Nineteen days after sweeping to power on a promise of regime change, transparency and accountability Dave King has lost his NOMAD.
As the clock ticked down towards the March 6 EGM, outgoing director Deek Llambias warned about the danger of King winning the vote and being unable to appoint a NOMAD to deal with the Alternative Investment Market.
As he arrived at Glasgow Airport ahead of the EGM Mr King was asked about appointing a NOMAD and said that he’d have one immediately after succeeding at the EGM.
Almost three weeks later Mr King has still to announce his NOMAD with next Friday the deadline before the company is removed from the Alternative Investment Market.
Asked about the NOMAD Mr King, who was once described as a glib and shameless liar by a South African judge, said: “Yes but when you say ‘I have a Nomad’ ….I think we’ve addressed the money issue. I think the point I wanted to make is it’s not my Nomad. The club has to have a Nomad.
“I think Llambias should understand that. He’s confusing the AIM listing with the club. It’s the club that has to have the Nomad.
“All I have done is, in advance of the change of board, ensured there is another Nomad willing to come in. The club has to appoint them so that process can only happen after the general meeting.
“I’ve got one (lined up) who has done due diligence on the individuals but the key component for any Nomad is the club itself.
“Nomads are concerned about the financial affairs of the club. It’s the one area where I’ve been able to give no more input than what I’ve read in the newspapers.
“If we succeed tomorrow, and I think we will, then we will get it immediately. It’s a process that would be done in a day or so.”
Earlier this week acting chairman Paul Murray announced that the company had been given a £1.5m interest free loan. Mr Murray, Mr King and fellow director John Gilligan have yet to invest a penny in the troubled company.
Without a NOMAD share trading can only be carried out privately which will almost certainly see a crash in the value of shares. Any attempt at a fresh share issue with be restricted to raising €5m unless the company gets agreement from more than 75% of shareholders.