The Sevco squirrels are off and running today with good news flowing out of Ibrox.
Despite three years of ignoring city regulations PA Sport understands that Dave King will next week produce a prospectus offering existing shareholders 20p for each share that they hold in the Sevco International.
To do that the South African will have to find a NOMAD prepared to put their reputation on the line to deal with King and transfer £11m out of South Africa into an escrow account.
Going on King’s past record of broken promises it seems highly unlikely that he will be in a position to put a prospectus in place.
Last week the Court of Session in Edinburgh began the process to deal with King ignoring the 28 day deadline put in place in February to make the offer through a prospectus.
King was found guilty by the Takeover Appeal Board of leading a concert party takeover of Sevco in December 2014 when over 30% of club shares were bought alongside the Three Bears.
In order to protect smaller shareholders when more than 30% of a companies shares are bought up those involved must make an offer to the remaining shareholders at the minimum price paid for shares.
Yesterday Sevco director Alastair Johnston told PA Sport that Sevco were ahead of the curve in the six year journey that started at Brechin.
CLICK HERE for full PA story.
