Less than 48 hours before the AGM at Sevco, MASH ( Mike Ashley Sports Holdings) have launched a scathing attack on the misleading statements from the Sevco board.
After having their bid to have a resolution on whether Mike Ashley would be allowed to vote ruled out at the Court of Session the Ibrox board issued a statement claiming that the resolution was to keep in line with SFA rules on dual ownership.
The irony of a club that has refused to pay a £250,000 fine for over two years seemed to escape most shareholders with Sports Direct driving a coach and horse through the club statement. Ashley was allowed to take a 10% stake in the club as part of the notorious Five Way Agreement completed with the SFA in 2012.
“In fact, the SFA has approved Mr Ashley’s shareholding and this was confirmed by the SFA Appellate Judicial Tribunal earlier this year,” the MASH statement confirmed.
“As far as Mr Ashley/MASH Holdings is aware, the SFA has not expressed any concerns over Mr Ashley remaining as a shareholder or having an ability to vote his shares through MASH Holdings Limited in general meeting.”
Line by line the MASH statement demolishes the claims of the club which apparently has corporate governance at the heart of it’s operations despite having no market to trade shares in which allows the club to behave any way that they like.
Highlighting further misleading information the MASH statement repeated the club claim that: “The Petitioners were successful in their application to require the Company to withdraw Resolution 11 from consideration by shareholders at the AGM. Although the decision has been made on an interim basis only until the Petition can be fully considered by the Court, this means the Resolution will not be presented to the meeting and shareholders will not be afforded the opportunity to vote upon it. The Company will now consider how best to proceed.”
Responding to that comment the MASH statement explained: “The Court was satisfied that there was a sufficient case on unfair prejudice to grant an interim interdict in relation to resolution 11 and that this resolution was too wide.
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The interim interdict obtained in respect of resolution 11 not only prevents the resolution from being presented at the AGM on Friday, but also at any adjournment of that AGM or, absent the permission of the Court, at any other General Meeting of the Company.
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It is correct to say that the Company successfully resisted the motion in respect of resolutions 9 and 10, but the statement fails to mention the undertaking given by the Company to the Petitioner and recorded with the court in the minute of proceedings. The Company has undertaken that, in the event resolution 10 is passed at the AGM, it will not make any allotment of shares in terms of the proposed resolution 10 without first giving 21 days’ written notice to MASH. The effect of this undertaking is that if the Company gave such notice of its intention to MASH, MASH would be able to apply to courtbefore any such allotment was made to seek an interdict preventing such allotment. With the benefit of the undertaking, at this stage MASH does not need such an interdict.”
In real language Resolution 11 to deny the Newcastle United owners a vote at the AGM has been kicked into touch. MASH will still be able to vote on Resolutions 9 and 10 which are intended to give certain shareholders the opportunity to buy cut price shares.
Should Resolutions 9 and 10 gain the necessary support of shareholders the company will need to give MASH three weeks notice of when those shares will be issued. To the cynical the issue of new shares is intended to dilute the influence of MASH, with MASH given prior notice and able to retain their percentage there seems little purpose in diluting the shareholding of a company that was booted off the Alternative Investment Market in March due to the presence of serial criminal Dave King.
Despite the depth of information in the MASH statement there is no coverage of the issue on the BBC website.
Every week the state broadcaster devotes hours of broadcasting time to the problems at ‘Rangers’ with little more than a cigarette paper separating the views of their pundits from ‘fans leader’ Craig Houston as they spout their hostility to founding father Mr Ashley.
Yesterday the BBC managed to ‘doorstep’ Mr King emerging from Hampden Park, disecting and explaining the issues raised by the MASH statement looks to be beyond the skillset of the state broadcaster whose independent analysis of the Ibrox issues ended with the closing titles on Mark Daly’s documentary ‘The Men Who Sold The Jerseys’ in May 2012.
While Mr Ashley invested in the club, alongside Charles Green, Imrad Ahmad and Ally McCoist in 2012, Mr King hasn’t invested a penny in the club.
CLICK HERE for full MASH statement.
I think you mean Mr glib and shameless liar King hasn’t invested a penny in Sevco .
Hail Hail
Well spotted James, now corrected, l will never get a job with Team Mash
Who’s payin the wages this month?
The 3 bears?
It’s funny how the BBC don’t report any negative news about sevco whereas it’s the exact opposite for Celtic. The BBC were quick to broadcast the news that Celtic were being investigated about land deals with the Glasgow city council yet when the investigation was concluded and found that there was no case to answer, not a thing about that in the news……I wonder why ?
I agree ‘ewanbhoy’ the bbc are an utter disgrace when it comes to facts and information re Celtic and Sevco. I well remember the bbc radio Scotland doing a complete documentary about the Orange Lodge called ‘Unpealling The Orange’ praising the ”carnival” like Walks and all their charity work that they do in Belfast and Scotland – it was presented and gloried over by one Jackie Bird – the same ”presenter” that couldn’t wait to break the news about Celtic’s so called land deals with Glasgow city council. The bbc in Scotland is corrupt to the core.
Well said Buffy do you mean the Glorious B.B.C. our esteemed national broadcaster that is the bastion of Equality and diversity is possibly bigoted,shysters the lot,our small nation will never amount to nought with that lot of arsools in broadcasting.Meow.
or Liam Mcfanny ,there is only 89 min. to go could there be a major upset on the cards here at cellic park ,wait a minute i will hand you back to Groana in the studio,but fistly tam scotland wants to have a word about CBTs no ill pass you over to Murdo of Level 6 .first i was a Tim then i sold out, but hey i will survive,i will survive.
Good on the BBC.
Keep the problems a secret and there will be no solutions.
Yeeha.
I’m shocked and surprised to see Mr King turning up at Hampden for a meet and greet.
Doesn’t Level 5 realise that their client mixing with the likes of Doncaster and Regan will leave a stain on his otherwise stellar character.
I wonder if they were trying to get their stories right for round 2 with Big Mike?
Anyone for a judicial enquiry into Res 12?