King’s cash promise
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Less than a month after telling the Court of Session that he is penniless Dave King is set to provide Sevco with a £4m loan this month!
It seems that the finances of the South African based criminal vary on a weekly basis depending on circumstances.
Last night in a bid to bury bad news Sevco announced losses of £6.7m for the year to 30 June 2017 which included a £3m payment to Sports Direct after King ‘kicked Mike Ashley out of the club’.
Under the Going Concern title the accounts explain: “In order to continue operations for the next 12 months the Group is dependent upon raising additional finance to cover the projected cash shortfall of £4m in season 2017/18 and a further £3.2m in season 2018/19.
Later on the accounts state: “The loan facilities provided were formally extended during the year to a repayment date of July 2018 and December 2018. New Oasis Asset Limited has advised that they will extend the facilities available whilst the funds are required by the Club. New Oasis Asset Limited is a company in which the Group Chairman, Mr D King and his immediate family are interested.”
According to the accounts King (through NOAL) has already loaned the company £6.7m with a further £4m required this month.
Last year the Takeover Board ruled the the South African based criminal had operated in concert with others to take control of the company in March 2015.
Around £12m is required to fund a takeover which needs to be put into an escrow account which brought the claim by Lord Davidson that his client, King, was penniless.
Initially King claimed that he hadn’t operated with George Taylor, George Letham and Douglas Park, he then changed his defence to it not being in anyone’s interest to offer 20p per share before finally claiming that he couldn’t afford the takeover.