The Daily Record has alerted it’s readers to the devastating consequences of Dave King’s decision to ignore the ruling of the Takeover Appeal Board.
While the South African based criminal will suffer most from his refusal to offer 20p per share to every shareholder the company will also suffer with Mr King still listed as chairman of the holding company this morning.
Some of the fall out could have been avoided if the board had voted King off but with no real leadership no-one was prepared to put their blazer on the line for the good of the company.
During King’s visit last month ‘to discuss Brother Pedro’s transfer war-chest’ the Record was excluded from the all-in interview in which the policeman’s son from Castlemilk made multiple promises that he knew he wouldn’t be around to carry out.
While most media outlets have ignored the missed deadline the Record confusingly stated: While there will be no punitive repercussions for the club, sources in London expect the Takeover Panel to react angrily to King’s defiant stand. At the very least they could effectively render him a pariah in the financial world, causing further damage to the reputation of his club.”
There will be no legal battles or appeals over King’s decision to ignore the order, the TAB will simply enforce the sanctions which will banish King and the companies he holds directorships with to the wilderness.
King’s reputation in the UK was obvious when he failed to get a NOMAD to manage the company affairs with his failure to comply with the Takeover Appeal Board having little impact on him personally.
With King as their chairman the consequences are devastating with their questionable status falling through the floor.
For five years the company has had banking facilities with Metro Bank, who don’t offer overdrafts, but that could now be closed off due to King’s position as chairman.
It’s unlikely that there will be any instant impact on the company but with multiple legal actions due having King’s toxic status as chairman is the last thing that the company needs.
