The Rangers soap opera goes on and on.

[jambovambo]

Sevco's UEFA license issue.
Seems they will need to convert their shareholder debt to equity very soon or it will mean no European football next season.

Problem- RIFC/Sevco can't convert debt provided by concert party members until King resolves the Takeover Panel issue. ?

 

@thetributeact

[buzzbomb1958]

This is probably the reason the 2

11 minutes ago, jambovambo said:

Sevco's UEFA license issue.
Seems they will need to convert their shareholder debt to equity very soon or it will mean no European football next season.

Problem- RIFC/Sevco can't convert debt provided by concert party members until King resolves the Takeover Panel issue. ?

 

@thetributeact

This is probably the reason for 2 directors walking away ,they probably know their won't be European football next season and didn't want to be sanctioned along with the others ,I would not be surprised if more walk away.GASL has flew away and left a total shambles behind him and left the rest to sort it out ,wait for a press release from Mr Gerrard also

[JackLadd]

King deliberately running Sevco at a significant loss so they can take 1 title from Celtic and get in the CL. Yes King, just a shame your trading while insolvent/CL or bust tribute act is about to be barred by UEFA. Better get that phoney illegal rights issue launched. The People will buy at 25p before they are diluted so they will. 

[Hagar the Horrible]

Under the Financial Services and Markets Act of 2000, a member firm cannot act for a person who has received the shoulder from the Takeover Panel. In fact, they cannot even acquire a notifiable stake in a company that finds itself in an offer period.

 

20mins looking up the law on this?   How is it possible to aquire more shares until he has offerd the 20p?

 

and if King is in any doubt, here is what happened to Dundee FC?   SFA/SPFL EUFA are you watching this

http://news.bbc.co.uk/1/hi/scotland/876280.stm

 

Also it should be noted that the complaint was made to TOP by an incumbent board member, so the sympathy quote is clearly another Lie!!!  away back in Jan 2016, By June 2016 he should have accepted his lot and made an offer by the 7th of that month, but failed to do so, instead he used every delaying tactic in the book, he was again ordered to by TOP 30 days from Jan 2017 and be concluded by 12th April 2017, The last deadline has once again elapsed using he cannot open a bank account in the UK,  He has had 2 years to both find the money and put it in an Escow account in the UK, that later of which takes about 2 working days.  He has not even produced documentation on this offer, which also should ahve been done over a month ago, which has no bearing on where the money is currently being held?  assuming it actually exists?

 

If you are interested in what the legal eagles at Harvard think of this case:

 

Co-operation v (Testing) Panel Powers: In the majority of cases, the Panel relies on its codified exhortation to parties to co-operate with the Panel to facilitate the fulfilment of its regulatory duties. The Panel does however in addition, have statutory powers to require documents and information to be produced within a reasonable period. Parties are however advised to be open and co-operative in their dealings with the Panel—this will most likely result in a speedier resolution of the case and will be a relevant factor for consideration in connection with disciplinary rulings of the Panel. The Code states that the Panel expects any persons dealing with it do so in an open and co-operative way, to provide prompt co-operation and assistance and to take reasonable care not to provide incorrect, incomplete or misleading information (section 9(a) of the Introduction to the Code). Both the Hearings Committee and the Appeal Board noted the lack of co-operation by King in his dealings with the Executive in the course of their investigation. Whilst it took some time for the Executive formal ruling to be delivered, the Hearings Committee noted that “self-induced delay should not afford a basis for avoiding an obligation to make a Rule 9 offer” and were not inclined to impose a different remedy in this case for breach of Rule 9.

 

[sadj]

@Hagar the Horrible can you dial that down for us dafties in the room ? far too technical for my brain today

[buzzbomb1958]

1 minute ago, sadj said:

@Hagar the Horrible can you dial that down for us dafties in the room ? far too technical for my brain today

It means King is a lying barsteward and Sevco are Donald Ducked

[Don Dan]

Me thinks Gerrard will do walking away. Once he realises that lifting the bonnet and kicking the tyres are always recommended when looking at a rust bucket.

[Hagar the Horrible]

2 minutes ago, sadj said:

@Hagar the Horrible can you dial that down for us dafties in the room ? far too technical for my brain today

He is what happened away back to Dundee FC directors

http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/12/1992-09.pdf

 

Also the TOP ruling is in breach of rule 9, he has acted in concert with messrs Letham and Park, confirmed to the courts by George!

 

But he is un multiple breaches if he goes ahead with the share offer without TOPS concent? in short:

 

Rule 4.2 Cannot sell target securities

Rule 6.2 & 11.1  King cannot make a rights issue if over the 20p   otherwise he will have to ammend the offer to that value

Rule 35.1 restrictions on aquisitions of more shares for 12 months to ALL persons who acted in concert

Rule 2.5(c)  & 24.7  his adviser must be satisfied that the cash exists and in  a third part account  (TOP insist in the UK)

Rule 24.2(f) The bid document must describe how the offer will be financed and the source of the finance

Rule 35.3  Cannot buy shares over the aquisition price 20p for six months

Rule 5 prohibits that rights offer unless TOP agree to it.

 

In essence and keep it siple, he has had 2 years to comply with the top ruling, failed even to produce documentation, the last final deadline has passed without any other delaying tactic to be tested,  Cant get the money out of SA has been knocked back as an excuse.  So in to clarify he is in breach of "HUNners" of rules in all of this and his co-horts will be left to carry the can.  The guys at Harvard have been watching this and to put it bluntly King has been acting on a far bigger scale that the only instancies of cold shouldering, Ie Bob Morton and the Drummond cases. 

 

The lack of co-operations and self delay tactics wont work in his favour if this end up in court.  

 

Its clear the money does not exist,  otherwise prove it

 

 

 

[tntjambo]

9 minutes ago, Hagar the Horrible said:

He is what happened away back to Dundee FC directors

http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/12/1992-09.pdf

 

Also the TOP ruling is in breach of rule 9, he has acted in concert with messrs Letham and Park, confirmed to the courts by George!

 

But he is un multiple breaches if he goes ahead with the share offer without TOPS concent? in short:

 

Rule 4.2 Cannot sell target securities

Rule 6.2 & 11.1  King cannot make a rights issue if over the 20p   otherwise he will have to ammend the offer to that value

Rule 35.1 restrictions on aquisitions of more shares for 12 months to ALL persons who acted in concert

Rule 2.5(c)  & 24.7  his adviser must be satisfied that the cash exists and in  a third part account  (TOP insist in the UK)

Rule 24.2(f) The bid document must describe how the offer will be financed and the source of the finance

Rule 35.3  Cannot buy shares over the aquisition price 20p for six months

Rule 5 prohibits that rights offer unless TOP agree to it.

 

In essence and keep it siple, he has had 2 years to comply with the top ruling, failed even to produce documentation, the last final deadline has passed without any other delaying tactic to be tested,  Cant get the money out of SA has been knocked back as an excuse.  So in to clarify he is in breach of "HUNners" of rules in all of this and his co-horts will be left to carry the can.  The guys at Harvard have been watching this and to put it bluntly King has been acting on a far bigger scale that the only instancies of cold shouldering, Ie Bob Morton and the Drummond cases. 

 

The lack of co-operations and self delay tactics wont work in his favour if this end up in court.  

 

Its clear the money does not exist,  otherwise prove it

 

 

 

 

I Think TGASL Has gone and wont return the  the UK he will leave it to the other directors to sort out his mess.

[jock _turd]

I find this thread both satisfying in a " I hope the barstewards fry sort of way" but most frustrating in a " for all the predicted doom and gloom and predictions of financial collapse and liquidation" not one thing has happened to this lot... nothing at all. The glib one is openly taking this piss out of the institutions and the courts and not one thing has happened as yet. I really hope that the bit in bold changes very soon

[Spellczech]

2 hours ago, tntjambo said:

 

I Think TGASL Has gone and wont return the  the UK he will leave it to the other directors to sort out his mess.

Who is left on the boards of Rangers and their holding company?

Edited May 9, 2018 by Spellczech

[macg63]

38 minutes ago, Spellczech said:

Who is left on the boards of Rangers and their holding company?

You talk about the gers when the hearts are playing, sums it up really

[Footballfirst]

1 hour ago, Spellczech said:

Who is left on the boards of Rangers and their holding company?

 

RIFC - King, Johnston, Bennett, Blair, D Park, G Park.

 

TRFC - Blair, Robertson, Dickson

[brunoatemyhamster]

1 hour ago, Spellczech said:

Who is left on the boards of Rangers and their holding company?

 

15 minutes ago, Footballfirst said:

 

RIFC - King, Johnston, Bennett, Blair, D Park, G Park.

 

TRFC - Blair, Robertson, Dickson

 

[niblick1874]

They have stuck fireworks in the corpse, lit them, and are telling everyone that the corpse is alive and kicking.

 

I know who are sticking the fireworks in the corps and I know who are lighting them.

 

It's an apple for feck sake. Why is everyone discussing whether it might be an orange and not an apple with those that are saying it might be an orange. 

 

Hagar, you are a better man than I. I'm about to give up on the human race.   

[Spellczech]

9 hours ago, macg63 said:

You talk about the gers when the hearts are playing, sums it up really

Ever heard of phones? I can write a sentence in about 2 seconds on one, from anywhere!

Edited May 10, 2018 by Spellczech

[Footballfirst]

A couple of news items on TRFC today.

 

They have sold 30,000 STs so far with their renewal period due to end on Monday 14th May.

 

Following last night's result almost guaranteeing that Rangers will occupy one of the EL places for next season's competition, the SFA chose today (coincidentally?) to publish the updated licensing status for each club.  TRFC has been granted a UEFA Licence for next season by the SFA.  UEFA has still to ratify the decision and I guess it is still possible that they may question it, or put the club into a monitoring process. However, to all intents and purposes it looks like they will be playing in the EL qualifiers next season.

 

https://www.scottishfa.co.uk/media/3584/club-licencing-current-status-2018.pdf  

[Jambof3tornado]

3 minutes ago, Footballfirst said:

A couple of news items on TRFC today.

 

They have sold 30,000 STs so far with their renewal period due to end on Monday 14th May.

 

Following last night's result almost guaranteeing that Rangers will occupy one of the EL places for next season's competition, the SFA chose today (coincidentally?) to publish the updated licensing status for each club.  TRFC has been granted a UEFA Licence for next season by the SFA.  UEFA has still to ratify the decision and I guess it is still possible that they may question it, or put the club into a monitoring process. However, to all intents and purposes it looks like they will be playing in the EL qualifiers next season.

 

https://www.scottishfa.co.uk/media/3584/club-licencing-current-status-2018.pdf  

Hardly a shock that the SFA have done the huns a favour and pushed through the licence for a team who we all know shouldnt have a licence!!

[davieholt]

It would be quite incredible except...except sevco would need to murder babies while gassing Catholics before the SFA took a closer look. Even then they would get their licence

[lost in leith]

One of the more active bloggers on the Tribute Act is John James.  There is the odd interesting snippet on his site, but he does seem to be slightly deranged and very anti Hearts.

  

His allegiances are clear now, but he still has an article in his archive which shows that he used to pretend to be one of them.  Very odd.......

 

https://johnjamessite.com/2015/09/

 

He then disingenuously claimed. in an obvious pitch to the supporters, that his motivation was to silence our detractors who claim we are a new club with no claim on our history.

If this was not enough for Rangers supporters to endure, we are now in the hands of someone much more dangerous than Whyte. 

Should the assets revert to BDO, I suggest that the supporters club together to buy them to rid ourselves of King and whatever scams he has up his sleeve. We have had enough of the fraudsters and people like King impersonating Real Rangers Men.

[JackLadd]

This is the crooked mob who concluded "no sporting advantage" after a sham investigation on 10 years of oldco ducking £48m in social taxes and "imperfect registrations" to win 14 bent trophies. No surprise they are passed fit. 

[Dave McCreery's knee]

8 hours ago, Jambof3tornado said:

Hardly a shock that the SFA have done the huns a favour and pushed through the licence for a team who we all know shouldnt have a licence!!

Am I right in thinking they were fined about £250k by SFA in recent years? Does anyone who follows this closely know if ever paid?

[jamboz]

1 hour ago, Dave McCreery's knee said:

Am I right in thinking they were fined about £250k by SFA in recent years? Does anyone who follows this closely know if ever paid?

 

I think they might’ve had prize money due withheld in lieu of the fine 

[jamboy1982]

The daily record have them linked with a move for Celtic daft John McGinn. Even more ludicrous is them linking Windass with a £3 million move!! Spin is in overdrive 

[Jambo-Jimbo]

13 minutes ago, jamboy1982 said:

The daily record have them linked with a move for Celtic daft John McGinn. Even more ludicrous is them linking Windass with a £3 million move!! Spin is in overdrive 

 

Next we'll have them claiming Halliday is worth £2m+  

[Deevers]

1 hour ago, jamboy1982 said:

The daily record have them linked with a move for Celtic daft John McGinn. Even more ludicrous is them linking Windass with a £3 million move!! Spin is in overdrive 

Traynor working on overdrive here pushing that crap. 

[brunoatemyhamster]

https://www.dailyrecord.co.uk/sport/football/james-traynor-spl-will-not-be-able-1129166

 

 

For any outsiders. Traynor knows.

[The Gasman]

On 09/05/2018 at 18:26, jock _turd said:

I find this thread both satisfying in a " I hope the barstewards fry sort of way" but most frustrating in a " for all the predicted doom and gloom and predictions of financial collapse and liquidation" not one thing has happened to this lot... nothing at all. The glib one is openly taking this piss out of the institutions and the courts and not one thing has happened as yet. I really hope that the bit in bold changes very soon

 

So far as I can see, King has not, so far, really done anything wrong (other than stalling for time) because he’s not, so far, actually done anything....

 

To date he’s not actually launched the rights issue, and I’d guess that just claiming at a press conference that you’re going to go ahead with one, does not in itself actually break the rules.

 

To comply with the Take Over Pannel ruling he needs to make a formal written proposal to all the existing shareholders (outwith those in his Concert Party) offering to buy their shares at 20p each, and then give them sufficient time to consider and accept or reject his offer.

 

Then, and so far I as can see, only then, can he consider going forward with any rights issue, as attempting to do the rights issue first looks (to me) to put him in breach of several City rules, and be likely to end up in Court (which will cost him time and money neither of which he has enough of) and with injunctions stoping things dead in their tracks until the issues are resolved.  This may even prevent him getting a finance company to act on the Club’s behalf for the rights issue before the shares offer process is completed in line with the TOP ruling, if they think they may get caught up in court actions, bad publicity, “cold shouldering” or other TOP sanctions.

 

Speculation on my part, but with less than forty working days to go till the end of June, and the suggestion that Rangers UEFA Licence may be conditional on his having raised at least £6m of “new” cash by then, and/or reduced the Club’s debt by converting the soft loans for equity by then, he’s very quickly running out of time, as well as running out of money.

 

As I said, all his earlier stalling and delaying may now be coming back to bite him - big time.

 

 

[buzzbomb1958]

4 hours ago, The Gasman said:

 

So far as I can see, King has not, so far, really done anything wrong (other than stalling for time) because he’s not, so far, actually done anything....

 

To date he’s not actually launched the rights issue, and I’d guess that just claiming at a press conference that you’re going to go ahead with one, does not in itself actually break the rules.

 

To comply with the Take Over Pannel ruling he needs to make a formal written proposal to all the existing shareholders (outwith those in his Concert Party) offering to buy their shares at 20p each, and then give them sufficient time to consider and accept or reject his offer.

 

Then, and so far I as can see, only then, can he consider going forward with any rights issue, as attempting to do the rights issue first looks (to me) to put him in breach of several City rules, and be likely to end up in Court (which will cost him time and money neither of which he has enough of) and with injunctions stoping things dead in their tracks until the issues are resolved.  This may even prevent him getting a finance company to act on the Club’s behalf for the rights issue before the shares offer process is completed in line with the TOP ruling, if they think they may get caught up in court actions, bad publicity, “cold shouldering” or other TOP sanctions.

 

Speculation on my part, but with less than forty working days to go till the end of June, and the suggestion that Rangers UEFA Licence may be conditional on his having raised at least £6m of “new” cash by then, and/or reduced the Club’s debt by converting the soft loans for equity by then, he’s very quickly running out of time, as well as running out of money.

 

As I said, all his earlier stalling and delaying may now be coming back to bite him - big time.

 

 

The SFA are complicit in this farce any other club would not get a licence if they were in the same position as this new club ,it will only change if eufa knock them back ,then and only then could fans of Scottish football demand they do the right thing and walk away as far as I'm concerned this bias toward the new club will come back to bite them on the arse

[tntjambo]

5 hours ago, The Gasman said:

 

So far as I can see, King has not, so far, really done anything wrong (other than stalling for time) because he’s not, so far, actually done anything....

 

To date he’s not actually launched the rights issue, and I’d guess that just claiming at a press conference that you’re going to go ahead with one, does not in itself actually break the rules.

 

To comply with the Take Over Pannel ruling he needs to make a formal written proposal to all the existing shareholders (outwith those in his Concert Party) offering to buy their shares at 20p each, and then give them sufficient time to consider and accept or reject his offer.

 

Then, and so far I as can see, only then, can he consider going forward with any rights issue, as attempting to do the rights issue first looks (to me) to put him in breach of several City rules, and be likely to end up in Court (which will cost him time and money neither of which he has enough of) and with injunctions stoping things dead in their tracks until the issues are resolved.  This may even prevent him getting a finance company to act on the Club’s behalf for the rights issue before the shares offer process is completed in line with the TOP ruling, if they think they may get caught up in court actions, bad publicity, “cold shouldering” or other TOP sanctions.

 

Speculation on my part, but with less than forty working days to go till the end of June, and the suggestion that Rangers UEFA Licence may be conditional on his having raised at least £6m of “new” cash by then, and/or reduced the Club’s debt by converting the soft loans for equity by then, he’s very quickly running out of time, as well as running out of money.

 

As I said, all his earlier stalling and delaying may now be coming back to bite him - big time.

 

 

 

TGASL is like a slippery fox he will delay using every trick in the book the TOP, whilst slipping the new issue through to extract 6 million from the ORCs, He is in his bunker in South Africa he has openly stated he has no bank accounts or businesses in the UK and he has separated himself from Sevco and his lawyer openly declared in court that  he has no money he wont come back.

Edited May 13, 2018 by tntjambo

[Hagar the Horrible]

If I was Hibs and failed to qualify for Europe, I would be going apeshit.  Everybody else has acted within the rules, Rangers ARE living beyond their means, and now living on promises of funding, Yet if it was there, they would not need the close Bro. top up.  I also think thet the licence will be granted based on a promise, and once they play in it, they will use that money to keep going, and that is wrong it must be in breach of the fair play rules.   Aye we have the money to play in Europe if we get to play in Europe.  

[132goals1958]

2 minutes ago, Hagar the Horrible said:

If I was Hibs and failed to qualify for Europe, I would be going apeshit.  Everybody else has acted within the rules, Rangers ARE living beyond their means, and now living on promises of funding, Yet if it was there, they would not need the close Bro. top up.  I also think thet the licence will be granted based on a promise, and once they play in it, they will use that money to keep going, and that is wrong it must be in breach of the fair play rules.   Aye we have the money to play in Europe if we get to play in Europe.  

 

 

Even if Hibs qualify then perhaps Kilmarnock have a case.

[DETTY29]

Just now, 132goals1958 said:

 

 

Even if Hibs qualify then perhaps Kilmarnock have a case.

Kris Boyd would appeal on TRFCs behalf.

[...a bit disco]

17 minutes ago, DETTY29 said:

Kris Boyd would appeal on TRFCs behalf.

 

His head would explode.

 

One last Euro swansong with his current employers or his 2nd greatest love up the Swanee and rooked?

[seanfergie1902]

Mystery press conference @12?

[tntjambo]

11 minutes ago, seanfergie1902 said:

Mystery press conference @12?

 

back room staff appointment no money being spent ( yawn )

[buzzbomb1958]

Down the tubes hopefully!

[busby1985]

Unveiling of a premier league player...

[Shanks]

Gerrard decided it's not for him? 

 

 

[August Landmesser]

1 hour ago, seanfergie1902 said:

Mystery press conference @12?

Announce Danny Ings

[August Landmesser]

Or, will Traynor read out a statement condemning Lennon's aeroplane antics on Sunday? Beggars belief it does...

[robbo1874]

Scott Arfield signing maybe?

Seen it on twitter just now

[Jambo92]

Just now, robbo1874 said:

Scott Arfield signing maybe?

Seen it on twitter just now

 

Gerrard no the brightest - was clearly googling Anfield and stumbled across him.

 

Seriously though - file under Graham Dorrans, decent enough player but isn't going to bring anything different to them.

[brunoatemyhamster]

Looking forward to Arfield making the same impact as Murphy,Dorrans, Barton ,Senderos and Martin.

 

 

 

Edited May 14, 2018 by brunoatemyhamster

[robbo1874]

Just now, Jambo92 said:

 

Gerrard no the brightest - was clearly googling Anfield and stumbled across him.

 

Seriously though - file under Graham Dorrans, decent enough player but isn't going to bring anything different to them.

The rude awakening for SG is going to be funny to watch.

 

[LeftBack]

21 minutes ago, August Landmesser said:

Announce Danny Ings

Daniel Prodan to resume training to be fit for start of season.

[Drumelzier]

So, an actual SG signing target or was this arranged before SG's appointment ?

[brunoatemyhamster]

5 minutes ago, Drumelzier said:

So, an actual SG signing target or was this arranged before SG's appointment ?

I though it was mentioned long before Slippy was even rumoured

Maybe Hes told King hes not comimg unless he gets Scott Arfield.

[Mark_Mywords]

On 5/10/2018 at 21:29, Footballfirst said:

A couple of news items on TRFC today.

 

They have sold 30,000 STs so far with their renewal period due to end on Monday 14th May.

 

Following last night's result almost guaranteeing that Rangers will occupy one of the EL places for next season's competition, the SFA chose today (coincidentally?) to publish the updated licensing status for each club.  TRFC has been granted a UEFA Licence for next season by the SFA.  UEFA has still to ratify the decision and I guess it is still possible that they may question it, or put the club into a monitoring process. However, to all intents and purposes it looks like they will be playing in the EL qualifiers next season.

 

https://www.scottishfa.co.uk/media/3584/club-licencing-current-status-2018.pdf  

 

SFA Club licensing manual 2018

 

Scottish FA to provide UEFA with its list of licensing decisions by 31 May 2018.

 

Don't they have to have audited accounts to qualify for a UEFA licence?  (including the audit report)

[Bridge of Djoum]

On 5/10/2018 at 02:28, Spellczech said:

Ever heard of phones? I can write a sentence in about 2 seconds on one, from anywhere!