Bungling Sevco have admitted to the stock market that they ‘forgot’ to mention Brian Stockbridge’s share option in their June 2013 accounts!
Last week the club announced that Mr Stockbridge had used his option to buy 714,285 shares at one penny each giving him a paper profit of £200,000 at current market values.
Information of that nature should have been included in the club’s first ever accounts, for the period to 30 June 2013, but it seems that the then financial director, Mr Stockbridge, forgot to mention his own share option with the auditors and nominated advisers also failing to notice the omission.
An announcement to the Alternative Investment Market yesterday afternoon said: “The Directors confirm that following the issue of shares announced on 1 July 2014 pursuant to the exercise of options by a former Director, there are now no outstanding share options or convertible shares held within the Group.
“The Directors note that Note 30 to the accounts for the 13 month period ended 30 June 2013 was incorrect to the extent that the options to which the share announcement on 1 July 2014 relate were not included.”
Stockers was one of the original investors in the club snapping up shares for one penny alongside fellow investors Charles Green, Ally McCoist, Imran Ahmad, Blue Pitch Holdings and Margarita Holdings.
With Mr Stockbridge no longer directly involved at the club the blame is certain to be put on the former financial guru who current chairman, David Somers credited with saving the club.
Overlooking £200,000 shares is the latest mistake in the short history of the club with chief executive Mr Graham Wallace, who used to work for Manchester City, confidently telling the December 2013 annual general meeting that there were no short term cash problems only to find out two months later that emergency loans for £1.5m were required to meet the February payroll- those loans remain unpaid.
News of Stockbridge’s share option is bound to have an effect on hopes of raising £8m, less costs, from a new share issue in August.
While the faces change regularly in the fabled marble blue room the original one penny investors in the club remain largely unaltered.
Recent claims that billionaire Lebanese lawyer Mazen Houssami is behind Blue Pitch Holdings seem unlikely with a post on Scottish Football monitor joining the dots in the complex ownership of the two year old club.
With original investors having paid one penny for their shares and others having paid 70p at the IPO there is unlikely to be much appetite for another share issue in the 20p-30p range.
Despite the financial problems at the club and little sign of any action following the 128 day review published in April Ally McCoist is continuing to add to his squad for the season ahead.
Lithuanian ace Marius Zaliuska is hoping to earn a lucrative season long deal after starring in Sunday’s 1-1 draw with Highland aces Brora Rangers.
Zaliuska also has offers on the table from a number of leading continental sides but is believed to be willing to accept a lesser financial deal in order to fulfill a long time desire to play alongside Lee McCulloch and Bilel Mohsni with the added bonus of being coached by McCoist.
CLICK HERE for Barcabhoy’s 5.42pm breakdown of who is in charge of Sevco
