Dave King has agreed to a £19,073,229 surrender note.
For over three years the South African based criminal has been defying the Takeover Panel but last week he was finally brought into line.
King had previously accused the TOP of trying to bully him when they were simply applying the same rules that ensure that small shareholders don’t lose out through backdoor takeovers.
I, David Cunningham King, the Respondent, hereby undertake to the Court to take the following actions, or procure that they are taken, in each case by the time specified:
Working alongside the three bears, King and partners bought up more than 30% of the shareholding in Sevco which obliged them to make an offer to every shareholder outside their grouping. Now he has to offer 20p for every share.
For three years King has tried every tactic to delay making an offer with a new share issue earlier this year an attempt to reduce his liability.
Initially the South African based crook was requested to deposit £11m in a UK escrow account, with the new share issue that figure has risen to £19m plus costs.
Finding any UK based financier prepared to be associated with the offer won’t be straightforward with King’s toxic reputation well known throughout financial circles.
Unless he satisfies all seven promises in full King’s next appearance at the Court of Session could be a stop off on route to an extended stay at Her Majesty’s pleasure.
During his appearance at the Court of Session on Friday King claimed that there were shareholders involved in organised crime, the SFA are yet to comment on that disclosure.