Stunning news tonight; the Takeover Panel of the City of London is preparing to commence proceedings against Dave King for contempt of court in relation to his failure to satisfy them over his mandatory offer for Sevco’s other shares. For those who wondered if this was going anywhere, well here is your answer.
Their patience is not limitless, and nor are they as toothless as some have suggested.
The lengthy statement which they have released says that contempt of court proceedings started last month, and that King’s response was to petition them for more time to move the required monies. A panel convened and rejected that. As another deadline expired, King then appealed the rejection.
Tonight that too has been binned and in a scathing release they’ve accused him of stalling for time and brazenly lying to them.
They’ve concluded that this guy is simply never going to voluntarily do as he’s told.
The contempt of court clock is now ticking, loudly.
Other sanctions are sure to follow.
Last week Phil predicted that we had a big week coming with King.
He’s once again been proven to be right on the money.
The Takeover Panel has tired of the glib and shameless South African tax cheat. Their latest rejection of his fumbling efforts are stalling are the last warning he’s going to get, and as we know he has no intention of ever complying with their order he is now facing an imminent court day which will result in a warrant for his arrest.
These people have tolerated his shenanigans far past the point where it was wise.
Their patience has just run out.
Their tolerance is at an end.
We await the next developments with great interest.