The Sevco saga continues ...

[Footballfirst]

A check on the RIFC share information page shows that the new shares have gone to existing investors.

Here is the current list

Shareholder   Shares held   % 
New Oasis Asset Limited   66,672,893   26.655%
Douglas Park   36,000,000   14.39%
George Alexander Taylor   24, 074, 998   9.625%
Borita Investments Limited   16,111,955   6.44%
Barry Scott   13,895,000   5.55%
Club 1872   13,702,838   5.48%
George Letham   12,247,516   4.90%
John Bennett   8,300,000   3.32%   
New Trace Limited   7,500,000   3.00%

 

The approximate investment figures for the latest share issue are as follows

NOAL (King) £2.09m
Douglas Park £1.2M
George Taylor £1.3m
Barry Scott £295k   (£45k of that may be a conversion of the balance of his previous loan)
John Bennett £600k
Borita (Wolhardt) £995k
Unspecified £500k (equivalent to 1% of the club's shares)

[Tasavallan]

1 hour ago, Footballfirst said:

 

250,131,982

 

An increase of 34,904,703 from August 2019.

 

[Mysterion]

32 minutes ago, Footballfirst said:

A check on the RIFC share information page shows that the new shares have gone to existing investors.

Could this be creative account practices? They’ve spent too much so need to subsidise the business again. 

[sadj]

1 hour ago, Footballfirst said:

A check on the RIFC share information page shows that the new shares have gone to existing investors.

Here is the current list

Shareholder   Shares held   % 
New Oasis Asset Limited   66,672,893   26.655%
Douglas Park   36,000,000   14.39%
George Alexander Taylor   24, 074, 998   9.625%
Borita Investments Limited   16,111,955   6.44%
Barry Scott   13,895,000   5.55%
Club 1872   13,702,838   5.48%
George Letham   12,247,516   4.90%
John Bennett   8,300,000   3.32%   
New Trace Limited   7,500,000   3.00%

 

The approximate investment figures for the latest share issue are as follows

NOAL (King) £2.09m
Douglas Park £1.2M
George Taylor £1.3m
Barry Scott £295k   (£45k of that may be a conversion of the balance of his previous loan)
John Bennett £600k
Borita (Wolhardt) £995k
Unspecified £500k (equivalent to 1% of the club's shares)

 

Barry Scott

 

 

[Hearts007]

29 minutes ago, sadj said:

 

Barry Scott

 

 

Bang and the moneys gone 😂

[jambokev]

4 minutes ago, Hearts007 said:

Bang and the moneys gone 😂

[Boris]

Love the Serafinovic spoof

 

 

[sadj]

52 minutes ago, Hearts007 said:

Bang and the moneys gone 😂

😂

[bajthejambo]

Every time with Barry Scott. It never gets old! 😂

[Footballfirst]

Latest on the Sports Direct case.

https://www.eveningexpress.co.uk/news/scotland/mike-ashleys-latest-court-fight-with-rangers-arouses-judges-concern/#r3z-addoor

Quote

A judge has raised concern after Sports Direct owner Mike Ashley and Rangers became involved in another High Court fight relating to kit deals.

He asked whether mediation had been considered and told lawyers that he was firing a “little shot across the bows”.

A company in the Sports Direct Group, SDI Retail Services, has complained about Rangers being in breach of obligations under deals relating to replica kit.

Bosses at the Glasgow football club have disputed claims made against them.

Rangers lost a round of the fight in October 2018 and another round in July.

Judge Persey said, in a ruling made in July, that he had reached no conclusion on how much compensation Rangers should pay.

SDI has now made allegations about a sports clothing company, the Elite Group, Rangers had made an agreement with – and more allegations about Rangers.

Judge Persey oversaw a preliminary hearing in that latest stage of the litigation at the High Court in London on Wednesday.

He is due to oversee a further hearing on January 17.

“I am slightly disturbed about how much of the court’s time is being taken up with these issues,” the judge told lawyers.

“This is a little shot across the bows.”

 

Edited October 2, 2019 by Footballfirst

[Mysterion]

With Elite Group now bring brought into play - this makes things very interesting. 

 

Not seen/heard what the latest allegations are but wonder if it relates to how Rangers have tried to get around things (for example the on site store is closed but they have a mobile shop that appeared in the last couple of months opposite the Ibrox subway station. 

 

There's a lot of ammunition for Sports Direct and they don't seem to be bothered about settling anytime soon. 

[Mysterion]

Not read it - but supposed to be a Rangers statement out now saying that the shares are part of a loan conversion to pay for summer transfer fees. 

 

If this is not an indicator that the business can't afford to buy players (as this is debt for equity conversion and not gifted benefactor money) then i don't know what is. This is effectively admittance that they are having to run up debts to chase Celtic.

[Footballfirst]

2 hours ago, Mysterion said:

Not read it - but supposed to be a Rangers statement out now saying that the shares are part of a loan conversion to pay for summer transfer fees. 

 

If this is not an indicator that the business can't afford to buy players (as this is debt for equity conversion and not gifted benefactor money) then i don't know what is. This is effectively admittance that they are having to run up debts to chase Celtic.

 

The Record is carrying the story.

 

https://www.dailyrecord.co.uk/sport/football/football-news/rangers-confirm-summer-transfer-drive-20396421

 

Quote

Rangers' summer recruitment drive was helped by a share issue that raised almost £7million in capital, the Ibrox club has revealed.

Ryan Kent was the marquee arrival at Ibrox arriving on deadline day for £7million from Liverpool after Steven Gerrard made him his number one target.

Rangers also shelled out £3million on Bologna defender Filip Helander as 11 new faces arrived to bolster Gerrard's squad.

Now Ibrox chiefs have confirmed that almost £7million in loans to RIFC was converted into share capital to help fund "player activity".

Documents were published by Companies House on Wednesday showing nearly 35million shares being paid for at 20p each.

A Rangers spokesman told the Sun : "Rangers is pleased to announce a further boost to its balance sheet with the conversion of c.£7m in loans provided to RIFC over the summer into share capital.

"The loans helped finance the player activity over the summer and demonstrate the commitment of Rangers' board and key shareholders to restoring Rangers to the top of Scottish football."

Dave King 's Three Bears group took a controlling interest in Rangers back in June 2019.

The Ibrox chief was delighted when shareholders backed the board's plan to agree to a waiver that wouldn’t force him to make another big share offer.

King had been forced to make a huge offer to buy out shareholders by the courts. Most shareholders decided not to take up the offer.
 

 

Edited October 3, 2019 by Footballfirst

[Gizmo]

"Boost to the balance sheet". 

That's almost as laughable as when they claimed getting an overdraft represented them returning to normal banking facilities like a proper, well-behaved company. 

[Deevers]

The flow of money from these “investors” must at some time run dry. 

[132goals1958]

1 hour ago, Gizmo said:

"Boost to the balance sheet". 

That's almost as laughable as when they claimed getting an overdraft represented them returning to normal banking facilities like a proper, well-behaved company. 

 

They can put as much spin on it as they wish but their soft loans are effectively quasi equity which continue to fund losses. Wonder if they have provided for the SD claim in their accounts and what the  potential liability yhey have estimated.

[The Future's Maroon]

I’ll predict popcorn time come end of season, there is no logical way they can support a multi million pound company/club the way they are just to chase Celtic.

 

They could even bust themselves trying....which my personal favourite outcome.

[Shanks]

Ah debt for equity.  I remember those days , never ends well. 

[buzzbomb1958]

So yet another share issue at the end of the season to buy next season's players I'm guessing ,hurry up and die again you odious club you

[Unknown user]

At the end of the day the money's spent and the directors have paid for it. 

Unfortunately it looks like they're willing and able to keep pumping millions in with no return.

[Guest ToqueJambo]

2 hours ago, Footballfirst said:

 

The Record is carrying the story.

 

https://www.dailyrecord.co.uk/sport/football/football-news/rangers-confirm-summer-transfer-drive-20396421

 

 

£7m for Ryan Kent 🤣 Celtic have been iffy in the transfer market recently but Rangers make them look like geniuses when you consider they got Wanyama, van Djik, Christie and Dembele for a couple of mil less than Ryan flippin' Kent. That's a hell of a lot to pay for just 6 goals and 9 assists last season. For comparison, Olly Lee got the same number of goals and more assists in fewer games for us last season.

[The Future's Maroon]

10 minutes ago, ToqueJambo said:

 

£7m for Ryan Kent 🤣 Celtic have been iffy in the transfer market recently but Rangers make them look like geniuses when you consider they got Wanyama, van Djik, Christie and Dembele for a couple of mil less than Ryan flippin' Kent. That's a hell of a lot to pay for just 6 goals and 9 assists last season. For comparison, Olly Lee got the same number of goals and more assists in fewer games for us last season.

love it, I know it’s just a jokey dig but it’s so true it’s frightening 

[Guest ToqueJambo]

5 minutes ago, The Future's Maroon said:

love it, I know it’s just a jokey dig but it’s so true it’s frightening 

 

Gerrard already working for Liverpool?

 

[trotter]

Quote

The Ibrox chief was delighted when shareholders backed the board's plan to agree to a waiver that wouldn’t force him to make another big share offer.

 

Of course he was. It meant he didn't have to shell out money that he doesn't have/couldn't get out of SA. But of course, nobody at the Record would question why he was delighted would they?

[kirkierobroy]

19 hours ago, The Future's Maroon said:

I’ll predict popcorn time come end of season, there is no logical way they can support a multi million pound company/club the way they are

 

I do hope you're right but there have been so many false dawns predicted since Sevco were founded. And all hopes have been dashed.

 

Maybe Phil Mac Collywobbles was really a Hun masquerading as a wannabe Irish Republican obsessive?

[Glamorgan Jambo]

2 hours ago, kirkierobroy said:

 

I do hope you're right but there have been so many false dawns predicted since Sevco were founded. And all hopes have been dashed.

 

Maybe Phil Mac Collywobbles was really a Hun masquerading as a wannabe Irish Republican obsessive?

 

The one think King has done is found the money, from various sources, to put into the team and subsidise the ongoing losses. So in that sense he's done what he said he would. I'll be interested to see what comes out in their accounts regarding the finances when they publish their annual reports, especially regarding the £7 million just put in. Whether it's for players, like they claim, or for paying off other debts who knows.

[Guest ToqueJambo]

9 minutes ago, Glamorgan Jambo said:

 

The one think King has done is found the money, from various sources, to put into the team and subsidise the ongoing losses. So in that sense he's done what he said he would. I'll be interested to see what comes out in their accounts regarding the finances when they publish their annual reports, especially regarding the £7 million just put in. Whether it's for players, like they claim, or for paying off other debts who knows.

 

And immediately taken out to spend on one player.

[Swanny17]

Regardless of recent events, the simple fact is that The Rangers are spending more than their annual income thus losses will occur.  Therefore, be it this season, next season or in 5 years, they will go bankrupt much like their predecessors. 
 

Tick tock indeed. 

[Guest ToqueJambo]

22 hours ago, The Future's Maroon said:

I’ll predict popcorn time come end of season, there is no logical way they can support a multi million pound company/club the way they are just to chase Celtic.

 

They could even bust themselves trying....which my personal favourite outcome.

 

This is what seems to be happening. And Celtic aren't even spending especially big right now. The only way Rangers can ever catch Celtic now is if Celtic implode in spectacular style or Scotland gets a 2nd CL place again. 

[kirkierobroy]

2 hours ago, ToqueJambo said:

. The only way Rangers can ever catch Celtic now is if Celtic implode in spectacular style or Scotland gets a 2nd CL place again. 

 

Or if Sevco get to play Aberdeen every week.

[Glamorgan Jambo]

2 hours ago, ToqueJambo said:

 

And immediately taken out to spend on one player.

 

Certainly a bad sign that the money was needed at a time the season ticket money should be plentiful. I'd be cautious swallowing the hype that the money was used for a signing with a headline value of £7 million but a likely first payment of a fraction of that. Not sure where they are with Close brothers. Others will know the state of the securities and charges they have over various RIFC assets.

[jaywalker]

On 4 October 2019 at 19:32, ToqueJambo said:

 

This is what seems to be happening. And Celtic aren't even spending especially big right now. The only way Rangers can ever catch Celtic now is if Celtic implode in spectacular style or Scotland gets a 2nd CL place again. 

Hmmmn. Not often predictions go bang that quick. They are organising Sash bashes as we speak over on Rangers media.

[...a bit disco]

On 11 October 2019, The Panel on Takeovers and Mergers published a statement on their website(link is external) on the 'cold-shouldering' of Mr David Cunningham King, the Chairman of Rangers International Football Club PLC.

'Cold-shouldering' effectively means that no FCA-regulated entity can act for this individual on any transaction subject to The City Code on Takeovers and Mergers (the Code). 

On 16 September 2019, the Takeover Panel Hearings Committee (the Committee) considered disciplinary proceedings brought by the Executive of the Takeover Panel (the Executive) regarding a breach by Mr King of the obligation to announce a mandatory offer under Rule 9 of the Code and other related contraventions of the Code. 

The Committee declared, in accordance with section 11(b)(v) of the Introduction to the Takeover Code, that Mr King is a person who in its opinion is not likely to comply with the Code and should be cold-shouldered. This sanction and subsequent ‘cold-shouldering’ will apply for 4 years from the date of the ruling (2 October 2019). 

Following this ruling, we draw your attention to the provisions of MAR 4.3 (Support of the Takeover Panel’s functions), which relate to ‘cold–shouldering’. In particular, MAR 4.3.1R states that a firm must not act, or continue to act, for any person in connection with a transaction to which the Code applies if the firm has reasonable grounds for believing that the person in question, or his principal, is not complying or is not likely to comply with the Code. Under MAR4.3.2G, if a person is named in a ruling of the Committee, we expect a firm to comply with MAR4.3.1R by not acting or continuing to act for that person. See MAR 4.3 for further information.

We remind all regulated firms that they should not deal with the individual mentioned above, or his principals, on any transactions to which the Takeover Code applies. We also expect regulated firms to inform all approved persons at their firms that they should not deal with this individual on such transactions.

Regulated firms need to be aware that we take all regulatory breaches very seriously and a breach of MAR 4.3 may leave a firm and any individuals involved open to enforcement action.

[Footballfirst]

I'd suggest that the "Cold Shoulder" decision is at least two years too late and will be ineffectual as a result.

[...a bit disco]

6 minutes ago, Footballfirst said:

I'd suggest that the "Cold Shoulder" decision is at least two years too late and will be ineffectual as a result.

 

Just shows how effective Kings 'kicking the can down the road' delaying tactics were.

[Footballfirst]

11 minutes ago, ...a bit disco said:

 

Just shows how effective Kings 'kicking the can down the road' delaying tactics were.

Absolutely.

 

The TOP failed to protect the interests of ALL shareholders by allowing the share issue in September 2018 to gerrymander a positive result for King when he finally made his offer in February 2019.

 

The conclusions in paragraphs 84 and 85 of the full report are wrong, as the level of acceptances in the February 2019 offer makes it clear that the offer, had it been made in the time frame as originally demanded by the TOP, and before the targeted share offer the previous September, then it would have become unconditional. Those who wanted to sell were effectively prevented from doing so by King's failure to comply timeously with the Takeover Code.

[Jim Panzee]

21 minutes ago, Footballfirst said:

Absolutely.

 

The TOP failed to protect the interests of ALL shareholders by allowing the share issue in September 2018 to gerrymander a positive result for King when he finally made his offer in February 2019.

 

The conclusions in paragraphs 84 and 85 of the full report are wrong, as the level of acceptances in the February 2019 offer makes it clear that the offer, had it been made in the time frame as originally demanded by the TOP, and before the targeted share offer the previous September, then it would have become unconditional. Those who wanted to sell were effectively prevented from doing so by King's failure to comply timeously with the Takeover Code.

surely quite an embarrassment for the TOP? they've been outmanoeuvred with pretty basic tactics.... 

[132goals1958]

12 minutes ago, Jim Panzee said:

surely quite an embarrassment for the TOP? they've been outmanoeuvred with pretty basic tactics.... 

 

 

Toothless organisation who are more likely to hand out a slap on the wrist together with a mild rebuke.

[Jim Panzee]

6 minutes ago, 132goals1958 said:

 

 

Toothless organisation who are more likely to hand out a slap on the wrist together with a mild rebuke.

indeed. this bit in their statement says it all : "Regulated firms need to be aware that we take all regulatory breaches very seriously and a breach of MAR 4.3 may leave a firm and any individuals involved open to enforcement action.

 

fluffy as you like....

[Mysterion]

38 minutes ago, 132goals1958 said:

 

 

Toothless organisation who are more likely to hand out a slap on the wrist together with a mild rebuke.

Arguably if an individual wishes to push things all the way then it will come at great cost to themselves. The legal bills mounted up significantly for King.

 

To suggest toothless would be inaccurate given what they made King go through and forced him to finally make the offer. 

[eyesandears]

Surely the SFA have to look at this under their Fit and Proper Person Articles now as King has been found guilty of an intentional breach of the Financial Code of Conduct in relation to his takeover of the club. Even if it was "for the love of the Club". 

[132goals1958]

15 minutes ago, Mysterion said:

Arguably if an individual wishes to push things all the way then it will come at great cost to themselves. The legal bills mounted up significantly for King.

 

To suggest toothless would be inaccurate given what they made King go through and forced him to finally make the offer. 

 

 

Ok but they do have a reputation to procrastinate and a poor record in arriving at meaningful outcomes. Rightly or wrongly  my perception is of a gentlemen,s coffee club ,as a part time vocation to their main employment.

[Footballfirst]

King's statement on the TOP ruling.

 

https://rangers.co.uk/news/headlines/statement-by-dave-king-2/

 

Quote

Takeover Panel Hearings Committee Ruling

I refer to the ruling that has been released by The Takeover Panel Hearings Committee in respect of the request by the Executive of the Takeover Panel to have me sanctioned for the delay in making a Rule 9 Offer to shareholders of RIFC.

The Takeover Panel’s Hearings Committee Ruling reflects my admitted breach of the strict terms of its City Code on Takeovers and Mergers (the Code.) The terms of the Code did not allow the Hearings Committee to properly consider the impact of the legal restrictions placed on me by my need to comply with the exchange control regulations of South Africa. This need arose following the Takeover Panel’s decision to require me to make an offer in my personal capacity even though I do not own shares in Rangers International Football Club (RIFC) in that personal capacity. This meant that because of the requirements on me as a South African citizen I was faced with a choice of non-compliance with the Code or non-compliance with the laws of the country that I live in.

In terms of its practical impact, the ruling of the Hearings Committee does not impact upon my personal or business activities – including RIFC. It applies solely to dealings in companies that are or are to be listed on the UK exchanges. For that reason alone I decided – even though I consider I have strong grounds for appeal – not to appeal this ruling. This now allows myself, RIFC and its shareholders to draw a line under this long and much protracted saga.

Rangers supporters already know that my problems with the Takeover Panel arose directly as a result of the steps I took to protect and safeguard Rangers Football Club from the forces that were bent on destroying it at that time. Indeed, the complaint against me was initiated by the RIFC Board at that time (chaired by David Somers) in an attempt to prevent my efforts – along with other notables – to bring about regime change. Despite this latest sanction (and having to spend more than 1 million in litigation costs) I have no regrets whatsoever that I chose to follow this path. The present resurgent state of Rangers is sufficient reward for me.

It is important to note that in its findings the Hearings Committee found no evidence of detriment to RIFC’s shareholders and further noted that any non-compliance by me with the rules of the Takeover Panel was not motivated by financial gain or commercial advantage. Quite the opposite. My investment was motivated – to quote the Hearings Committee – “solely for the love of the club.”

RIFC and Rangers Football Club are not affected by the Hearings Committee’s ruling and the ruling does not impact upon my position as Chairman and a director of RIFC. I have ensured that RIFC has complied with the requirements of the Code throughout the period of my Chairmanship, notwithstanding that the Company is no longer listed. RIFC will continue to comply with the Code. The Takeover Panel has raised no concerns about RIFC’s compliance with the Code in the more than four and a half years since regime change.
 

 

Edited October 11, 2019 by Footballfirst

[Footballfirst]

King's admission that it cost him over £1m in legal costs should be set against what he saved in not having to buy out shareholders who accepted the Code 9 offer.

 

Purchasing the 18.9m shares offered by those shareholders who accepted the offer would have cost him £3.78m plus the costs of making the offer, so a net saving to him around £3m. 

Edited October 11, 2019 by Footballfirst

[kirkierobroy]

1 hour ago, eyesandears said:

Surely the SFA have to look at this under their Fit and Proper Person Articles now as King has been found guilty of an intentional breach of the Financial Code of Conduct in relation to his takeover of the club. Even if it was "for the love of the Club". 

 

As we speak, as the Old Firm once again walk all over any sense of fairness and decency in Scottish football, and as our national team becomes even more of an irrelevant joke, I expect Ian Maxwell, Rod Petrie and Rod Petrie's moustache are, all three of them, too busy having new blazers fitted to comment on or even think about stuff.

[Jim Panzee]

54 minutes ago, Footballfirst said:

King's admission that it cost him over £1m in legal costs should be set against what he saved in not having to buy out shareholders who accepted the Code 9 offer.

 

Purchasing the 18.9m shares offered by those shareholders who accepted the offer would have cost him £3.78m plus the costs of making the offer, so a net saving to him around £3m. 

so a big and brazen F U to the TOP

[FWJ]

So is that it?

”Nothing to see here, move along”?

 

What a farce.

[Marooon!]

Time to close this tragic thread. They are top of the league and in Europe and are not going away and will get stronger and stronger. If anything, they are even bigger supported now. They have tens of thousands on the season ticket waiting list too. 

 

We can't exactly take the moral high ground calling them cheats because that's exactly what we were, unless we just don't do irony!😂

[Coburg Hearts]

 

 

Chris McLaughlin

 

@BBCchrismclaug

 

SFA will discuss Dave King’s ‘fit and proper’ status at next board meeting, following his sanction by the Takeover Panel. The club are obliged to alert the governing body.

Edited October 11, 2019 by Coburg Hearts

[buzzbomb1958]

21 minutes ago, Coburg Hearts said:

 

 

Chris McLaughlin

 

@BBCchrismclaug

 

SFA will discuss Dave King’s ‘fit and proper’ status at next board meeting, following his sanction by the Takeover Panel. The club are obliged to alert the governing body.

They will probably tell him to come in and get measured up for a blazer might as well have all the corrupt barstewards under the same roof