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Sergio Garcia

The Rangers soap opera goes on and on.

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Paolo

After that pitch invasion, imagine what they will be like when they win their first major trophy. 

Edited by Paolo

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alwaysthereinspirit
32 minutes ago, Paolo said:

After that pitch invasion, imagine what they will be like when they win their first major trophy. 

Hopefully we never find out.

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Paolo
1 minute ago, alwaysthereinspirit said:

Hopefully we never find out.

?

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Boof
1 hour ago, Paolo said:

After that pitch invasion, imagine what they will be like when they win their first major trophy. 

 

What's the pitch invasion chat?

 

What've I missed?

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Mikey1874

 

5 minutes ago, Boof said:

 

What's the pitch invasion chat?

 

What've I missed?

 

Livingston on Sunday after 3rd goal

 

IMG_20190130_190208.jpg

Edited by Mikey1874

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Boof
5 minutes ago, Mikey1874 said:

 

 

Livingston on Sunday after 3rd goal

 

IMG_20190130_190208.jpg

 

?

Arseholes.

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Dunks
5 minutes ago, Boof said:

 

?

Arseholes.

 

A bit like Bauldrick's thread invasion :D

 

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PeterintheRain
53 minutes ago, alwaysthereinspirit said:

Hopefully we never find out.

 

I'd have been perfectly happy to have found out in May 2016.  

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alwaysthereinspirit
15 minutes ago, PeterintheRain said:

 

I'd have been perfectly happy to have found out in May 2016.  

Well that's in the past. And the other team will most likely never reach one again. Hopefully.

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Paolo
27 minutes ago, Boof said:

 

?

Arseholes.

I did mock.  To be fair, though, that is a good result for a new club, against an established one. 

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Paolo
29 minutes ago, Boof said:

 

 

Edited by Paolo

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Spellczech
On 25/01/2019 at 18:03, DesertDawg said:

And today's Herald.....

 

A KEY Rangers board member has warned that the club cannot continue to run on  loans indefinitely - as chairman Dave King made a court-ordered £8m offer to buy out most of the shareholders.

John Bennett, chairman of the club's independent directors, made the comments while advising shareholders over the pros and cons of taking part in the offer.

When the club announced pre-tax losses had more than doubled for a second consecutive year to £14.3million last year, the board said Mr King's New Oasis Asset Limited would provide additional loans as necessary.

The board said in October that the latest forecasts indicate at least £4.6m was required for the rest of this season and a further £3m was needed for 2019/20.

However, the independent auditor from Campbell Dallas accepted a failure to secure the additional funds would result "in the existence of a material uncertainty which may cast significant doubt as to the group's ability to continue as a going concern".

Mr Bennett in written advice on the financial prospects of the club over Mr King's offer said: "Rangers International Football Club plc is loss making and is supported by loans from the directors and other key shareholders. This cannot continue indefinitely."

He said financial support was partly addressed by September's £12m share issue and there would be two further share issues.

But he added: "Going forward it will become necessary to resolve the flow of losses incurred by the company. The independent Directors believe this is achievable subject to the two share issues proceeding as planned."

An ex-employee of Campbell Dallas told me that Rangers will only accept a Rangers fan as partner on the job - LOL

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Mysterion
11 hours ago, Spellczech said:

An ex-employee of Campbell Dallas told me that Rangers will only accept a Rangers fan as partner on the job - LOL

 

Not really surprising.

They need someone who they can encourage to give a more positive outlook when reports are due.

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Brick Tamland

@Footballfirst any updates on the shares purchase and what’s the next step/deadlines? 

Thanks in advance. 

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Footballfirst
26 minutes ago, Brick Tamland said:

@Footballfirst any updates on the shares purchase and what’s the next step/deadlines? 

Thanks in advance. 

Probably nothing before next Friday.

 

The offer closes at 1pm on 15 February.

 

Laird (King) is required to make an announcement of the number of acceptances by 8am on the next business day (Monday 18 February).

 

If there are enough acceptances to take the Concert Party over the 50% threshold (needs acceptances for just over 23m shares), then the offer will be declared unconditional. In that event the offer will remain open for a further 14 days for further acceptances.

 

Should there not be enough acceptances, then the offer will close and that will be that.

 

It is possible, but highly unlikely, that Laird could declare the offer unconditional before the closing date if they already have enough acceptances before then, but that would not align with King's M.O. of doing everything at the last minute.

 

I suspect that there will be insufficient acceptances to reach the 50% threshold and that the offer will lapse with no further requirement placed on King.

 

King has already incurred significant legal costs throughout this saga (maybe as much as £1m), and the offer document indicates that actually making the offer will cost him a further £606k. RIFC will also incur costs of £52k, mainly for legal advice. 

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Jamboelite
54 minutes ago, Footballfirst said:

Probably nothing before next Friday.

 

The offer closes at 1pm on 15 February.

 

Laird (King) is required to make an announcement of the number of acceptances by 8am on the next business day (Monday 18 February).

 

If there are enough acceptances to take the Concert Party over the 50% threshold (needs acceptances for just over 23m shares), then the offer will be declared unconditional. In that event the offer will remain open for a further 14 days for further acceptances.

 

Should there not be enough acceptances, then the offer will close and that will be that.

 

It is possible, but highly unlikely, that Laird could declare the offer unconditional before the closing date if they already have enough acceptances before then, but that would not align with King's M.O. of doing everything at the last minute.

 

I suspect that there will be insufficient acceptances to reach the 50% threshold and that the offer will lapse with no further requirement placed on King.

 

King has already incurred significant legal costs throughout this saga (maybe as much as £1m), and the offer document indicates that actually making the offer will cost him a further £606k. RIFC will also incur costs of £52k, mainly for legal advice. 

Good so even a failed effort cost them cash.

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Phage

So they issue new shares to there pals that wont accept. Ban "criminals' from accepting the offer. And fall below the 50%... good game King

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jimbojambo

In the opinion of Football First and the more learned contributors do Rangers meet the Financial Fair play regulations? I suspect they don't (I know it's hard to believe) and wonder if FIFA may act where the SFA choose to hide their heads in the sand?

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Forever Hearts

I always turn to this thread if I'm struggling to sleep at night. 

 

Zzzzzzzzzzz.....

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Brick Tamland
15 hours ago, Footballfirst said:

Probably nothing before next Friday.

 

The offer closes at 1pm on 15 February.

 

Laird (King) is required to make an announcement of the number of acceptances by 8am on the next business day (Monday 18 February).

 

If there are enough acceptances to take the Concert Party over the 50% threshold (needs acceptances for just over 23m shares), then the offer will be declared unconditional. In that event the offer will remain open for a further 14 days for further acceptances.

 

Should there not be enough acceptances, then the offer will close and that will be that.

 

It is possible, but highly unlikely, that Laird could declare the offer unconditional before the closing date if they already have enough acceptances before then, but that would not align with King's M.O. of doing everything at the last minute.

 

I suspect that there will be insufficient acceptances to reach the 50% threshold and that the offer will lapse with no further requirement placed on King.

 

King has already incurred significant legal costs throughout this saga (maybe as much as £1m), and the offer document indicates that actually making the offer will cost him a further £606k. RIFC will also incur costs of £52k, mainly for legal advice. 

Thanks for the update

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Brick Tamland
4 hours ago, Forever Hearts said:

I always turn to this thread if I'm struggling to sleep at night. 

 

Zzzzzzzzzzz.....

:vrface:

Valid contribution, I'll bookmark this and come back to it.

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Mysterion
14 hours ago, Jamboelite said:

Good so even a failed effort cost them cash.

 

When one door closes another usually opens. Mike Ashley has been quiet for a while. Expecting him to be back for more retail shenanigans.

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kirkierobroy
11 hours ago, jimbojambo said:

wonder if FIFA may act where the SFA choose to hide their heads in the sand?

 

Given up hoping. Loads of sensible people, and also Phake Phil, keep suggesting stuff like this might happen but it never does. Everybody wants them dead again but they keep lumbering on and on and they just won't die.

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buzzbomb1958
50 minutes ago, kirkierobroy said:

 

Given up hoping. Loads of sensible people, and also Phake Phil, keep suggesting stuff like this might happen but it never does. Everybody wants them dead again but they keep lumbering on and on and they just won't die.

Zombies are inclined to do that I'm afraid unless you cut their heads off

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Footballfirst

The next court date for Sports Direct v Rangers is 12 April.

https://stv.tv/news/west-central/1435377-rangers-in-court-fight-with-ashley-over-merchandise-deal/

 

Quote

Rangers bosses are preparing for another High Court battle over a merchandise deal with Sports Direct and Newcastle United owner Mike Ashley.

Three months ago, a judge ruled that Rangers' bosses had breached the terms of an agreement made with a company in the Sports Direct group.

Mr Justice Teare concluded that they had made a new agreement with another firm, the Elite Group, without giving Sports Direct a chance to match that company's offer.

 

He said Rangers had lost and would therefore pick up all lawyers' bills run up during that fight - a total of more than £400,000.

Sports Direct bosses have now made further complaints relating to other agreements involving Rangers and Elite and Rangers and Hummel.

Rangers bosses dispute claims made against them and a judge is scheduled to analyse evidence at a High Court trial in London on April 12.

A judge is expected to make decisions about any damages Rangers might have to pay after that trial.

Judge Lionel Persey on Friday made rulings on a number of legal issues in the latest round of the litigation following a preliminary hearing in January.

He heard that further lawyers' bills running into many hundreds of thousands of pounds were like to be run up by the time the trial ended.

The judge said Sports Direct alone were budgeting for more than £400,000.

Edited by Footballfirst

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Footballfirst
1 hour ago, jamboz said:

 

After the last ruling where sevco where found to be in breach this must surely be contempt or similar if they’ve done it again? 

I'm not sure if the next hearing is to assess the damages from the last complaint, or to hear new complaints by SD that have arisen since the last hearing.

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Jambos_1874

How are this shower of *******s not dead (again) yet? Surely they've run out of cash by now?

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Boof
On 10/02/2019 at 08:32, Jambos_1874 said:

How are this shower of *******s not dead (again) yet? Surely they've run out of cash by now?

 

Obviously I don't know...but would not be surprised to find something along the lines of...

 

Image result for money laundering gif

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Mysterion
22 minutes ago, jambovambo said:

 

Looks like they are not optimistic that they'll be bought out under the current offer - but starts the process to find a buyer (possibly Club 2012). 

 

Wonder if this makes others twitchy and reconsider - especially in light of moves to have 2 further share issues.

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jambovambo

Double post somehow

Edited by jambovambo

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Footballfirst
3 hours ago, Mysterion said:

 

Looks like they are not optimistic that they'll be bought out under the current offer - but starts the process to find a buyer (possibly Club 2012). 

 

Wonder if this makes others twitchy and reconsider - especially in light of moves to have 2 further share issues.

Anyone other than the chosen few allowed to participate in a future share issue and those fans with a sentimental holding should consider selling up. Otherwise their stake will be diluted to a small fraction of not a lot. 

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Hagar the Horrible
1 hour ago, Footballfirst said:

Anyone other than the chosen few allowed to participate in a future share issue and those fans with a sentimental holding should consider selling up. Otherwise their stake will be diluted to a small fraction of not a lot. 

One does hope that the institutional share holders will sell up and like Brexit cross the finish line just and no more, forcing Mr Glib to buy those shares, and pay for the whole kit and caboodle when he would otherwise be able to return the raised cash back under whatever mattress or loan shark he obtained it from.  It would also be hilarious if SARS discovered he should be tax on that largess

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Boy Daniel

So what was the uptake on the forced share offer?

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rubyruby

Today is the anniversary of the old rangers going bust! ???

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Footballfirst
6 hours ago, Dannie Boy said:

So what was the uptake on the forced share offer?

The offer doesn't close until 1pm tomorrow. 

 

I've seen suggestions that there have been acceptances for up to 18m shares which is not enough to make the offer a goer as it needs 23m to take the concert party past the 50% mark. 

 

Had King not kicked the can down the road so far that the offer happened after the last share placement, then it would only have taken 16m shares to meet the threshold. Had acceptances been made for the same 18m shares then King would have had to cough up £3.6m.

 

As it stands he will be content to allow those shareholders to be diluted to oblivion at no further cost to himself. 

 

 

Edited by Footballfirst

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Boy Daniel
45 minutes ago, Footballfirst said:

The offer doesn't close until 1pm tomorrow. 

 

I've seen suggestions that there have been acceptances for up to 18m shares which is not enough to make the offer a goer as it needs 23m to take the concert party past the 50% mark. 

 

Had King not kicked the can down the road so far that the offer happened after the last share placement, then it would only have taken 16m shares to meet the threshold. Had acceptances been made for the same 18m shares then King would have had to cough up £3.6m.

 

As it stands he will be content to allow those shareholders to be diluted to oblivion at no further cost to himself. 

 

 

 

So he’s played a blinder if this comes out as you suggest. Either that or he’s a lucky gambler.

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colinmaroon
15 hours ago, rubyruby said:

Today is the anniversary of the old rangers going bust! ???

 

:robboyas:

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Allowayjambo1874
21 hours ago, Footballfirst said:

Anyone other than the chosen few allowed to participate in a future share issue and those fans with a sentimental holding should consider selling up. Otherwise their stake will be diluted to a small fraction of not a lot. 

So when someones ‘investment ‘gets diluted via more shares being made available doesn’t every shareholder get the opportunity to purchase new shares so that their stake in the company  remains the same? 

Edited by Allowayjambo1874

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Calebs Grandad

The Easdales want to sell their shares and at 20p a share that’s £1,290,000. Just seeking clarity here guys, is Dave King obliged to buy them? 

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Allowayjambo1874
7 minutes ago, Calebs Grandad said:

The Easdales want to sell their shares and at 20p a share that’s £1,290,000. Just seeking clarity here guys, is Dave King obliged to buy them? 

No, he has to buy them if enough people take up the offer to take him over 50% ownership (I think) and he’s already diluted Easdales stake in the club after latest debt for equity (shares) to the directors they owed money to. He has a legal agreement with 38% to say they won’t sell according to The herald so he’s pretty much sown  this up,  I think (but FF is the man to confirm if I’ve got this right)

here is herald article https://www.heraldscotland.com/news/17434346.damages-may-not-be-adequate-remedy-if-ally-mccoist-and-others-renege-on-no-sale-rangers-shares-deal/

Edited by Allowayjambo1874

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Phage
5 minutes ago, Calebs Grandad said:

The Easdales want to sell their shares and at 20p a share that’s £1,290,000. Just seeking clarity here guys, is Dave King obliged to buy them? 

 

Only if 50% of other shareholders also accept the offer. So unlikely judging by reports

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Calebs Grandad
1 minute ago, Allowayjambo1874 said:

No, he has to buy them if enough people take up the offer to take him over 50% ownership (I think) and he’s already diluted Easdales stake in the club after latest debt for equity (shares) to the directors they owed money to. He has a legal agreement with 38% to say they won’t sell according to The herald so he’s pretty much sown  this up,  I think (but FF is the man to confirm if I’ve got this right)

here is herald article https://www.heraldscotland.com/news/17434346.damages-may-not-be-adequate-remedy-if-ally-mccoist-and-others-renege-on-no-sale-rangers-shares-deal/

Thank you mate appreciated 

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Calebs Grandad
2 minutes ago, Phage said:

 

Only if 50% of other shareholders also accept the offer. So unlikely judging by reports

Thank you mate appreciated as well 

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XB52
3 hours ago, Calebs Grandad said:

The Easdales want to sell their shares and at 20p a share that’s £1,290,000. Just seeking clarity here guys, is Dave King obliged to buy them? 

FF is the expert on here but my understanding was that King had to offer to buy any shares that people wanted to sell, so he will have to pay up to buy Easdale's and any others (probably wrong though) 

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1971fozzy
21 hours ago, rubyruby said:

Today is the anniversary of the old rangers going bust! ???

 

:clyay:  

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RobboM
18 hours ago, Footballfirst said:

 

Had King not kicked the can down the road so far that the offer happened after the last share placement, then it would only have taken 16m shares to meet the threshold. Had acceptances been made for the same 18m shares then King would have had to cough up £3.6m.

 

 

 


Has King created a very cheap loophole for company takeover and the courts have, effectively, endorsed it? Buy over 30%, dilute the shareholding so that it is almost impossible to meet the threshold required to force a buy back.

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Footballfirst

To various.

 

l'll try and summarise what the TOP requirement is and how King has played the system at a moderate cost to himself, but probably not as much as it might have been had he co-operated with TOP from the off.

 

In Jan 2015 King,  as part of the Concert Party (CP), took the group's holding to 34% of RIFC shares. TOP defines that an individual, company or group can exert control over a company if their holdings exceed 30%.

 

The person making such a transaction that takes the CP over the 30% threshold is then required to make an offer to all other shareholders to buy their shares at a similar price. Those shareholders don't have to accept the offer, but they must be given the opportunity to sell.

 

The CP held 34% when they acquired their shares in January 2015. They took control of the RIFC boardroom in March 2015 (just the sort of situation that TOP is there to oversee).

 

TOP informally advised King in June 2015 that it looked like he was obliged to make an offer. King chose to challenge that view through TOP committees and appeals board which didn't end until March 2017. He then ignored the TOP rulings, leading TOP to seek enforcement via the Court of Session. Again he used the appeals process to challenge and delay matters leading to him facing a contempt of court hearing. Only when he was in the witness box did he relent and agree to make the offer. That was in November 2018.

 

King lost at every stage and will have been liable both for his own and TOP costs throughout. I'd expect that those costs will probably be in seven figures.

 

With regard to the current position there is one important proviso that needs to be satisfied before such an offer becomes unconditional (or valid.). That is that there must be sufficient acceptances at the offer price that would take the Concert Party over the 50% threshold. That proviso looms large in the King situation. It has always been the case that the CP needed acceptances of the offer in respect of for 16% of the company's shares to make the offer unconditional and King liable to pay up.

 

When the 34% was first acquired the share base was around 81m shares, meaning that King needed acceptances for around 13m shares to make the offer unconditional.

 

The delay in actually making the offer until after the share placement in September 2018 means that the share base is now 144m shares.  As part of the share placement the CP were allowed to subscribe for new shares, but not to increase their percentage holding. That is exactly what happened as the CP acquired sufficient shares to maintain their 34%.  However, because of the enlarged share base, it now needs acceptances for 23m shares to take the CP to the 50% threshold.

 

Yes, King has played the system and you may call "Foul!". However everyone needs to understand that TOP has no desire or remit to stop companies from conducting their day to day business of paying off debts or otherwise raising capital to strengthen their balance sheet (the only restriction is that a CP can't increase its percentage share).

 

I attended the contempt hearing in which King was called as a witness. After the hearing ended I spoke to two of the TOP witnesses and asked them about the gerrymandering that King had achieved with the timing of the share placement. They accepted what I said but said that they had no powers (or desire) within the code to either prevent the share placement, or the CP participation (as long as their percentage didn't go up). I believed that they were sympathetic to the shareholders who might not be able to sell and the probability of their holdings being further diluted in the future, but there was nothing that they could do within the terms of the code.

 

The only avenue for further reparation that I can see is if someone like Sandy Easdale goes to court and demonstrates that he has been disadvantaged by King's prevarication over making the offer. I have no idea if such an action has any chance of success.

 

 

Edited by Footballfirst

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