When the estimable Baron of Glen Clova QC argued that his client David Cunningham King did not have the wherewithal to pony up the quantum required to procure the non-concert party equity did it not occur to him that he was lying? When Neil Forbes Davidson stated that King’s only income was from a family trust that he did not control, was he oblivious to the sale of MICROmega subsidiary NOSA in October of last year for circa £50m, with another circa £13m predicated on performance in Q4 2017 and in Q1 2018?
Was the former Lord Advocate of Scotland in the dark about King’s preference shares in MicroMega? Did Davidson even have a cursory glance at the following table which lists the stakeholders:
Share A 1 114,211,000 – 17.9% – Dave King
Friedshelf 1382 (Pty) Ltd. 72,634,683 63.2% – Nominally Tracey Hamill
Greg Morris Family Trust 12,000,800 10.4%
Enigma Investment Holdings Ltd. 3,663,841 3.19%
Seratrix (Pty) Ltd. 3,375,200 2.94%
Heerden Leon Christo Van 1,553,682 1.35%
Ross Charles Lewin 641,342 0.56%
Droneworx Pty Ltd. 573,169 0.50%
Christiaan Rudolf Oosthuizen 424,081 0.37%
Surely the eminent QC could have worked out on the back of a Menthol Slim packet that King had engaged in a deal that would on first glance net him circa £9m and two quarters later yield another £2.5m or so? The instructing solicitors evidently had not done their homework.
Lord Bannatyne did not come down in the last shower and made a judgment that was not predicated on King having the wherewithal.
The second argument was that the shares were worth 27p and that any offer of 20p would be poorly subscribed. However if this were the case every share sold to King would immediately net the career criminal a 7p profit. So why would he be opposed to an immediate paper profit? Could it be that King knows full well that the equity is not worth 27p/20p or even a diluted 10p and could see the toxic stock far enough?
King fought tooth and nail against the TPE edicts and court orders. King is cognisant of the fact that he is buying a Category C write-off club at a premium.
However one could excuse Lord Davidson and his instructing solicitor for not picking up on the vote, which had to be in excess of 75% as it was a special resolution, which sanctioned the NOSA sale, viz
Laird Investments (Pty) Limited 12 October 2017 72,634 683 – 63.21%
Kamberg Investment Holdings (Pty) Limited 12 October 2017 12,000,800 – 10.44%
Seratrix (Pty) Limited 12 October 2017 3,375,200 – 2.94%
Russell Bryan Dick 12 October 2017 343,254 – 0.30%
Total 88 353 937 – 76.89%
Is it fair to contend that shelf company Friedshelf 1382 is a wholly owned subsidiary of Laird? This is the kind of switcheroo that Charles Green would be proud of as the beneficial owner changes from King’s daughter Tracey Hamill in Friedshelf to the arch criminal King and his daughter in Laird
Therefore at the time of Lord Bannatyne’s hearing and King’s subsequent appeal King and his daughter, the stakeholders in Laird, were sitting on a share of £31m with another £13m coming down the pike.
Not exactly impecunious Mr. Davidson. It’s also worth noting that King’s co-defendant on racketeering charges, Iain Gregory Morris, is the beneficial owner of Kamberg Investments.
Morris, like King, likes to pass himself off as an accountant despite a conspicuous absence of training in this field. The two bogus accountants have done well.
When King/Hamill/Laird stepped up to acquire Friedshelf’s 63.21% holding in MICROmega they drove a coach and horses through the 30% threshold. When the ‘anonymous benefactor‘ enhanced Friedshelf’s initial MMI holding he shamelessly ignored the 30% threshold. King chose to remain anonymous as his funds had been frozen and he was petitioning for a larger stipend. Than as now King was far from impecunious.
One often wonders if Sir Bribe & Lie stepped up with an anonymous donation to Hearts, at the behest of a Scottish Executive bigwig during a cocktails and canapés evening at Bute house, to push through his building project at Gogarburn? I’m sure it’s just a scurrilous rumour?