I read the detailed communique from the Takeover Panel yesterday. It laid out in precise terms what they have been doing to enforce corporate law. It’s a particularly dry read which can be found at: http://www.takeoverpanel.org.uk
The key takeaway is a statement by the Panel that they would initiate contempt proceedings on the 27th April should they not receive a code compliant offer by midnight on the 26th. King naturally did not comply.
The glib and shameless one tried a number of ruses. He floated the idea of making an offer via his trust group Laird, claiming it was a dividend, knowing full well that any money raised would fall foul of SA exchange regulations. I have referred to this extensively in jj:passim. I can find no record of any dividend being paid nor any performance related indicator to warrant any dividend.
The Panel insisted that the funds be made available in the UK, sought a court order to reinforce their position, and recommended Investec to facilitate matters. King paid lip service to their suggestion but when Investec pulled out King suggested Danish Bank, Saxo, which has an office in London. The Panel knew that this was the latest in a series of ruses and kicked it into touch. The Panel then asserted:
Process in the contempt proceedings appears to have been served on Mr King on 8 June 2018.
Finally King, three days after apparently being served, tried to appeal the Panel’s decision not to grant him more time. This appeal was groundless and dismissed out of hand.
So much for the facts. What you won’t read on the consummate plagiarist’s site is any analysis. Maybe he does not have the time as he is promoting his latest work of fiction.
Has King been served? In such a detailed document where there is little wriggle room, they have left a window of opportunity wide open. An assumption won’t fly in court. If the Panel instructed solicitors in South Africa they would have received confirmation. So why is there any element of doubt?
If King has not been served then we return to a holding pattern until he ‘jets-in.’ Even then as he is a slippery chiseler without compare, he could probably evade Messengers At Arms at Ibrox.
I can envisage a scenario where Jimmy Bell smuggles him out in a kit basket.
As King is addicted to litigation and in his mind has been wronged, he might well try his luck in court. As I monitor the Court of Session lists every day, my readers will be the first to know.