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Ashley gets his date for King showdown

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Mike AshleyThe under fire board of Sevco face a June 12 showdown with MASH (Mike Ashley Holdings) over the desperate state of the club and being kicked off the Alternative Investment Market.

Almost a month after being notified by MASH that they wished to question the board Dave King has been forced into staging a costly EGM in which the new look board will be taken to task.

Big Mike has requested answers on why the club was booted off the AIM, what steps the directors took to prevent de-listing and also disclose details of two loans given by the so-called Three Bears consortium.

With season ticket money expected to come in at the same time as the EGM some embarrassing truths could be revealed about the board led by Mr King who was recently described as a glib and shameless liar by a South African judge.

Mr King has still to invest a single rand in the company- in December he bought shares from another group with a recent ‘£1.5m cash injection’ actually being in the form of a loan.

Despite forcing regime change on a ticket of transparency and accountability Mr King has so far given little detail away on the club’s current state or his own financial commitment.

Announcing details of the EGM the troubled club stated: “At the request of MASH Holdings Limited, this GM has been requisitioned to consider ordinary resolution 1 below and for the following purposes: “For the Directors of the Company (the “Directors”) to attend to explain in detail to the shareholders (and answer questions raised by the shareholders at the requisitioned general meeting):

“The precise reasons why the Company is no longer trading on AIM and what steps the Directors took to preserve this trading facility, including, but not limited to, the following questions: o what steps (if any) the Directors took to ensure that the prospective Nominated Adviser completed its due diligence well in advance of the 30 day deadline mandated by AIM Rules; o when the Directors first became aware that the prospective Nominated Adviser was no longer willing to be appointed; and o what steps (if any) the Directors took to identify and communicate with other potential Nominated Advisers within the 30 day deadline

“What steps should be taken to protect the interests of the shareholders of the Company and to ensure that the Company adheres to good standards of corporate governance and/ or to create liquidity for shareholders and to preserve value for those shareholders who are content to remain as shareholders in an unlisted company; and ? under what terms the £1,500,000 loan provided to the Company by Messrs Douglas Park, George Letham and George Taylor was made available to the Company and how that sum was subsequently made available to the Club.”

No request has been made for the repayment of the £5m crisis loan that the club received in January of this year. With Sevco two matches away from promotion to the Premiership it’s believed that a number of onerous contracts will be due bonus payments if the club can get past Motherwell.

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