Dave King has failed to comply with the Takeover Appeal Board demand that he offers 20p for every share in Sevco.
Over two years on from masterminding a back door take over of the company the South African based criminal had until today to make the offer to shareholders.
Without the funds for the offer and with no NOMAD prepared to be associated with the company it was no surprise that Mr King failed to comply with the demand of the TAB
Confirming the missed deadline John James blogged: “Today is the 12th and as a shareholder (1 share) I can confirm that no prospectus has been issued. There will be no share offer by the concert party carpetbagger. Of course this comes as no surprise to me as I knew King did not have the wherewithal to make an offer and no-one in their right minds would loan him circa £13m.
“Now here’s the kicker. King insulated his company in South Africa from Cold Shoulder ramifications by stepping down from the board, but he has not stepped down as chairman of RIFC.
“A petition will be being drafted as I write to forcibly remove him from the position. He will be banned from holding any executive position in a U.K. Plc for the maximum period of fifteen years. There is also the cost of the King’s filibuster of an appeal to consider. If King does not pay up there will be a Port Alert at all the UK’s airports to detain him should he ever darken the UK’s door again.”
Unless Sevco issue a statement today removing King from his role as chairman of the holding company vehicle they’ll suffer the consequences of flaunting takeover rules.
This could even involve having their limited banking facilities closed by Metro Bank as the phrase cold shoulder becomes as commonplace around Ibrox as administration, liquidation and EBTs.
A statement from the SFA banning King from any involvement in the game would also be welcome if other clubs and companies are to avoid the toxic fallout of association with King who was a director or Rangers as they went into administration and liquidation in 2012.
CLICK HERE for the consequences of the Cold Shoulder- failing to comply with the TAB.