Dave King is back in court today facing up to the Takeover Panel in front of Lady Wolffe.
Back in December, faced with a contempt charge, the South African based ‘businessman’ promised to adhere to a strict timetable of events relevant to his concert party takeover of the Ibrox based company in March 2015.
Having created a share issue last year that diluted the shareholding of everyone outside of the Blue Room it looked like King had managed to escape paying out 20p per share because the number of shareholders accepting the offer fell short of a certain threshold.
It seemed a typical act from King who is prepared to rack up the legal fees in order to delay the inevitable.
Major shareholders like the Easdale brothers looked to have missed out but the well connected and informed John James website has revealed a further twist to the saga.
It would appear that the Panel now realise that King has taken them for a long and expensive ride and has arranged his affairs to the disadvantage of the disenfranchised stakeholders. They evidently are gunning for the two bob crook from South Africa. There have been many false dawns so one does not wish to get ahead of oneself, but they would not be back in the Court of Session in the presence of Lady Wolffe if the stench of foul play from south of The Limpopo was not overwhelming.
Earlier this week the Ibrox club claimed unaudited profits of £5.2m from the last six months of 2018 which was quietly followed by taking on a loan from Close Brothers which involved putting the iconic Albion Car Park up as security.
