Dave King has managed to delay his Contempt of Court charge until October 3.
The South African based criminal made a brief appearance at the High Court in Edinburgh this morning relating to his failure to deposit £11m into an escrow account to offer shareholders outwith his takeover party 20p for each share.
With his Contempt charge delayed the Takeover Panel will now take action to prevent King from creating 63,000,000 more shares on top of the 81,000,000 already in circulation.
King is hoping to raise £12m from that move where selected investors have the chance to invest while those outwith the inner circle are left helpless as their shareholding and value is diluted.
Shareholders excluded from the 31 August issue are expected to raise action to halt that move which will see further legal costs mount up. Renfrewshire businessmen James and Sandy Easdale are among those excluded..
A share issue was one of a number of promises made by King when he took control of the blue room in March 2015.
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