I’m told that a rather important missive arrived at the Big House yesterday for the attention of the Sevco High Command.
I am not fully apprised of the terms of the missive.
However, I’m led to believe that it pertains to the proposed share issue and the letter conveyed the view of the Takeover Panel chaps.
Hopefully, I will have more information on this communication within the coming days.
I have been repeatedly told by several sources that the utility function of the share issue was to make the RIFC annual accounts look believable.
In that sense, the share issue would fulfil the same role as the promised investment from NOAL in the accounts last year.
For the avoidance of doubt, the South African monies never did turn up and that is why the Sevco High Command was forced to go to Close Brothers in February of this year to access the necessary external finance.
Of course, it would be awkward if the Sevco High Command were in court facing the Takeover Panel chaps.
I think it would be a good idea to get the RIFC accounts out there before anything like this has to be put into the notes.
Despite all of this I’m sure that those nice folks at Campbell Dallas are relaxed about it all.
Nothing to worry about…
I learned yesterday that Mr David Cunningham King is planning on taking part in a Club 1872 meet The People event within the next two weeks or so.
Once more, I would not be surprised if this revival meeting is about talking up the planned share issue.
One thing that Mr King can be sure of is the uncritical gushing reportage of the local media.
They have never let him down and I doubt they will now.