The Rangers soap opera goes on and on.

[Paolo]

As a former Bank Manager I was astounded at some of the lending made by banks and building societies.

?120k mortgage, 100% loan and borrower earning ?16k.

No doubt bonuses were a reason for some of the crap lending. Usually takes a few years for things to go wrong and the bonus is spent

and the lender moved on.

So what did you do about it? I presume you had some control, at least over your branch.

[Drewboy]

Financial Times reporting on the story!

 

https://www.ft.com/content/b934f388-2069-11e7-a454-ab04428977f9

 

 

Sent from my iPhone using Tapatalk

[buzzbomb1958]

Financial Times reporting on the story!

 

https://www.ft.com/content/b934f388-2069-11e7-a454-ab04428977f9

 

 

Sent from my iPhone using Tapatalk

Looks like the pariah status is beginning to settle in ,No one will touch that club with a bargepole now.What a shame lol

[Unknown user]

So what did you do about it? I presume you had some control, at least over your branch.

Branches don't control overall lending policy and as far as I'm aware don't do mortgages themselves. You follow the rules or you lose your job.

[Stewie Griffin]

.

[Gizmo]

That raises an interesting point - rangers are OK rules wise because the loans they've received are expected to be converted to equity.

Now that that can't happen, they wouldn't satisfy the necessary FFP rules as I understand it.

So what now?

 

Time for the GFA to get that broom out...

[marshallschunkychicken]

http://www.investegate.co.uk/takeover-panel/rns/disclosure-table--potam-only-/201704120745152886C/

 

Interesting - scroll down to RIFC.

[jambovambo]

This is a good summary : http://www.bbc.co.uk/news/uk-scotland-39598397

 

Again - this is why this thread continues.

[jambovambo]

http://www.investegate.co.uk/takeover-panel/rns/disclosure-table--potam-only-/201704120745152886C/

 

Interesting - scroll down to RIFC.

Is that saying the Glib one put his shares up for sale in this sort of Gumtree site?

[marshallschunkychicken]

Is that saying the Glib one put his shares up for sale in this sort of Gumtree site?

I thought maybe he'd capitulated, but I think on re-reading it's just noting the end of his thirty day period.

[tcjambo]

Any chance anyone could post the text? Vietnamese govt block BBC website.

 

Good piece. Dismissed as Tarrier Propaganda, by certain cave-dwelling spunk baskets most likely.

 

I think in fairness to most of them, they've seen through King a lot quicker than the last few crooks that've fleeced them.

 

That's not saying much however.

[Footballfirst]

Here's the judgement from the recent spat between SD and Dave king about the withdrawal of IP Licence Agreement.

 

http://www.oeclaw.co.uk/images/uploads/judgments/SDI_Judgment.pdf

 

The judge twice describes King and Murray as "cynical and disingenuous?"  (paras 25/27).  I can't imagine why he could come to such a determination

[Hagar the Horrible]

Brilliant by the BBC on King,  Zombie Shareholders...LOL   even the sly dig that he must be a very rich and successful businesman to have failed to pay so much tax on it...Guffaw.   Must have been written by timmy yadayadayada.     Still why is nobody standing outside Douglas Parks house and business' demanding answers for his part, and Letham and Taylor should also be brought to task for why they all went into bed with a known convicted criminal, and in essence defrauded or at best misguided all other shareholders, but i dont think the courts will take too kindly the way they acted over the Zombie Shareholders  Blue Pitch by banning voting rights, that would increase their own share voting rights to nearly 50%

 

 

Bob Morton has been cold shouldered, not entirely sure how life is for him right now, but I am sure Taylor, Letham and Park must be bricking it?  And as they have to overdraft or loans with the bank, they can ditch the club very easy......

 

More popcorn time

 

The fans need to buy out the King Quintet now or risk letting their club die again

[Diadora Van Basten]

I would expect that Dave King will be barred from being a director for deliberately failing to follow Company law. If I were a member of the concert party I would be worried that I would also be banned. Perhaps ten years ban for King and five year bans for Letham and Park.

[Mikey1874]

So the Takeover Panel have never felt the need to do this before. "never used its enforcement powers before" a first. And article suggests its criminal not civil law though not sure how that is and that court has unlimited sanctions "the court (Court of Session) can take whatever action it believes is necessary to ensure the law is observed".

 

Answers a lot of previous questions about this.

Edited April 14, 2017 by Mikey1874

[Hagar the Horrible]

I would expect that Dave King will be barred from being a director for deliberately failing to follow Company law. If I were a member of the concert party I would be worried that I would also be banned. Perhaps ten years ban for King and five year bans for Letham and Park.

There has only been 1 perhaps 2 cases where this rule 9 being breached on the takeover rulings, some guy got cold-shouldered for 6 years and his concert party a couple of years each,  This guy was as bad as king mind you only just, but without the public awareness, It will be the first time the courts in this country will have had to make a ruling,  but what they wont accept is King saying its not in the best interest of the club nor the shareholders.  That is NOT his decision to make, These rules are for the safety of all shareholdersBut the SFA and the SPFL must react to this it is clear that these people are not FPP to run a football club, King especially!!!!

 

 

At this rate the penny shares wont even be worth that.  the bizaar thing is King thinks the shares are now worth 27p, but all it takes is one biggish transaction between 2 parties to agree a price of 10p  and suddenly the value of the club is halved and 20p for each share that Glib has been ordered to pay looks very reasonable. 

 

What I dont get this is a massive story and the media are just glossing it over it.......No Rangers in Crisis headlines, or a massive headline "Rangers to go Bust Again!"  with the underlying story of that could happen if this and that might happen? 

[Mikey1874]

Its a big story in financial/ business terms.

 

Expect a lot of coverage in that part of media.

[269miles]

There has only been 1 perhaps 2 cases where this rule 9 being breached on the takeover rulings, some guy got cold-shouldered for 6 years and his concert party a couple of years each,  This guy was as bad as king mind you only just, but without the public awareness, It will be the first time the courts in this country will have had to make a ruling,  but what they wont accept is King saying its not in the best interest of the club nor the shareholders.  That is NOT his decision to make, These rules are for the safety of all shareholdersBut the SFA and the SPFL must react to this it is clear that these people are not FPP to run a football club, King especially!!!!

 

 

At this rate the penny shares wont even be worth that.  the bizaar thing is King thinks the shares are now worth 27p, but all it takes is one biggish transaction between 2 parties to agree a price of 10p  and suddenly the value of the club is halved and 20p for each share that Glib has been ordered to pay looks very reasonable. 

 

What I dont get this is a massive story and the media are just glossing it over it.......No Rangers in Crisis headlines, or a massive headline "Rangers to go Bust Again!"  with the underlying story of that could happen if this and that might happen? 

In all these shenanigans the one thing that really amazes me is this : not only did King act as a concert party (no jokes) - he did so with comparitively reputable businessman (eg Park). Their reputations are now trashed but amazingly the fact that King and his mob effectively crashed the share price in order to buy the club on the cheap  has gone unnoticed - not a single comment from anyone about the fact Sevco shareholders have been ripped off and then allegedly held to ransom (King wants a pay off to walk away ?). 

 

Romanov was slaughtered every week in the Glasgow media (and lets not forget the rule changes so the SFA could go after Vlad personally) but not a bad word is said about the sacred cow that is Sevco.  I used t think Celtic fans were paranoid but the last 5 years have proved otherwise. Scottish football is run like some banana republic. 

 

It's good to johnjames is still pursuing the share price issue and the alleged payments of ?25K by those close to Ibrox for the stolen Craig Whyte documents.

There is still plenty of mileage left yet in the Sevco court cases. 

[kila]

Any chance anyone could post the text? Vietnamese govt block BBC website.

 

 

 

 

Ibrox: Referee threat to King's crown

 

Back in the top flight of Scottish football, at least some pride restored, the fans at Ibrox might still hope that normal service has now resumed.

 

They're to be sorely disappointed again, and not only because an imminent criminal court case can be expected to bring back some painful memories.

 

The current directors' box regime, under Dave King, is still in emergency measures. Rangers International Football Club (RIFC) is cut off from normal financing and banking, and having to fund losses by reliance on wealthy shareholders.

 

But now, King's hold on Ibrox is in doubt. The method by which he got control of it has led to the close attention of the Takeover Panel - a usually obscure arm of company law, with the job of refereeing fairness for all shareholders amid bruising corporate jousts.

 

It has never used its enforcement powers before, which is just one of the aspects of the RIFC and the Dave King case, which is unprecedented, and leaves a lot of uncertainty hanging over the club.

 

Concert party

 

To recap, there was a well publicised consortium of wealthy Rangers fans who worked with South Africa-based Dave King to wrest the club from its former directors.

 

They achieved this by buying more than a third of the shares in the club. And that's the way it has remained.

 

But if you're involved in a takeover of a company - any company - when you get past 30% of share ownership, you are required, by law to make an offer to buy all the other shares.

 

The price is set by the regulator at the highest level reached in the last 12 months during which the bidder was amassing shares.

 

If shareholders combine forces to take over a company, as this team did, in a so-called "concert party", that has to be declared as a single bid. In this case, no such declaration was officially made. The Takeover Panel has since said that it should have been.

 

There's a good reason for this. With 30% you can have effective control of a company. Now, think of company A which buys enough shares in its main commercial rival company B, to take control of its boardroom.

 

'Delinquent director'

 

By taking decisions which undermine the health of that company, A's owner can shrink B's market share and profitability, and ultimately run it out of business altogether. That's clearly not in the interests of the other shareholders of company B. So fairness requires that they are offered a fair price for every shareholder to sell to the takeover bidder.

 

That rivalry scenario may not apply at Ibrox, but the law still does. And since the Takeover Panel last month told Dave King he had a month to make an offer to buy all the club's shares, he seems to have simply ignored it.

 

That's why the Panel is taking the unprecedented action of seeking to enforce its ruling, through the Court of Session.

 

The court can take whatever action it believes is necessary to ensure the law is observed. Mr King could, for instance, be barred from acting as a director, or forced to sell his stake in the club. And if Mr King continues to ignore legal authority, he can be ruled in contempt of court.

 

The Takeover Panel's code also includes measures for "cold shouldering" - for instance, requiring professional bodies to challenge the director's continued status within them. That may not much bother a businessman in South Africa, but if it pushes the financial regulator to ensure financial companies don't have anything to do with a delinquent director, then that could hurt a bit more.

 

Now, here are two puzzling complications. The Takeover Panel ruling says that Mr King must offer to buy all the other shares at 20 pence. But if you look at the platform on which Rangers International Football Club (RIFC) shares are traded, you'll find the most recent trades have been at 27.5 pence.

 

It might, at first, seem daft to sell your shares for 20 pence when the going rate appears to be 27.5 pence. But that going rate may not be as it seems.

 

The trading platform won't tell you is how recent these trades were. That market is not like the London stock exchange. You put up a share stake for sale, and wait for someone else to show interest. Trading is sticky. It may be possible, that way, to inflate the true value of shares.

 

And if you have shares in any company, they are only worth something if you can find someone to buy them. It matters a lot that such markets have liquidity - meaning enough willing buyers.

 

Zombie shareholders

 

The other puzzlement is the 10.4% of the company that's owned by anonymous funds that have refused to respond to messages from Ibrox.

 

Blue Pitch Holdings has four million shares, ATP Investments has 2.6m, Norne Anstalt has 1.2m and Putney Holdings has 700,000.

 

Directors have written to them "requiring information about the nature of those interests". And having received no answer, they have barred these shareholders from exercising voting rights, receiving any dividends, or having a transfer of shares registered. That should make them impossible to sell.

 

These appear to be zombie shareholders, which many may wish to link to those with a previous interest in running the club. Whoever is behind them, it's a weird presence on the share register of a company which is now in a lot of hot water.

 

Of course, Dave King could solve his Takeover Panel problems by now making an offer for those shares, including the zombie element. That could cost him ?11m, plus hefty advice, offer and transaction costs.

 

That would set back to square one the romantic notion of ownership by the wider fan base, eventually handing control to the fans.

 

It would also require Mr King to make good on his commitment to the club. He is supposed to be very rich, from his South African businesses. His clash with the country's tax authorities would suggest he must have done a lot of successful business to have failed to pay so much tax on it.

 

We don't know how he got into that very expensive mess in his tax affairs. But the evidence suggests he may be the kind of person who receives official-looking letters and stuffs them in a drawer in the hope that the problem goes away. As a general rule, it doesn't.

 

[Mikey1874]

I just think pissing off the regulstors of the financial/ business set up is very naive.

 

I wonder if there is an American angle. They really come down hard.

[jambovambo]

I just think pissing off the regulstors of the financial/ business set up is very naive.

 

I wonder if there is an American angle. They really come down hard.

A MOAB on Ibrox seems a bit severe ...

[...a bit disco]

A MOAB on Ibrox seems a bit severe ...

 

Boom ! indeed.

 

Yea verily.

[Coburg Hearts]

A MOAB on Ibrox seems a bit severe ...

Not if it was More Of Ann Budge :-)

[Unknown user]

I just think pissing off the regulstors of the financial/ business set up is very naive.

 

I wonder if there is an American angle. They really come down hard.

Naive, dumb as ****. You say tomato...

 

It's a very strange MO that Kings got, he seemed to think that pissing a billionaire off would work out ok too!

[Jambo-Jimbo]

Naive, dumb as ****. You say tomato...

 

It's a very strange MO that Kings got, he seemed to think that pissing a billionaire off would work out ok too!

 

But but but WATP don't you know, we can do anything we like, that is their mantra isn't it.

 

King doesn't seem to be very cleaver or maybe he believes his own lies, perhaps both.

[wibble]

Where are the rangers leaning posters to bring some perspective to this latest chapter?

 

Sent from my SM-G928I using Tapatalk

[Paolo]

Its a big story in financial/ business terms.

 

Expect a lot of coverage in that part of media.

Previously, it (Rangers) was a big story in Private Eye. It Keith Jackson and the Rangers fan noticed, then Rangers might not have died.

[Alva-Jambo]

Now that the court has finally ruled, IF King doesn't sell ?14 Million worth of shares  at  20p, yes?  then he can be " cold shouldered"

which is something about not being able to sell or buy any shares in the UK? 

IS this right or will someone give me a better explanation.

 

One poster suggested the Fans get to gether to buy the King shares, I doubt they can raise a fraction of ?14 million over a period of months. 

[Mikey1874]

Now that the court has finally ruled, IF King doesn't sell ?14 Million worth of shares at 20p, yes? then he can be " cold shouldered"

which is something about not being able to sell or buy any shares in the UK?

IS this right or will someone give me a better explanation.

 

One poster suggested the Fans get to gether to buy the King shares, I doubt they can raise a fraction of ?14 million over a period of months.

The Court of Session can impose unlimited penalties. They could for example ban all the directors involved from being on board and if they continue to ignore rulings will be in contempt of court. That can lead to any judgement including fines and prison.

 

All about what is reasonable as well.

[Unknown user]

Now that the court has finally ruled, IF King doesn't sell ?14 Million worth of shares at 20p, yes? then he can be " cold shouldered"

which is something about not being able to sell or buy any shares in the UK?

IS this right or will someone give me a better explanation.

 

One poster suggested the Fans get to gether to buy the King shares, I doubt they can raise a fraction of ?14 million over a period of months.

No, the ruling is that King was acting with other shareholders, and that their combined share had reached the thirty percent line where they have to make an offer to the rest of the shareholders for all of their shares. This is about king buying, not selling.

 

The ruling had told him he must offer 20p or more per share, which means he would have to put 11 million aside plus costs. He hasn't done this in time and that's why there's a stushie

[Unknown user]

Here's the judgement from the recent spat between SD and Dave king about the withdrawal of IP Licence Agreement.

 

http://www.oeclaw.co.uk/images/uploads/judgments/SDI_Judgment.pdf

 

The judge twice describes King and Murray as "cynical and disingenuous?" (paras 25/27). I can't imagine why he could come to such a determination

I did not realise this was in there- pretty damning stuff!

 

30. Secondly, they interfered with the commercial relationships established between the Company and third parties. Specifically Mr King told Puma, one of the most important of the Company's sub-licensees, that it should not supply the Company. It seems that at a meeting on 17 June 2016 between Puma and Mr Barnes (by now a Director of the Company) Puma (through its Mr Spencer) told Mr Barnes that Mr King had asked Puma to novate the agreement between the Company and Puma to TRFC. Mr King has not denied that evidence or explained what happened.

 

31. In addition, TRFC also wrote to other sub-licensees on 1 June 2016 telling them that they no longer had a valid sub-licence to sell Rangers branded products and asking them instead to telephone TRFC's Managing Director to discuss a direct licencing arrangement between TRFC and the relevant sub-licensee. Neither Mr King nor Mr Murray has sought to deny this evidence or their involvement in or knowledge of these events.

[trotter]

No, the ruling is that King was acting with other shareholders, and that their combined share had reached the thirty percent line where they have to make an offer to the rest of the shareholders for all of their shares. This is about king buying, not selling.

 

The ruling had told him he must offer 20p or more per share, which means he would have to put 11 million aside plus costs. He hasn't done this in time and that's why there's a stushie

 

It's probably also worth adding that shareholders are under no obligation to sell, but DK must put aside sufficient cash to cover the worst-case scenario where everybody does. 

[aussieh]

Bluebells are dying out. A minute silence at Ibrox coming soon. They'll be Devastated.

[Spellczech]

Are you sure? I thought the Takeover Panel's decisions are binding and are grounded in Companies Act meaning they have significant enforcement powers? Moreover there are few grounds for appeal...

You read it here first, mwah-haha

[The Gasman]

King doesn't seem to be particularly bothered by these latest developments, but I'd reckon that'll put him in a minority of one!

 

The other Directors don't have the luxury of being based in South Africa, and must be seriously worried at being caught up in the action at the Court of Session which could even result in them being banned as Directors, crippling their other businesses, and destroying their ability to operate. These guys are undoubtably well off (just now!) but do not have unlimited cash, and the thought of even just having to write off their investments in Rangers must be causing a few sleepless nights, never mind any collateral damage to their other businesses.

 

The timing could hardly be worse for Rangers, as they may well find it impossible now to get any company (like Zebra) to manage their Season Ticket sales for those wanting to pay instalments - and I can't see many fans being willing and able to pay the full amount up front! This could choke off the Club's expected (budgeted & spent?) income, at a time when cash flow is at its most critical, and increase the pressure on the remaining Directors to ensure they're continuing to meet their legal obligations to all Shareholders, and not trading while insolvent.

 

Something will have to give, and it'll be interesting to see what / who that is, and just how damaging it may be for the Club.

[CJGJ]

Now that the court has finally ruled, IF King doesn't sell ?14 Million worth of shares  at  20p, yes?  then he can be " cold shouldered"

which is something about not being able to sell or buy any shares in the UK? 

IS this right or will someone give me a better explanation.

 

One poster suggested the Fans get to gether to buy the King shares, I doubt they can raise a fraction of ?14 million over a period of months. 

Ignorance is bliss

[Jamdub]

Where are the rangers leaning posters to bring some perspective to this latest chapter?

 

Sent from my SM-G928I using Tapatalk

They are currently walking away with tears in their eyes.

[John Findlay]

Ignorance is bliss

Happy your club is being run by a crook?

Edited April 15, 2017 by John Findlay

[CJGJ]

Happy your club is being run by a crook?

Are you accusing Ann Budge of being a crook ?...I'd be careful if I was you

[doctor jambo]

I suspect all the concert parties have got together and don't have the ?12 million they must ringfence to buy the shares without King. I suspect he has refused to chip in which effectively strings up the others

[Mikey1874]

I suspect all the concert parties have got together and don't have the ?12 million they must ringfence to buy the shares without King. I suspect he has refused to chip in which effectively strings up the others

Maybe get their arses in gear and find it then.

[John Findlay]

Are you accusing Ann Budge of being a crook ?...I'd be careful if I was you

How predictable.

[The Gasman]

I suspect all the concert parties have got together and don't have the ?12 million they must ringfence to buy the shares without King. I suspect he has refused to chip in which effectively strings up the others

I'd guess most will be looking to sell to King - cut their losses and run - with no interest in buying more shares and grief.

[jambovambo]

https://johnjamessite.com/2017/04/15/kings-unprecedented-friendly-fire/

[The Gasman]

https://johnjamessite.com/2017/04/15/kings-unprecedented-friendly-fire/

Don't ever want to read too much into any blogs (they tend to have an agenda) but he does raise one interesting point....

 

When this "cold shouldering" kicks in, Visa and MasterCard may stop dealing with Rangers, as well as Zebra finance - making the sale of season tickets almost impossible for them, though I'd guess they will have budgeted for the same (or more?) income than they got last year.

[Phil D. Corners]

The daily Ranger are starting to turn on King.

 

http://www.dailyrecord.co.uk/sport/football/its-time-rangers-fans-take-10235245

[Geoff Kilpatrick]

Frustrated Rangers Fan Writes Grievance Letter To Dave King.

 

Read all about it...

Um, Waddell is a Falkirk fan.

[buzzbomb1958]

Frustrated Rangers Fan Writes Grievance Letter To Dave King.

 

Read all about it...

It's amazing how people jump ship when they know the writing is on the wall,next up will be our glorious SFA trying to save their jobs and five star lifestyles .I wonder who will be thrown under the bus

[Jamboelite]

Ignorance is bliss

Here is our resident sympathiser whats your 'fact based' view to us Celtic blog following fantasists.

[Cheile]

Should I buy the popcorn now or wait a wee while?