Shameless Dave King dodged this morning’s Sevco General Meeting to attend to ‘club business’ in London.
After pleading with fans to buy season tickets for the club with no manager, no captain and only a dozen players with first team experience the man from Castlemilk opted out of the face to face meeting with shareholders.
John Gilly Gilligan and Paul Potless Murray held centre stage in front of 400 fans providing the expected scripted deflection tactics touching on all the usual phrases such as dominant club in Scotland, back to their rightful place, challenging Celtic, 140 year old history and all the usual stuff that the gullible punters lap up.
The vote over the MASH resolution to repay the £5m loan to Sports Direct will be announced on Monday with the directors, brought in on a ticket of transparency and accountability, urging share holders to reject the motion.
With the board and shareholders refusing to pay back the £5m loan, which is believed to have been breached on a number of fronts, Sports Direct are expected to go to court to ring fence their money effectively holding hostage to 15,000 full priced season tickets.
Opening the meeting Mr Murray said: “Meeting called despite unnecessary and needless costs. We asked MASH to send a representative to the meeting but have received no response. We’re surprised MASH does not see fit to explain itself.”
The irony over the absence of a man recently described as a glib and shameless liar seemed to escape the borders based banker.
Having been removed from the Alternative Investment Market because they were unable to find a Nominated Adviser wishing to deal with the toxic combination of Mr King and Sevco, Mr Murray claimed that talks were on-going to be listed on the ISDX. With that exchange requiring audited accounts and twelve months of running costs in the company accounts talks are expected to continue for many months.
With no Index to trade on, no auditor, debts of over £9m and turnover of under £20m the prospects of a future share issue are as likely as Lee McCulloch and Ian Black signing for Barcelona to replace Xavi and Iniesta.
In a comment certain to attract the interests of Ashley’s legal team Gilly told the shareholders that the new investors had put in £8m to the company. With the three bares putting in two loans of £1.5m and Mr King doing the same perhaps Gilly has added in the money spent buying shares from third parties last December.
Having failed to explain why the club was removed from the AIM Ashley’s legal team will be looking closely at today’s event before taking their next moves against the current board.
Director Douglas Park has yet to say a word in public about his joy at being a director, Mr Park runs the Park’s of Hamilton motor group and bus hire company.
