King is skint
Football - Rangers v Hibernian - Scottish Premiership Play-Off Semi Final First Leg - Ibrox Stadium - 20/5/15 Rangers prospective owner Dave King (R) in the stands Mandatory Credit: Action Images / Lee Smith Livepic EDITORIAL USE ONLY. No use with unauthorized audio, video, data, fixture lists, club/league logos or "live" services. Online in-match use limited to 45 images, no video emulation. No use in betting, games or single club/league/player publications. Please contact your account representative for further details.
Dave King’s legal representative told the Court of Session in Edinburgh that their client is skint!
Failure to comply with a ruling from the Takeover Appeal Board had forced another court appearance for the South African based criminal who wasn’t present in court.
King’s actions alongwith the so-called three bears at the start of 2015 brought them control of Sevco but having acted together throughout they were duty bound to make an offer to buy out the other shareholders.
TAB thought DK had funds as of March this year. King on 24/3/17 asked if an offer for shares by NOAL would be acceptable. He was told yes.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
Now turns to issue of practicality. Respondent’s position is that he does not have freed personal funds.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
The claim that the four ‘investors’ were working alone was demolished by the trail of paperwork with King switching his defence to claim that the purchase was from New Oasis Asset Limited rather than himsdelf.
While the cost of buying up shares may only amount to around £2m, producing a prospectus, getting a NOMAD and putting money into an escrow account is way beyond the means of the policeman’s son from Castlemilk.
With no real defence for failing to comply with the Takeover Appeal Board King faces a range of sanctions, one of which is a custodial sentence.