Within a week of publishing an advertisement about a prospectus to buy Sevco shares at 20p each Dave King has pushed the payment date back to April 23.
The South African based criminal has been playing for time over the last three years and missed the Court of Session and Takeover Appeal Board deadline for publishing a prospectus to purchase shares.
Instead, on Friday evening, through Laird Investments, King produced an advert loaded with get out clauses suggesting that the funds to make an offer to shareholders outside his concert party would be available on April 4.
Yesterday MICROmega Holdings (effectively owned by King) published details of the dividend pay out that will be used to fund the Sevco offer with the pay out scheduled for April 23.
However with no NOMAD prepared to touch King and strict currency transfer legislation in South Africa the chances of a prospectus are similar to Graeme Murty picking up a Manager of the Year Award.
King’s failure to comply with the TAB ruling now has the backing of the Court of Session who were given plenty of evidence as to why King was described as a glib and shameless liar by a South African judge.
With King on the way out of Ibrox the leadership vacuum has grown with the board of directors in the dark about the next move which could see Close Brothers demand full repayment of the £3m advanced to the troubled company in February.
CLICK HERE for King’s advert, note not a prospectus
CLICK HERE for MICROmega statement
