Earlier today, Keith Jackson trailed Dave King’s encounter with the press pack, and called for some clarity about his plans for Sevco.
What did we get?
We got exactly what the discerning Bampot could have predicted.
Between them, a robust ‘Rangers’ TV interview and a press conference gave us warm words, vague platitudes, hazy visions, and passing mentions of varying amounts of money that would be required….
And not a lot else.
To be fair, we did get an indication that the new regime is supremely untroubled by the money owed to His Big Mikeness – being in no rush to pay it back, needing to take a “holistic view”, and viewing his EGM requisition as a “non-event”.
Indeed, Mr King went so far as to say that
“The shareholders cannot tell the board how to behave. The board would be under no obligation to take their advice”
“For shareholders to give a mandate or an instruction to the board requires a special resolution and the board faced with a special resolution. This is not a special resolution, it’s just an ordinary resolution.”
Which would be all well and good if the board wasn’t there to look after the shareholder interests in running the ‘company’.
As a matter of principle, it would be folly of a radar-vacating magnitude to completely ignore shareholders’ views in a general meeting.
But perhaps more importantly, it would be unwise to blithely dismiss the apparent concerns of a significant shareholder who loaned you £5m secured over most of your assets. Especially when you also wish to
“renegotiate that [commercial] relationship”
But hey, The Clumpany isn’t well-versed in the ways of Staunchness…
HBM is no fool, and he didn’t ask for an EGM for no reason. He wants answers, and I’ll wager he won’t rest until he gets them (along with his money…).
Perhaps today’s most interesting news was the trivial tiding that the Three Bears have ‘invested’ £1.5m in Sevco as ‘working capital’. Which could just possibly mean ‘paying the wages’.
Much of the MSM happily regurgitated the spin, but it was a loan.
Another one. After the one in March.
Two-and-a-half months in, and the new regime is surviving on hand-to-mouth loans.
We have heard various tales of whether King intended to ‘invest’ prior to the SFA’s ‘F&P’ decision. But whatever the truth, he could have invested or loaned money at any point.
And if the SFA’s decision was a factor for King… well he was declared ‘F&P’ a couple of days ago. This was over a week before the May wages are due to be paid.
As for the substance of King’s financial intentions…
We are told he is providing a £1.5m loan for now. However,
“Asked how much of his personal wealth he would be investing, King added: “I really don’t have a figure. It’s really going to depend on meeting the objectives for the club
I’ve already lost £20 million and I’m expecting to invest more than that. But it’s not to a level of something that’s getting attention from my family and their future life being threatened.””
So after all this time, and with his associates having been in the Boardroom since early March, he still doesn’t seem to know…
But at least Paul Murray was on hand to offer some comfort to watching Sevconians…
“Dave’s family will be reinvesting as well in the coming days”
Mr Murray also offered some hope for shareholders disappointed by the RIFC delisting, suggesting
“that the appointment of King as chairman meant the club could now start the process of relisting itself on the ISDX stock exchange and launching a share issue to raise funds”
Sadly Mr Murray’s comments didn’t explain why the ‘new’ RIFC regime couldn’t have started this process before…
And weren’t we given an indication back in March that a Nomad would be secured in order to maintain the original AIM listing?
Maybe HBM’s “non-event” EGM will get to the bottom of it all?
Or maybe he has other tricks up his sleeve that will?
So, in conclusion, anyone looking for details of awe-inspiring war chests and Fitba-terrifying plans today would have been sorely disappointed.
Frankly, if you were simply looking for the firm outline of a sustainable strategy, you might also have felt deflated.
To be fair (and notwithstanding the many weeks that have passed since the EGM which ‘swept’ the current regime to power), it is still ‘early days’.
The Clumpany is sure that everything will become clear very soon.
But will that be through the current board’s activities?
Or through the pressure of His Big Mikeness?
As ever, these are interesting times!