BBC Scotland and the zombie shareholders
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Marking a clear distinction from their Sports department BBC Scotland have given a precise breakdown of the impact of the Takeover Appeal Board taking Dave King to the Court of Session- with a section on Zombie Shareholders.
The Z word has been associated with supporters of the tribute act and is bound to trigger a flood of complaints.
Zombie Shareholders has been used in relation to the 10.4% of Sevco shareholders who aren’t allowed to vote which includes Blue Pitch Holdings and three other holding companies.
All of those companies bought up penny shares alongside Charles Green, Ally McCoist and Mike Ashley when the company was formed in 2012. Their voting rights were removed when they failed to respond to correspondence looking for the disclosure of information with speculation that they may be linked to Craig Whyte.
While not spelling out the details of King’s criminality the BBC article does lay it on the line that the Ibrox chairman probably doesn’t have the £11m needed to underwrite the TAB ruling.
So far there has been no reaction from Ibrox or the SFA on this week’s developments.