At 6.30pm tonight Sevco published a document claiming losses of £1.1m for the six months to 31 December 2017.
As chartered accountants Stewart Robertson and Paul Murray will confirm, unaudited accounts have no standing whatsoever. Especially with no accountancy firm named in the statement which is signed by Dave King.
The statement claims that ‘investor loans’ now stand at £17.7m, in February 2018 Sevco took out a £3m emergency loan from Close Brothers.
UEFA rules prohibit clubs that run up more than 5 million euros of debt over a three year period from competing in their competitions.
Sevco fail the rules on a number of fronts with the last audited accounts being until 30 June 2017 which would be 11 months out of date by the time the first round draw is made for the Europa League.
Commenting on his own report King said: “Given the investment detailed above, the Board is comfortable with this planned level of loss reported, and are satisfied that the results for the full year will continue to have the Club on a sure financial footing.”
At the end of February the South African based criminal emailed his fellow directors claiming that he would honour the Takeover Appeal Board ruling that he makes an offer of 20p per share to all investors outside of his concert party.
A month later King has still to comply with the offer.
CLICK HERE for King’s comment.
