Dave King has no plans to sell his shares but is still hoping to raise £20m from an Ibrox share issue.
The arithmetic of that would be mind-boggling with three issues in recent years turning loans from existing shareholders into further shares.
That has resulted in shares being diluted many times with no known stock market value due to the volume of shares, the lack of a NOMAD and King’s cold shoulder status after leading a concert party to power in 2015.
The South African based ‘businessman’ was close to tears when he told shareholders that he was stepping down as chairman but typical of his past record he has still to make that move or produce a prospectus which would require an upto date audit of the company position.
This morning Stewart Gibson was being introduced as a potential saviour with King issuing a brief statement reported by the Daily Record:
Speaking to the Press Association King insisted: “I am not selling any shares. As I said at the AGM, we will raise new funds. No existing shareholders are selling.”
Even with his track record it’ll take something very special for King to find the £20m reported in the Record article.
