Dave King is having issues with the exchange rate now among other things in his neverending battle with the Takeover Panel.
However, should he finally get the offer made, if just 24.18% of the shareholders who are to be offered shares accept the offer, king and his 3 Bears will be majority owners in the Company currently controlling the basket of assets.
There are 53,734,181 shares owned by the Staunch, a further 27,744,020 are owned by King and the 3 Bears, meaning that a mere 12,995,081 shares need to be bought to reach the halfway point of 40,739,101
This would, in essence, clean him out of his money and at the same time put him in control of a club that is endlessly in Court either debating how this club was bought or who has rights to the old one.
The pantomime will continue with an Owner in absentia with no money to spend on anyone of note.
Should Gerrard’s revolution fall into the wheelie bin and Sevco not qualify for Europe, there will be no additional income and the company will return living hand to mouth at the same time of having no recourse to refinancing until a detailed prospectus is brought out.
That would mean a real share issue, not a communique or hand-picked Lamb Corp to ask prearranged questions.
Of course, Sevco would merely need to be audited and have its assets verified and assessed and valued.
All they need do is open the books for the last 3 years, prove Sevco 5088 doesn’t own the basket of assets and let the safety inspector in to conduct a full review of Craig Whyte’s stadium.
I can’t see them running into any bother there.