Diadora Van Basten Posted February 25, 2015 Share Posted February 25, 2015 I work beside a bloke who owns shares & says there's a feeling amongst a lot of fans that MA is the way ahead, simply because he has the cash behind him & DK is looking to fleece the fans again through a share issue, whilst not risking a ZAR of his own cash...I would agree with the bloke at your work. I see little benefits and major downside of King controlling Rangers. It would though seem that the bloke at your work is very much in the minority of the Rangers support. Link to comment Share on other sites More sharing options...
Jambo 4 Ever Posted February 25, 2015 Share Posted February 25, 2015 Could DK do what Ann Budge is doing for us, and eventurally hand the club over to the fans? Link to comment Share on other sites More sharing options...
Deevers Posted February 25, 2015 Share Posted February 25, 2015 Could DK do what Ann Budge is doing for us, and eventurally hand the club over to the fans? He could - but he won't! Link to comment Share on other sites More sharing options...
The Mighty Thor Posted February 25, 2015 Share Posted February 25, 2015 I would agree with the bloke at your work. I see little benefits and major downside of King controlling Rangers. It would though seem that the bloke at your work is very much in the minority of the Rangers support. Most people with any sense see little upside to Dave King coming in to use everyone else's cash to fund the huns back to their rightful place. In fact most people (except the owners of the onerous contracts) probably see it as a car crash waiting to happen. Dave King is coming in with the hope that somehow they manage to scrape their way into the SPL next season as i'm sure every part of his funding and business model is contingent upon this happening. The unintended consequence of this is of course that the Lochenders will be shitting bricks at the thought of the huns improving toward the season's climax Link to comment Share on other sites More sharing options...
BRAVEHEART1874 Posted February 25, 2015 Share Posted February 25, 2015 Buying some shares to over through Ashley is nothing like our fan ownership the poor sevco just want a sugar daddy in and certainly do not want to live within their means.it really is a pity they are going to get king instead Link to comment Share on other sites More sharing options...
Tommy Brown Posted February 25, 2015 Share Posted February 25, 2015 Buying some shares to over through Ashley is nothing like our fan ownership the poor sevco just want a sugar daddy in and certainly do not want to live within their means.it really is a pity they are going to get king instead In a nut shell. The glory hunters will buy ST's but won't throw them any money for shares. Big car crash ahead Link to comment Share on other sites More sharing options...
Mikey1874 Posted February 25, 2015 Share Posted February 25, 2015 I think that things may move quite quickly now with the remaining directors resigning and King and co. being appointed, before the EGM date. Ashley will then reappoint Llambias and Leach as his two nominees as part of the Sports Direct loan arrangement. King will then have the choice of coming up with the ?5M required to repay Ashley or accept the two on the Board. King still has the Nomad/AIM and the SFA FPP hurdles to overcome. interesting maybe explains the 2 Sports Direct board nominees - they were never extra but insurance Link to comment Share on other sites More sharing options...
HawkeyeTheGnu2.0 Posted February 25, 2015 Share Posted February 25, 2015 interesting maybe explains the 2 Sports Direct board nominees - they were never extra but insurance I never thought the 2 SD directors were extra. It seemed to me a pretty obvious way to try and bypass the Ashley influence issue, by having SD provide the loans amd appoint the directors instead of MA. Hey presto, its SD calling the shots not MA. You would expect a competent governing body to see straight through that - same Directors, SD is pretty much MA's company - but with our succulent suck ups, you never can tell. Link to comment Share on other sites More sharing options...
Mysterion Posted February 25, 2015 Share Posted February 25, 2015 (edited) In hindsight - maybe Ashley should have lined up 3 directors from Sports Direct. Anyone else still hoping for some sort of share armageddon? - It would be delightful if the shares and money spent by RangersFirst et al became completely worthless/irrelevant. Edited February 25, 2015 by Mysterion Link to comment Share on other sites More sharing options...
RealMaroonCF Posted February 25, 2015 Share Posted February 25, 2015 Some people are still suffering the "rangers will come through cause the of always do" syndrome. P1sh myth one : they'll start winning cause ibrox is full. Naw, they won't. They are a pub team. Hearts and hibs have already taken them infront of 'big' crowds. They are mince. P1sh myth two : the players will start performing. Naw, they won't. Anyone they have who even used to be good is a passenger now. They truly are wage thieves. Relieve yourself and release the agony that makes you say "hibs are actually better than them". I know, I know. Some people just can't face that, but it's true. They are. This board room stuff is just getting started. Sit back and enjoy the tragedy as king 'comes to save the day'....only to find he has left the his cape and mask in south Africa. Popcorn and prosecco. Lovely Link to comment Share on other sites More sharing options...
DETTY29 Posted February 25, 2015 Share Posted February 25, 2015 In hindsight - maybe Ashley should have lined up 3 directors from Sports Direct. Anyone else still hoping for some sort of share armageddon? - It would be delightful if the shares and money spent by RangersFirst et al became completely worthless/irrelevant. All bar Leach and Llambias resign ahead of the EGM. Leach and Lambias call a board meeting and co-opt 3 new members. EGM votes out Leach and Llambias and King, Murray, Gilfillan get in. SD co-opt another 2 members to board per loan agreement who happen to be Llambias and Leach. Longer term if King wins outright control it will interesting to see who the CEO and FD will be and how much they are paid. Link to comment Share on other sites More sharing options...
Abbey Craig Posted February 25, 2015 Share Posted February 25, 2015 (edited) The key thing with James going is what Sandy does next. Sandy with his proxies and Ashley can block future share issues. But is Sandy about to jump ship too? What about his proxies? Oh and what about the poor SFA? Whose side are they going to go down on? Whichever one is likely to be the wrong decision. They will go down on both sides until one wins and then they will bend over for the winner. Edited February 25, 2015 by Abbey Craig Link to comment Share on other sites More sharing options...
Malinga the Swinga Posted February 25, 2015 Share Posted February 25, 2015 (edited) Listening to Sportsound where they are debating Rangers (again). Think they have Craig Houston on, who is a puppet of Dave King, who is stating they have won the EGM. Must be difficult for this guy to speak with his mouth full of King's ^^^^, although he does have Richard Wilson to help with that. The ease to which the majority of supporters have simply bought into the King camp is unbelievable; they really do want a convicted tax criminal to take over their club, despite him being an integral part of the failure of the previous club called Rangers. I hope they get everything they deserve. Edited February 25, 2015 by Malinga the Swinga Link to comment Share on other sites More sharing options...
Turkishcap Posted February 25, 2015 Share Posted February 25, 2015 Can I quote from the wonderful Auf Wiedersehen Pet and I will block out the word even though the page will do it anyway. "Rule Britannia marmalade and jam 5 Chinese crackers up yer ****hole bang bang bang bang bang" Says it all for me Link to comment Share on other sites More sharing options...
Jambo-Jimbo Posted February 25, 2015 Share Posted February 25, 2015 Listening to Sportsound where they are debating Rangers (again). Think they have Craig Houston on, who is a puppet of Dave King, who is stating they have won the EGM. Must be difficult for this guy to speak with his mouth full of King's ^^^^, although he does have Richard Wilson to help with that. The ease to which the majority of supporters have simply bought into the King camp is unbelievable; they really do want a convicted tax criminal to take over their club, despite him being an integral part of the failure of the previous club called Rangers. I hope they get everything they deserve. What they also ignore in their selective re-telling of history is that Mr. David Cunningham King activley and publicly urged all the creditors of oldco to reject the CVA and he knew it would kill off Rangers. Dave King wanted Rangers dead and the orcs want him back. Link to comment Share on other sites More sharing options...
Deevers Posted February 25, 2015 Share Posted February 25, 2015 What they also ignore in their selective re-telling of history is that Mr. David Cunningham King activley and publicly urged all the creditors of oldco to reject the CVA and he knew it would kill off Rangers. Dave King wanted Rangers dead and the orcs want him back. They really are dim. Wanting King and Paul Murray back near their (new) club. Talk about being easily conned. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 25, 2015 Share Posted February 25, 2015 Two things to watch for now:- 1. The shares should be suspended due to the question mark over King's FPP status. No problem if he is the new source of capital but it will stop the share issue option. 2. The SFA's handling of the same FPP issue. If King is accepted then the game truly is a bogey. Link to comment Share on other sites More sharing options...
DETTY29 Posted February 25, 2015 Share Posted February 25, 2015 Two things to watch for now:- 1. The shares should be suspended due to the question mark over King's FPP status. No problem if he is the new source of capital but it will stop the share issue option. 2. The SFA's handling of the same FPP issue. If King is accepted then the game truly is a bogey. Craig Houston tonight saying he believes in black and white. King's challenges are in South Africa not the UK and even so, the SA authorities allow him to trade. Tom English mumbled his way through the SFA fit and proper as being guidelines instead of saying well 'if you believe in black and white' Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 25, 2015 Share Posted February 25, 2015 Craig Houston tonight saying he believes in black and white. King's challenges are in South Africa not the UK and even so, the SA authorities allow him to trade. Tom English mumbled his way through the SFA fit and proper as being guidelines instead of saying well 'if you believe in black and white' The media want King in though. Helicopter Sundays get media consumption, apparently. Link to comment Share on other sites More sharing options...
Deevers Posted February 25, 2015 Share Posted February 25, 2015 Craig Houston tonight saying he believes in black and white. King's challenges are in South Africa not the UK and even so, the SA authorities allow him to trade. Tom English mumbled his way through the SFA fit and proper as being guidelines instead of saying well 'if you believe in black and white' Be interesting to see exactly who is prepared to make themselves into a "door mat" for King. Tom English for all his bluster is just starting to show his true colours. The Scottish Sports journalists are dreadful - they all lack any sort of moral compass. Link to comment Share on other sites More sharing options...
ollie2004 Posted February 25, 2015 Share Posted February 25, 2015 (edited) Surely, MA as a highly successful business person knows who holds the keys (title deeds) to Ibrox. I spoke to a mate earlier - a died in the wool Newcastle fan - quite simply he said if MA wants it HE DOES HAVE OFF THE PLANET WEALTH AND WOULD PARK THE TANKS ON THE DOORSTEP OF ANYBODY TO STAND IN HIS WAY. His quote not mine!!! The question we need to ask is - Why does he want all the commercial benefits attached to Rangers if he only wants to pull the plug on them later? It simply does not add up! We need to establish his motives - previous history would suggest profit!!!!!! Surely Green & Whyte do not have the keys to the door, if so why does MA continue his quest? TO BE CONTINUED!!!!!! Edited February 25, 2015 by ollie2004 Link to comment Share on other sites More sharing options...
Stuart Lyon Posted February 25, 2015 Share Posted February 25, 2015 A reliable source who was in Servco hospitality at boardroom level earlier this season says that they were served by a chef treating them to ham off the bone etc all quaffed down by champagne. Generous buffet at half time and at full time more food and more champagne! From club with no money!! Link to comment Share on other sites More sharing options...
jamboinglasgow Posted February 25, 2015 Share Posted February 25, 2015 The media want King in though. Helicopter Sundays get media consumption, apparently. Yup, King is basically having a coronation from the press at the moment, you would think after previous owners the press would learn to look at who is trying to control Rangers. Also I do not for a second buy King's and Paul Murray's "we were in the dark" about David Murray and his money when they were on the board. Its a handy way to wipe their hands of shameful financial running of Rangers which eventually led to liquidation. Link to comment Share on other sites More sharing options...
Don Dan Posted February 25, 2015 Share Posted February 25, 2015 Isn't ironic that the Villan of today is none other that the Tax Evaders where every man and journalist is after their blood. But here in Bonnie Scotland we have Rangers fans and journalists and quite possibly SFA/SPFL who all want a convicted Tax Evader back at Ibrox as he is the man to rescue them. Link to comment Share on other sites More sharing options...
1874robbo Posted February 25, 2015 Share Posted February 25, 2015 A reliable source who was in Servco hospitality at boardroom level earlier this season says that they were served by a chef treating them to ham off the bone etc all quaffed down by champagne. Generous buffet at half time and at full time more food and more champagne! From club with no money!! This was actually in the paper the other day when the daily record pulled their pish undercover reporter after being banned from Ibrox Link to comment Share on other sites More sharing options...
Angus Young Posted February 25, 2015 Share Posted February 25, 2015 This is hard to get your head Round MA is going to be defeated we all know that the lying cheating tax fraudster King will get in, we all know the ball less football Authorities that we have will turn a blind eye this leaves the lying King fraudster at the helm. ORCs hail victory much slapping of backs, MA Calls his loans in, the lying King issues new shares Orcs buy new shares MA is paid off and is history not by using Kings money the lying King uses the Orcs money and is hailed a hero, Bomber Boon howels at the moon. Link to comment Share on other sites More sharing options...
Jammy T Posted February 25, 2015 Share Posted February 25, 2015 (edited) Isn't ironic that the Villan of today is none other that the Tax Evaders where every man and journalist is after their blood. But here in Bonnie Scotland we have Rangers fans and journalists and quite possibly SFA/SPFL who all want a convicted Tax Evader back at Ibrox as he is the man to rescue them. What with that and the facilitation of sectarian singing by the SFA, as someone who lives down south, it feels to me like Scotland is in some sort of North Korean parallel universe where all sorts of fecked up shit happens and everyone in the country just turns a blind eye to it. Edited February 25, 2015 by Jammy T Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 25, 2015 Share Posted February 25, 2015 So who is still predicting admin or liquidation? Link to comment Share on other sites More sharing options...
jamboinglasgow Posted February 25, 2015 Share Posted February 25, 2015 So who is still predicting admin or liquidation? Why, is it likely? I predicting them limping on. Link to comment Share on other sites More sharing options...
Mysterion Posted February 25, 2015 Share Posted February 25, 2015 I don't see Ashley walking away. Even if he loses the boardroom battle he owns the majority stake of the retail business and a decent stake in the parent company. So with success: Increased merchandise sales generates increased profits for the retail division. Improved value of the share price which could be sold for a decent profit. Link to comment Share on other sites More sharing options...
Mysterion Posted February 25, 2015 Share Posted February 25, 2015 Why, is it likely? I predicting them limping on. Gotta hope they limp badly with supplier willing to issue winding up orders to force payment and players willing to moan if wages are late. Of course we know the tax man will be all over them. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 25, 2015 Share Posted February 25, 2015 Why, is it likely? I predicting them limping on.No, but some posters were convinced it would happen. Link to comment Share on other sites More sharing options...
skinnybob72 Posted February 25, 2015 Share Posted February 25, 2015 With it looking increasingly likely that King will win the EGM I would imagine that the owners of Chelsea, Barca, Bayern Munich and other Champions League big hitters will be soiling themselves at the thought of the imminent assault on the competition from Ibrox... Link to comment Share on other sites More sharing options...
Deevers Posted February 26, 2015 Share Posted February 26, 2015 (edited) No, but some posters were convinced it would happen. I must admit I thought that Administrstion was a strong possibity at one point. Whilst I don't totally discount it, I think that in the event of King winning the EGM, that chaos will continue there for the foreseeable future. A further share issues the only possible way they have of raising money. Not everyone might want that to happen. Edited February 26, 2015 by Deevers Link to comment Share on other sites More sharing options...
the jambo poet Posted February 26, 2015 Share Posted February 26, 2015 Was there not an issue with if Dave king takes over, hmrc will look at them (rangers) as being a Phoenix company thus pursue them for possibly the big tax bill. This was due to him being a director when they died. The SFA surely couldn't allow him in anyway due to his tax dodging, being a director of a club who were wound up in the last 5 years. Surely even they wldnt have the brass neck..... There's much to enjoy on this yarn yet .. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 26, 2015 Share Posted February 26, 2015 Was there not an issue with if Dave king takes over, hmrc will look at them (rangers) as being a Phoenix company thus pursue them for possibly the big tax bill. This was due to him being a director when they died. The SFA surely couldn't allow him in anyway due to his tax dodging, being a director of a club who were wound up in the last 5 years. Surely even they wldnt have the brass neck..... There's much to enjoy on this yarn yet .. I don't think HMRC will be too bothered. What has always mattered to them is winning the big tax case. Link to comment Share on other sites More sharing options...
Paolo Posted February 26, 2015 Share Posted February 26, 2015 I don't think HMRC will be too bothered. What has always mattered to them is winning the big tax case.Is it not the case, though, that if they do win the big tax case, as do view the new club/company as a Phoenix one, they could then purse them for the money? Link to comment Share on other sites More sharing options...
Angus Young Posted February 26, 2015 Share Posted February 26, 2015 I must admit I thought that Administrstion was a strong possibity at one point. Whilst I don't totally discount it, I think that in the event of King winning the EGM, that chaos will continue there for the foreseeable future. A further share issues the only possible way they have of raising money. Not everyone might want that to happen. They need 75% of shareholders to vote in favour of a new share issue MA And SE Have enough votes to scupper this plan. Link to comment Share on other sites More sharing options...
Mr Nobody Posted February 26, 2015 Share Posted February 26, 2015 Does it really matter who wins the EGM vote. The same shareholders will still own the same % of the club with the same onerous contracts in place and still needing to find additional funding to pay the March wages? The EGM in my opinion just adds more uncertainty to the process. King wins and the remainder of the 5M facility offered by MA will not be provided on account of the due diligence not being met imo. leaving King to come up with the money get them to the end of the season. Current board win the vote and MA will provide the additional 5M but then they will owe him what 7M? and that will get them maybe to the end of the season but then they will sell no season tickets etc. To me it doesn't matter who wins they will still have the same issues as they have failed to address the fact that they spend more than they have coming in. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 26, 2015 Share Posted February 26, 2015 Is it not the case, though, that if they do win the big tax case, as do view the new club/company as a Phoenix one, they could then purse them for the money?The important thing is the precedent. They could do so in theory but first they'd need to prove the business was a Phoenix (not difficult, admittedly). However, they have bigger fish to catch than the basket case on Edmiston Drive. Link to comment Share on other sites More sharing options...
My son's a Jambo Posted February 26, 2015 Share Posted February 26, 2015 (edited) This is hard to get your head Round MA is going to be defeated we all know that the lying cheating tax fraudster King will get in, we all know the ball less football Authorities that we have will turn a blind eye this leaves the lying King fraudster at the helm. ORCs hail victory much slapping of backs, MA Calls his loans in, the lying King issues new shares Orcs buy new shares MA is paid off and is history not by using Kings money the lying King uses the Orcs money and is hailed a hero, Bomber Boon howels at the moon. Firstly, don't asume that Ashley is going to lose the war, whatever happens in any individual battle. Secondly, there is no way that the Sevco fans are going to buy enough shares to pay back Ashley, fund the deficit, strengthen the team, fix the rotting stadium, sort out the dodgy contracts, etc, etc. Its not just a matter of paying back ?5m or ?10m, the funding need is huge and ongoing. The Sevcovians want King because they believe he and other wealthy men will then willingly pour money into their club. Moreover, those Sevco fans willing to put their hands in their pockets have already done so, but the money has not gone to the club but to existing shareholders. Edited February 26, 2015 by My son's a Jambo Link to comment Share on other sites More sharing options...
Footballfirst Posted February 26, 2015 Share Posted February 26, 2015 They need 75% of shareholders to vote in favour of a new share issue MA And SE Have enough votes to scupper this plan. They already have approval to issue another 40M shares, but they must be offered to existing shareholders. The 75% rule only applies if they want to sell new shares to an external investor. Link to comment Share on other sites More sharing options...
Craig_ Posted February 26, 2015 Share Posted February 26, 2015 A reliable source who was in Servco hospitality at boardroom level earlier this season says that they were served by a chef treating them to ham off the bone etc all quaffed down by champagne. Generous buffet at half time and at full time more food and more champagne! From club with no money!! Succulent ham?! Link to comment Share on other sites More sharing options...
My son's a Jambo Posted February 26, 2015 Share Posted February 26, 2015 Was there not an issue with if Dave king takes over, hmrc will look at them (rangers) as being a Phoenix company thus pursue them for possibly the big tax bill. This was due to him being a director when they died. The SFA surely couldn't allow him in anyway due to his tax dodging, being a director of a club who were wound up in the last 5 years. Surely even they wldnt have the brass neck..... There's much to enjoy on this yarn yet .. As I understand it, it is simply illegal to be a director of a company with a name similar to one that you were a director of in the year before it was liquidated, for five years. This is not a question of HMRC making a stand - its just a legal prohibition. This has been mentioned before on this thread, and as the Sevco statement put it (although you have to ingnore the shite about "the company that formerly ran RFC") "Mr King was convicted in South Africa on 41 counts of contravening s.75 of the South African Income Tax Act. Mr King was previously a director of the company that formerly ran Rangers Football Club, The Rangers Football Club PLC. He held o?ce at the same time as Craig Whyte from 2011 until that company entered administration on 14 February 2012. Noting the above and WH Ireland's obligations as a NOMAD,WH Ireland have informed the Board that should Mr King be appointed to the Board, WH Ireland will resign as NOMAD and Broker to the Company with immediate e?ect. In the event that the NOMAD resigns, the Company's shares will be suspended from trading immediately. Under the AIM Rules, the Company will then have one month to replace the NOMAD." Link to comment Share on other sites More sharing options...
By The Light.. Posted February 26, 2015 Share Posted February 26, 2015 They already have approval to issue another 40M shares, but they must be offered to existing shareholders. The 75% rule only applies if they want to sell new shares to an external investor. Good point, although 40M shares at 20p each only raises ?8M less expenses. Link to comment Share on other sites More sharing options...
cjwye Posted February 26, 2015 Share Posted February 26, 2015 "Current board win the vote and MA will provide the additional 5M but then they will owe him what 7M? and that will get them maybe to the end of the season but then they will sell no season tickets etc." Not quite right as it's still 10 million that they will owe as they already owe 5. Link to comment Share on other sites More sharing options...
Deevers Posted February 26, 2015 Share Posted February 26, 2015 (edited) Good point, although 40M shares at 20p each only raises ?8M less expenses. Only a "sticking plaster" that will help them along for a few months. It's going to be very interesting to see what King and Co do to arrest the losses that they make month on month. I know that they will be rid of high earning players who are out of contract at the end of the season, but they will have to recruit others to replace them. The big problem is the number of onerous commercial contracts that the Spivs have in place, and that's going to be a very difficult problem for them to shift without protracted and expensive court cases. Who knows what other hidden gems there are in the books that the new Board will have to deal with. This whole saga has still a way to run yet. Edited February 26, 2015 by Deevers Link to comment Share on other sites More sharing options...
skinnybob72 Posted February 26, 2015 Share Posted February 26, 2015 So to summarise it seems that Dave King, a convicted tax fraudster / evasionist, wants to become a director of what could be sern as a Phoenix Co, after the original company was liquidated due to tax fraud? And he was a director of that original company. Can't see anything to prevent the SFA passing him as a FPP. Link to comment Share on other sites More sharing options...
soonbe110 Posted February 26, 2015 Share Posted February 26, 2015 Does it really matter who wins the EGM vote. The same shareholders will still own the same % of the club with the same onerous contracts in place and still needing to find additional funding to pay the March wages? The EGM in my opinion just adds more uncertainty to the process. King wins and the remainder of the 5M facility offered by MA will not be provided on account of the due diligence not being met imo. leaving King to come up with the money get them to the end of the season. Current board win the vote and MA will provide the additional 5M but then they will owe him what 7M? and that will get them maybe to the end of the season but then they will sell no season tickets etc. To me it doesn't matter who wins they will still have the same issues as they have failed to address the fact that they spend more than they have coming in. 3 Bears will put up the cash to pay off Ashley and get them to end of season. Loan will be converted to equity when Rights issue happens. After Rights issue the 3 Bears and King et al will have 75%, enough to have an open share issue. All depends on whether Ashley fights or just takes the money from his contracts. Link to comment Share on other sites More sharing options...
Angus Young Posted February 26, 2015 Share Posted February 26, 2015 So to summarise it seems that Dave King, a convicted tax fraudster / evasionist, wants to become a director of what could be sern as a Phoenix Co, after the original company was liquidated due to tax fraud? And he was a director of that original company. Can't see anything to prevent the SFA passing him as a FPP. The second point you raise is a clear breach of the rules set out by our football governing body, but we all know that wont matter when it comes to the crunch Link to comment Share on other sites More sharing options...
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