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Has King walked away?

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Former Rangers (IL) chairman Alastair Johnston now ‘has significant influence or control’ over Sevco.

The move took place on Novermber 15 but was kept quiet from shareholders who attended the AGM on December 1 with notice of the move published at Companies House on December 11.

Having promised transparency and accountability when he was swept to power in March 2015 the latest actions confirm Dave King’s contempt for shareholders and fans.

Johnston isn’t believed to be particularly close to the South African based crimunal with speculation suggesting that he may be buying out King’s shareholding.

That would prove to be highly embarassing for King but with the outcome of the Court of Session verdict on the Takeover Appeal Board ruling expected he may have had no option but to jump before he was pushed.

More seriously would be the position of auditors Campbell Dallas who failed to inform shareholders of the change before the AGM despite Johnston’s change in status having to be registered with Companies House.

CLICK HERE for Companies House announcement.

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