A court hearing for Dave King and his £19m share offer was postponed yesterday.
In November the South African based criminal finally agreed to make a share offer to those that were outside his concert party takeover in March 2015.
A timetable of events was agreed for King to transfer the money into a UK account to allow shareholders to claim 20p for each share that they hold in the toxic, six year old company that recorded a £14.9m loss on turnover of £33m in the year to June 2018.
King had succeeded in kicking the can down the road continuously as the Takeover Panel applied a rule relevant when a group comes together to acquire more than 30% of the shares in a company.
The Daily Record reports;
King had been ordered to lodge the offer or face possible contempt of court proceedings.
On Friday, he announced a buyout worth a potential £19 million just hours before the deadline.
The businessman had been taken to court by the Takeover Panel financial watchdog.
It’s understood both parties agreed not to go ahead with the scheduled hearing.
A new date hasn’t been set, but it’s expected to return to court after February 15 when the share offer ends
King’s stalling tactics have made a mockery of the laws of the land with little in the way of punishments being applied.
Having agreed a timetable of events it was assumed that any breach would result in a contempt of court charge being applied.
In this case it seems that the law of the land is now in the dock rather than the South African based criminal who was once described as a glib and shameless liar by a South African judge.