The Sevco board have no plans to deal with the Takeover Appeal Board verdict against Dave King.
Two months ago the South African based criminal was represented at the Court of Session in Edinburgh as the TAB pushed to enforce their ruling that all shareholders must be offered 20p per share.
To comply with the ruling King would need to place £11m in an escrow account and also find brokers prepared to deal with the toxic Ibrox brand.
Failure to comply will bring a number of sanctions plus the ‘cold shoulder’ for King which would be disastrous for any business involved with the company chairman.
In a recent Question and Answer session between in-house fans group Club 1872 and Managing Director Stewart Robertson it was made clear that there is no plan to deal with the horrendous consequences from the TAB
QUESTION: In the event the Takeover Panel is successful in obtaining an order against our Chairman, can the board advise how this might affect any investment planned for the club; specifically in terms of the proposed share issue?
ANSWER: A decision is still awaited in the case which was heard at the Court of Session. Rangers is not party to the proceedings and the proposed share issue will not be impacted regardless of the decision.
Before the recent AGM the board appointed Alastair Johnston as a person with significant control but it was only announced last week via Companies House.
The company accounts stated that King’s New Oasis Asset Limited firm will provide the £4m shortfall in this season’s operations.