The Three Bears have saved Sevco!
News of 13,299,415 shares being sold at 20p each on the Alternative Investment Market this morning has provoked declarations of joy not seen in the previous 364 days of 2014.
Informed opinion suggests that the purchase, worth £2.6m, was made by a consortium of Three Bears of dignity with the interests of the club at heart.
Last week, in the wake of a highly unruly AGM, it was announced that Douglas Park, George Letham and George Taylor had joined forces to offer the troubled club a £6.5m investment and to underwrite the next share issue.
Since outside investment was rejected at the AGM that notion was a non-runner forcing the Three Bears to buy out Laxey Partners to get a significant stake in the club.
While the gullible and hard of thinking rejoice and begin to speculate over the size of war-chest to be given to a new manager sober reality is likely to be very different.
Without a share issue, requiring a prospectus including an up to date financial statement approved by the AIM, there will be no wages paid at the end of January tipping the club into administration.
Should the bears decide to call an EGM to force their way into the blue-room of dignity they are likely to be met with the anger of Mike Ashley and Sandy Easdale who controls the proxy vote for Margarita and Blue Pitch Holdings.
A split boardroom is likely to leave the club paralysed with neither faction able to push through their agenda- without buying out their opponents.
Any attempt to upset Mr Ashley comes with the warning that the English billionaire has propped the club up with two loans of £3m to see out the year.
As the True Blue Bears celebrate a ‘power grab’ and ‘regime change’ the reality is that 2015 is going to be even more of a circus than the last 12 months- assuming that the club isn’t liquidated by the departing Mr Ashley.
