face of the filing.
NOT A TERRITORIAL RIGHTS GRANT. No territory of exploitation attaches, because no music rights changed hands.
- Announced
- 2022-11-14
- Primary document
- Regulatory filing
- Sources
- Companies House, England and Wales. EMPAWA AFRICA MUSIC SERVICES LIMITED (12412587), form SH01, "Statement of capital following an allotment of shares on 14 November 2022 GBP 548,304", received for filing in electronic format on 25 February 2026, barcode XEWMQO5D, 3 pages. Downloaded and read in full on 5 October 2026, HTTP 200. Page 1 states: shares allotted from 14/11/2022 to 14/11/2022, class ORDINARY, currency GBP, number allotted 48304, nominal value of each share 1, amount paid 17.76, amount unpaid 0, no shares allotted other than for cash. Pages 2 and 3 state the resulting capital as 548,304 ordinary shares, aggregate nominal value 548,304, total aggregate amount unpaid 0. · Companies House, form RP04CS01, second filing of the confirmation statement dated 2 December 2022, registered 4 April 2026, 6 pages. A scanned paper form with no extractable text layer; repaired and rendered to page images, then read on 5 October 2026. Gives the statement of capital as 548,304 ordinary shares of one pound, nil unpaid, and lists all nineteen shareholders. The sixteen names absent from the original sum to exactly 48,304. · Companies House, form CS01, confirmation statement made on 2 December 2022 with updates, 6 pages, read 5 October 2026. The superseded original. States capital of 500,000 ordinary shares and names only three shareholders: 88 MPH LIMITED 100,000, ALEXBOSH LIMITED 387,500, Ikenna Nwagboso 12,500. The filing history entry for it carries the annotation: "Clarification a second filed CS01 (Statement of capital & shareholder info) was registered on 04/04/2026." · Companies House, form SH01, allotment of 4 December 2021, filed 6 December 2021, read 5 October 2026. 499,998 ordinary shares allotted at one pound nominal and one pound paid, taking capital to 500,000. Establishes the price step to 17.76 pounds eleven months later. · Companies House, total exemption full accounts made up to 31 January 2025, filed 29 January 2026, 11 pages. Read in iXBRL form on 5 October 2026. Reports called up share capital of 500,000 pounds for both 2025 and 2024, a revaluation reserve of 7,717,277 pounds carried in both years, net assets of 7,639,271 pounds, and intangible assets described as "Intellectual property" at cost 7,746,273 pounds with accumulated amortisation of 828 pounds. Signed by Oluwatosin Oluwole Ajibade. Audit exempt under section 477 of the Companies Act 2006; profit and loss account not filed. · Companies House, total exemption full accounts made up to 31 January 2023, filed 8 April 2024, 10 pages, read in iXBRL form 5 October 2026. The set covering the 14 November 2022 allotment date. Reports called up share capital of 500,000 pounds for both 2023 and 2022, and net liabilities of 137,906 pounds. · Companies House, VAUBAN NOMINEES LIMITED (12480056), incorporated 24 February 2020, active. Read 5 October 2026. The only one of the sixteen names on the corrected register that this desk matched to a UK company. · Companies House filing history for EMPAWA AFRICA MUSIC SERVICES LIMITED, read 5 October 2026, HTTP 200. Source for the clarification annotations and the filing chronology, including the 34-page articles of association filed 17 February 2022.
Read this before citing: THE MONEY FIGURES ARE DERIVED, NOT DISCLOSED. The company states 48,304 shares and 17.76 pounds paid per share. It does not state a round size or a valuation. The 857,879 pound raise, the 8,880,000 pound pre-money and the 9,737,879 pound post-money figures in this record are multiplications performed by this desk from those two stated numbers. Attribute them to this desk, not to the company. The fact that the pre-money works out to a round 8,880,000 pounds is consistent with a deliberately set share price rather than a transcription error, but that is an observation, not a confirmation.
THE SUBSCRIBER LIST IS INFERRED. No document names who took the 14 November 2022 allotment. Sixteen shareholders appear on the corrected registers and not on the originals, and their holdings sum to exactly 48,304, the number allotted. That is a very strong arithmetic match. It is still an inference.
THE ACCOUNTS CONTRADICT THE REGISTER. Four consecutive sets of filed accounts report called up share capital of 500,000 pounds. The company's own return of allotment and corrected confirmation statements say 548,304. This desk did not establish which figure the company regards as correct, and no amended accounts had been filed as at 5 October 2026.
THE FILING WAS THREE YEARS AND THREE MONTHS LATE. Section 555 of the Companies Act 2006 requires a return of allotment within one month. This desk draws no conclusion about why the deadline was missed and has not put the question to the company.
MOST SHAREHOLDER NAMES COULD NOT BE RESOLVED. Of the nineteen names on the corrected register, only VAUBAN NOMINEES LIMITED was matched to a UK company number. ALEXBOSH LIMITED, the largest holder, returns zero results on the UK register. Azajagotev Limited, Flekke Limited, CARAVELLE INVESTMENT LIMITED, Africa's Future Limited, Edgepay Holdings Limited, LIG Africa Holding Limited and Decimal Point Ventures were not matched either. They may be registered outside the United Kingdom. This desk has no public company registry access for several of the likely jurisdictions.
VAUBAN IS A NOMINEE. Its 2,078 shares may represent a syndicate of underlying investors behind a single register line. The register does not look through it.
NOT A CATALOGUE SALE OR AN ARTIST ADVANCE. This is new share capital issued by a company. No music rights were bought, sold, licensed or administered in this transaction.
EMPAWA AFRICA MUSIC SERVICES LIMITED, the UK operating company behind Mr Eazi’s emPawa Africa, allotted 48,304 new ordinary shares on 14 November 2022 at one pound nominal and 17.76 pounds paid per share. The return of allotment recording it was not filed until 25 February 2026, three years and three months later. At that price the 500,000 shares already in issue were valued at 8,880,000 pounds before the round, the 48,304 new shares raise 857,879 pounds, and the enlarged capital of 548,304 shares carries an implied value of 9,737,879 pounds. The pound figures for the raise and the valuation are multiplications of two numbers stated on the form, not figures disclosed by the company.
What the allotment filing says
The SH01 for company number 12412587, received for filing in electronic format on 25 February 2026, records shares allotted from 14 November 2022 to 14 November 2022. Class of shares: ordinary. Currency: GBP. Number allotted: 48,304. Nominal value of each share: 1. Amount paid: 17.76. Amount unpaid: 0. The form carries the standard declaration that no shares were allotted other than for cash. The resulting statement of capital gives a total of 548,304 ordinary shares with an aggregate nominal value of 548,304 pounds and nothing unpaid.
The previous allotment, filed on 6 December 2021, had taken the company from a nominal two shares to 500,000: 499,998 ordinary shares allotted on 4 December 2021 at one pound nominal and one pound paid. The 2022 round was therefore priced at 17.76 times the price paid eleven months earlier.
Who subscribed
The allotment filing does not name subscribers. The corrected confirmation statements registered on 4 April 2026 do. Those second filings list nineteen shareholders where the originals listed three. The sixteen names that appear only in the corrected versions hold, between them, exactly 48,304 shares: Africa’s Future Limited 2,500; Azajagotev Limited 2,500; BRUNE HOLDINGS OU 1,341; CARAVELLE INVESTMENT LIMITED 10,000; Daniel Kwame Osafo 2,500; Decimal Point Ventures 2,500; Edgepay Holdings Limited 2,500; ELEVATE PLUS LLC 10,000; EM Fund I, a series of Fund for Africa’s Future 1,821; Flekke Limited 1,814; Fund for Africa’s Future, LP – B4 2,500; LIG Africa Holding Limited 1,500; MBKC Entertainment LLC 1,250; Shekinah Apata LLC – FZ 2,500; Segun Somefun 1,000; Vauban Nominees Limited 2,078.
The match is exact and it is the strongest available evidence of who took the round. The documents do not state that these sixteen are the subscribers to the 14 November 2022 allotment. They state that these sixteen were on the register at 2 December 2022 and 2 December 2023 and were omitted from both originals, and that their combined holding equals the number of shares allotted.
What the register names reveal about the structure
Of the sixteen, only Vauban Nominees Limited resolves to a UK company, number 12480056, incorporated on 24 February 2020. Vauban is a nominee vehicle used to hold syndicated angel positions behind a single line on a register, which means its 2,078 shares may represent more than one underlying investor. The remainder, including the entities styled as LLC, LP, OU and FZ, are either foreign-registered or could not be matched on the UK register at all. “EM Fund I, a series of Fund for Africa’s Future” and “Fund for Africa’s Future, LP – B4” are series and class designations of the kind used by rolling venture funds that allocate a separate pool to each investment.
The shape is a venture round, not a record-industry advance: a priced equity raise taken by a spread of small cheques, several of them through fund vehicles, into a company whose stated SIC code is 62090, other information technology service activities.
What the accounts say instead
The company’s filed accounts do not reflect this round. Called up share capital is reported as 500,000 pounds in the accounts to 31 January 2022, 31 January 2023, 31 January 2024 and 31 January 2025. The year to 31 January 2023 contains 14 November 2022. The accounts to 31 January 2025 were filed on 29 January 2026, less than a month before the return of allotment that restated capital at 548,304. That contradiction is unresolved and is reported here as a contradiction.
Limits of this record. Read in full from Companies House on 5 October 2026: the returns of allotment filed 25 February 2026 and 6 December 2021, the confirmation statements made on 2 December 2021, 2 December 2022 and 2 December 2023, both second filings registered 4 April 2026, and the filed accounts for the years ended 31 January 2022, 2023, 2024 and 2025 in their iXBRL form. The 857,879 pound raise and the 8,880,000 pound pre-money and 9,737,879 pound post-money figures are derived by multiplying the stated price of 17.76 pounds per share by the stated share counts. The company has not published any of those three figures. No subscription agreement, investor rights document or valuation report is on the public file. The company’s bespoke articles of association, adopted by resolution of 16 February 2022 and filed on 17 February 2022, run to 34 pages and were not read for this record. Corrections to desk@afrobeatswire.com.
