Generic Sevco / Rangers meltdown thread

[northstandhibby]

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Did they ever make such a ruling? I'd an idea that the issue had been ducked because SFA membership is with the operating subsidiary while he'd confined his director's role to the holding company.

May become incumbent upon them to answer it if King is obliged to make an offer for every share? He's been caught with his pants down once again. I don't think he sees properly set out rules and regulations as applying to him. A glib and shameless liar indeed.

glory glory

[CropleyWasGod]

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Is that the farewell tour concert or the benefit tour concert

If the Court cases go a certain way, it could be the Oldco Comeback Tour.

"... but we do do Walking Back".....

[Deansy]

What I think is concerning - but NOT a surprise - this case is 'Big news' but not one - BBC/STV/Sun/Daily Rectum etc - any of our esteemed 'media' have as much mentioned anything at all about it (not that I've read/heard - even googling there's nothing !) ! The fact that they've all neglected to mention this case, afaic, proves there's a concerted effort being made to quash/hide all and anything about the Hun - but only if it's 'Bad news' !

[jacomo]

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https://rangers.co.uk/news/headlines...g-statement-6/



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The Sevco story takes another surreal twist.

[grunt]

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The fact that they've all neglected to mention this case, afaic, proves there's a concerted effort being made to quash/hide all and anything about the Hun - but only if it's 'Bad news' !

To be clear - it's not a "case", as in this is not a legal ruling. The Takeover Panel is a City regulator.

There's now a BBC article http://www.bbc.co.uk/news/uk-scotlan...kname=scotland

[Ozyhibby]

http://www.philmacgiollabhain.ie/acting-in-concert/


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[Ozyhibby]

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What I think is concerning - but NOT a surprise - this case is 'Big news' but not one - BBC/STV/Sun/Daily Rectum etc - any of our esteemed 'media' have as much mentioned anything at all about it (not that I've read/heard - even googling there's nothing !) ! The fact that they've all neglected to mention this case, afaic, proves there's a concerted effort being made to quash/hide all and anything about the Hun - but only if it's 'Bad news' !

Every Scottish sports journo appears to have disappeared from Twitter today.


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[Smartie]

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Every Scottish sports journo appears to have disappeared from Twitter today.


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They're probably all busy posting vitriolic comments at the bottom of the stories their papers are carrying on the subject of Indyref2, whilst gently mopping up the foam that is coming from their mouths.

[CropleyWasGod]

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Actually, he has 30 days to communicate a full offer for the shares in Sevco he does not own. Although it's unlikely everyone will sell, I would imagine he will have to have the funds in place to make such an offer? Surely he can't just make the offer and X his fingers that nobody accepts?


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According to Phil, the shares are worthless. Soooooo, I'm no financial wizard, but...if someone came along and offered me 20p for my worthless share.......

[northstandhibby]

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What I think is concerning - but NOT a surprise - this case is 'Big news' but not one - BBC/STV/Sun/Daily Rectum etc - any of our esteemed 'media' have as much mentioned anything at all about it (not that I've read/heard - even googling there's nothing !) ! The fact that they've all neglected to mention this case, afaic, proves there's a concerted effort being made to quash/hide all and anything about the Hun - but only if it's 'Bad news' !

http://www.bbc.co.uk/news/uk-scotlan...iness-39258190

Its virtually all about what King says unfortunately, shows the extreme bias by the beeb instead of reporting the facts of the case.

http://www.thetakeoverpanel.org.uk/

I believe it can enforce its decisions by way of court process.

glory glory

[jacomo]

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To be clear - it's not a "case", as in this is not a legal ruling. The Takeover Panel is a City regulator.

There's now a BBC article http://www.bbc.co.uk/news/uk-scotlan...kname=scotland

Why is this a set back for King?

All he needs to do is over invest in some shares and - bingo! - he owns the whole lot!

No doubt he'll be cracking into that wine cellar tonight. He's got a lot to celebrate.



Btw I love how he says those responsible for the takeover battle bear 'a heavy responsibility'.

Er, that was you Dave, ya f***wit.

[Deansy]

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http://www.bbc.co.uk/news/uk-scotlan...iness-39258190

Its virtually all about what King says unfortunately, shows the extreme bias by the beeb instead of reporting the facts of the case.

http://www.thetakeoverpanel.org.uk/

I believe it can enforce its decisions by way of court process.

glory glory

You could argue the BBC have only printed that today because the news of this 'ruling' came out today - why the previous silence/non-mention ?. Afaic, it IS 'Big news' as it affects a club who carried out one of the biggest financail cons in World-football ! (or at least that'll be confirmed when the supreme court wipes out LNS verdict) Add in the fact that their chairman IS a crook and I'd think that in any other country, the media would be all over ?

[northstandhibby]

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You could argue the BBC have only printed that today because the news of this 'ruling' came out today - why the previous silence/non-mention ?. Afaic, it IS 'Big news' as it affects a club who carried out one of the biggest financail cons in World-football ! (or at least that'll be confirmed when the supreme court wipes out LNS verdict) Add in the fact that their chairman IS a crook and I'd think that in any other country, the media would be all over ?

Absolutely. It appears they've waited until the appeal boards decision and King's statement in order to manage the media output on this extraordinary development concerning TRIFC. I'm sure they will be debating on their best way forward to limit the exposure and damage done as is the Scottish Media way. It's startling most of us had no knowledge of this case as its consequences could be very interesting indeed.

glory glory

[BH Hibs]

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They're probably all busy posting vitriolic comments at the bottom of the stories their papers are carrying on the subject of Indyref2, whilst gently mopping up the foam that is coming from their mouths.

Either that or they're still pished or hungover from their heroes gallant last gasp draw yesterday.

[Ozyhibby]

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[GordonHFC]

I like the way that the Lying King mentions the Takeover Appeal Boards 'much delayed ruling' but forgets to mention that he was the one holding up the proceedings by failing to attend and then making bogus meetings around availability dates. FUD !!!!

[JackLadd]

King's statement is bizarre. Seems to be selling some lie that the exchange-less shares are worth more than 20p, so the hordes with RIFC certificates will not take it up. Desperate to put them off. Of course the compulsory buyout will be very expensive in itself, so even if King is right (doubtful) he faces a huge bill.

[Is It On....]

Just had a quick check on the shareholder register. At 20p per share he could be forced to buy out a number of people that may have voted against the recent proposal to change the way new shares are issued. This list includes Mike Ashley £1.45m, Alexander Easdale £1.05m, River and Mercantile £940k. This comes to a tasty £3.44m and is 21.1% of the share capital. Can't imagine it's what Disco Dave was hoping for 🙂

[HoboHarry]

Surprised that King isn't leaping with joy at the thought of owning all those Rangers shares, him being a RRM and all that. Surely this helps him with his promised investment plans?

Haw haw haw.............

[CropleyWasGod]

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Just had a quick check on the shareholder register. At 20p per share he could be forced to buy out a number of people that may have voted against the recent proposal to change the way new shares are issued. This list includes Mike Ashley £1.45m, Alexander Easdale £1.05m, River and Mercantile £940k. This comes to a tasty £3.44m and is 21.1% of the share capital. Can't imagine it's what Disco Dave was hoping for 🙂

To be clear, he's not being forced to buy them out. He's being forced to make an offer.

Having said that, he may decide to circle the wagons and pull the plug (and any other metaphor), before he goes that far.

[Is It On....]

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To be clear, he's not being forced to buy them out. He's being forced to make an offer.

Having said that, he may decide to circle the wagons and pull the plug (and any other metaphor), before he goes that far.

I know - bad use of language ☹️. To be bought out is their decision but he is being forced to give them the option to sell to him. At least I was right it would cost him £3.44m to buy out those 3 (if they accepted the tender offer at 20p 🙂)

[CropleyWasGod]

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I know - bad use of language ☹️. To be bought out is their decision but he is being forced to give them the option to sell to him. At least I was right it would cost him £3.44m to buy out those 3 (if they accepted the tender offer 🙂)

To me, their minority interests suggest that their shares aren't worth 20pence, and that's DK's problem. Why would they turn him down?

My guess, and it is early days so it is just a guess, is that he will delay things past the deadline..... long enough for this season to end, perhaps..... and then (if it is in his interests) force administration.

I won't be the first person to think that after today's ruling, and that thought alone has probably wiped much off the share value.

[Fuzzywuzzy]

So, does this mean that admin two is closer now since glib and shameless is f'd?

[HoboHarry]

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To me, their minority interests suggest that their shares aren't worth 20pence, and that's DK's problem. Why would they turn him down?

My guess, and it is early days so it is just a guess, is that he will delay things past the deadline..... long enough for this season to end, perhaps..... and then (if it is in his interests) force administration.

I won't be the first person to think that after today's ruling, and that thought alone has probably wiped much off the share value.

Is there any legal method for him to walk away from Sevco and no longer be subject to the ruling?

[Bostonhibby]

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While the focus has generally been on the business's trading losses I've felt for some time that these were close to being under control and that any real threat to their finances would come from court cases, caused by the board's high-risk strategy to the company's contracts with other businesses and individuals.

It remains to be seen how much this particular case could cost the directors as it's unclear what percentage of other shareholders would want to accept any offer. However, regardless of that figure there's a few more other cases looming. It's possible that Warburton's departed management group will win their compensation claim. Additionally there's a couple of legal conflicts with Ashley's companies in which the sums at stake seem substantially higher. Win these and Rangers' commercial income rises significantly. Lose and the fat man will want revenge for the removal of his henchmen from the Ibrox board two years ago.

How deep are the directors' pockets?

Good points here.

Is this why he had to keep the now legendary, nae mythical warchest back and instead of spending it on footballers that type of money could command they got Hill teirnan senderos waghorn etc?

Or was he hoping some other mug might buy him out before this liability came along?

I wouldn't sell for any less that 50p a share

End game is coming for dodgy dave as his own money is required soon.

[Bostonhibby]

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According to Phil, the shares are worthless. Soooooo, I'm no financial wizard, but...if someone came along and offered me 20p for my worthless share.......

I'm not selling until it hits 50p and rangers men are running the show again. I'm talking cheeky Charlie Green with coisty's full backing. Craig Whyte will also be acceptable if he stays out of jail but only if he sells half the club back to Murray for 50p and they take them back to the good old days together.

Hello hello we are the silly boys.

[Is It On....]

Some rather irate Raingers man on The Den just realised that the £5k he invested at 70p instead of buying a kitchen is now potentially worth £1428 at 20p. As has been mentioned, if he doesn't take the chance to sell now he probably won't have enough for a toaster in a few months time!!

[Jack Hackett]

There's something deeply , coming home to find that there's an extra 3 pages of posts on the 'Generic Sevco/'The' Rangers meltdown thread'

I suspect MSM will be penning libraries of stories in the next month advising against selling, as the Good Times are just around the proverbial corner. I also suspect that individual fools who forked out 75p for each of their now practically worthless shares, might just decide that 20p is better than nothing.

[CropleyWasGod]

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Is there any legal method for him to walk away from Sevco and no longer be subject to the ruling?

If they go into admin, certainly.

I'm not sure, though, what the implications would be were he to sell off his own holding. TBH, I'm not sure why he would do that.

[HoboHarry]

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If they go into admin, certainly.

I'm not sure, though, what the implications would be were he to sell off his own holding. TBH, I'm not sure why he would do that.

Sorry I had meant was there anyway he could personally walk away by resigning from whatever his position is, or is he still liable even if he is hiding in his bolt hole in South Africa?