Just like you’d expect from a glib and shameless liar, today’s deadline for meeting the requirements of the Court of Session and Takeover Appeal Board passed without comment from Dave King.
Three years after his concert party takeover of Sevco minority shareholders are still treated with contempt by the man that promised the earth plus £50m of his kids inheritance when he was trying to take control.
With the banks and business institutions closing down for a holiday weekend it will be a weekend of speculation for Sevco investors as they await the ramifications of King’s non actions.
The Takeover Appeal Board moved quickly to the Court of Session when their own appeal process had been exhausted with King’s attitude and approach far from normal. Now they have to deal with King’s refusal to underwrite an £11m share issue to those outside of his takeover circle.
A number of sanctions are available to the TAB but as their main duty is to protect minority shareholders it is likely that their attention will be on King rather than the company.
George Letham, Douglas Park and George Taylor, who operated alongside King during his takeoever, will be expected to take action to distance themselves from the company chairman with the folly of the SFA accepting King’s appointment coming home to roost.