Generic Sevco / Rangers meltdown thread

[Jim44]

Mike Ashley has upset the Sevco masses by buying House of Fraser. With Sports Direct, and shares in Tesco and Debenhams in his portfolio, they’re fast running out of stores to shop in.

[Chorley Hibee]

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Mike Ashley has upset the Sevco masses by buying House of Fraser. With Sports Direct, and shares in Tesco and Debenhams in his portfolio, they’re fast running out of stores to shop in.

I wouldn't worry, your average hun is more likely to be seen in something a little less salubrious than House of Fraser etc.

[O'Rourke3]

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I wouldn't worry, your average hun is more likely to be seen in something a little less salubrious than House of Fraser etc.

Not if they are in there robbing....

[Bostonhibby]

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I wouldn't worry, your average hun is more likely to be seen in something a little less salubrious than House of Fraser etc.

He's launching a bid for pound land, the Buckfast brand and the company that makes monster munch crisps. That should pretty much finish the huns off.

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[Ozyhibby]

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[Smartie]

Does anyone else get a wee lift every time this thread jumps to the top of the board with a post from Ozyhibby?

(It's normally followed by CWG bursting the bubble, but it's normally good fun in between.)

[Keith_M]

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Does anyone else get a wee lift every time this thread jumps to the top of the board with a post from Ozyhibby?

(It's normally followed by CWG bursting the bubble, but it's normally good fun in between.)

Time to ban that guy, he's a real party-pooper.

[Oscar T Grouch]

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Personally I don't think DK ever intends to make the offer so the Rand plummeting against the GBP is not relevant, but it is good to see another obstacle in place to stop the huns operating properly. Given the amount of money they seem to have magicked out nowhere I would imagine a new owner is in the pipeline and the lying king will exit Sevco completely.

[CropleyWasGod]

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Does anyone else get a wee lift every time this thread jumps to the top of the board with a post from Ozyhibby?

(It's normally followed by CWG bursting the bubble, but it's normally good fun in between.)

Oi !!!

Actually, the £ is taking a battering too, so any deals they do in Euros will be costing them a good deal more as well.

That better?

[Smartie]

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Oi !!!

Actually, the £ is taking a battering too, so any deals they do in Euros will be costing them a good deal more as well.

That better?

Lovely stuff.

Thank you.

[Pescarese]

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Personally I don't think DK ever intends to make the offer so the Rand plummeting against the GBP is not relevant, but it is good to see another obstacle in place to stop the huns operating properly. Given the amount of money they seem to have magicked out nowhere I would imagine a new owner is in the pipeline and the lying king will exit Sevco completely.

I can’t see how DK can walk away easily. He’s been ordered to make the offer, personally, so a change in ownership makes no odds. What the courts can do if he stays abroad won’t amount to much, I suppose. And he must be running out of time to spin things out - the usual period for making an offer is one month. All very pleasing.

[Deansy]

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Does anyone else get a wee lift every time this thread jumps to the top of the board with a post from Ozyhibby?

(It's normally followed by CWG bursting the bubble, but it's normally good fun in between.)

Yup - if you'd told me 10 years ago there was going to be a 'Bad news for the Hun' thread that ran continously, I'd have PMSL !. All the years spent wondering just how the xxxx the **** got away with murder and wondering if they'd ever be caught - these days they're as much laughed at as hated ! long may it continue !

[Oscar T Grouch]

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I can’t see how DK can walk away easily. He’s been ordered to make the offer, personally, so a change in ownership makes no odds. What the courts can do if he stays abroad won’t amount to much, I suppose. And he must be running out of time to spin things out - the usual period for making an offer is one month. All very pleasing.

It is but unfortunately it looks like someone with deep pockets is funding them now. Hope not but they’ve been free and easy with the cash this closed season which makes me think they’ve got another sugar daddy.

[Smartie]

Their problems rarely come at this time of year, as they are normally flush with ST cash. This year they have the extra benefit of the European money (I suspect that a huge part of their meltdown post cup-final was due to the realisation that they'd have to do without this for another year).

Have they budgeted to last the season? With so many season tickets sold and problems with selling strips, what income streams do they have throughout the season? Can they deal with early cup exits? What if they don't reach the Europa League group stages? How do they handle going 3 or 4 games without a win? Where are they when they realise that this isn't the year that "55" is going to happen and that Celtic are a step closer to 10 in a row?

I haven't seen too much evidence of cash splashing that they didn't do before. Each manager has been backed to an extent, and they have had to seek emergency funding to see them through every season so far.

I'm happy to see them spending money, I'm not so happy seeing them "Progres" in Europe and earn money to pay for the signings.

[Ozyhibby]

https://rangers.co.uk/news/headlines...neral-meeting/

New share issue?

https://rangers.co.uk/club/investor-...sion-document/

Looks like Dave is going to comply with Tap?


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[HoboHarry]

OK come on CWG, tell us what nonsense Sir Glibness is up to now - I want to see his sorry erchie in jail.......

[CropleyWasGod]

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https://rangers.co.uk/news/headlines...neral-meeting/

New share issue?

https://rangers.co.uk/club/investor-...sion-document/

Looks like Dave is going to comply with Tap?


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Trying to get my head around this bit:-

Shareholders should note that, if this resolution were passed, it could affect Mr King’s mandatory offer
obligation and substantially increase the number of acceptances from existing shareholders needed for such
an offer to become unconditional. Because shareholders subscribing at 20p per share are unlikely to accept
an offer at the same price, the passing of the resolution may make Mr King’s offer less likely to succeed.

Is that a suggestion that King's offer shouldn't be accepted?

[CropleyWasGod]

I'm looking at the list of people to whom shares would be issued:-

7,645,000 Barry Scott
5,250,000 John Bennett
2,500,000 Andrew Ross
5,000,000 Club 1872 Shares CIC
7,500,000 Borita Investments Limited
7,500,000 New Trace Limited
2,500,000 Andrew Hawkyard
2,500,000 Neil Hosie
1,250,000 Paul Redbourn
9,199,089 New Oasis Asset Limited
3,875,094 Douglas Park
2,557,186 George Letham
5,870,768 George Taylor
Total number of shares to be issued 63,147,137

At 20p per share, that's £12.6m.

However, I'm guessing that about 75% of those are current "soft loans"which will be converted to shares. That will help the FFP situation, but isn't a very good fundraiser.

[HoboHarry]

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I'm looking at the list of people to whom shares would be issued:-

7,645,000 Barry Scott
5,250,000 John Bennett
2,500,000 Andrew Ross
5,000,000 Club 1872 Shares CIC
7,500,000 Borita Investments Limited
7,500,000 New Trace Limited
2,500,000 Andrew Hawkyard
2,500,000 Neil Hosie
1,250,000 Paul Redbourn
9,199,089 New Oasis Asset Limited
3,875,094 Douglas Park
2,557,186 George Letham
5,870,768 George Taylor
Total number of shares to be issued 63,147,137

At 20p per share, that's £12.6m.

However, I'm guessing that about 75% of those are current "soft loans"which will be converted to shares. That will help the FFP situation, but isn't a very good fundraiser.

I thought the Easdales, fat Swally etc etc still had lots of shares between them?

[CropleyWasGod]

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I thought the Easdales, fat Swally etc etc still had lots of shares between them?

They do.

I haven't read all of the papers (I know, I'm such an amateur), but I am guessing that they have said they are not interested in taking up their rights in this issue.

[Hibs4185]

Still no prospectus which he needs to comply with TOP. It’s only the ‘advertisement’ with the announcements so I don’t think he will have time to comply with TOP before share issue.

I noticed TOP have given permission to avoid some regulation. I wonder if he’s told them he’s using the cash raised to comply with the TOP.

All of it is very dodgy.

[HoboHarry]

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They do.

I haven't read all of the papers (I know, I'm such an amateur), but I am guessing that they have said they are not interested in taking up their rights in this issue.

Ok I don't understand this stuff - whats the difference between a share issue and King making an offer to buy everyone's shares as the court mandated him to do?

[CropleyWasGod]

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Ok I don't understand this stuff - whats the difference between a share issue and King making an offer to buy everyone's shares as the court mandated him to do?

Simply put, this share issue is to raise new money.

The court thing is to make King offer to buy existing shares. No new cash is raised, and the money goes to the existing shareholders.

[RyeSloan]

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Still no prospectus which he needs to comply with TOP. It’s only the ‘advertisement’ with the announcements so I don’t think he will have time to comply with TOP before share issue.

I noticed TOP have given permission to avoid some regulation. I wonder if he’s told them he’s using the cash raised to comply with the TOP.

All of it is very dodgy.

Seems strange that the company can issue new shares prior to the offer from King....particularly when Rangers themselves note that the share issue may impact the ‘success’ of the offer.

I appreciate that they may not be in a formal offer period in the normal sense but surely as the ToP has ruled that an offer must be made they are in a de facto offer period and thus the dealings in an offer period rules would apply.

As ever it appears King is just doing what he wants regardless.

[CropleyWasGod]

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Still no prospectus which he needs to comply with TOP. It’s only the ‘advertisement’ with the announcements so I don’t think he will have time to comply with TOP before share issue.

I noticed TOP have given permission to avoid some regulation. I wonder if he’s told them he’s using the cash raised to comply with the TOP.

All of it is very dodgy.

Can he do that?

This money being raised is for the company. The money for the TOP case should be his own.

[HoboHarry]

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Simply put, this share issue is to raise new money.

The court thing is to make King offer to buy existing shares. No new cash is raised, and the money goes to the existing shareholders.

Right, that was what I thought. So new share money raised goes to the club to help fund expenses/transfers etc - then King is still going to be seriously out of pocket with any share offer he makes? When is that going to happen?

[RyeSloan]

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Trying to get my head around this bit:-

Shareholders should note that, if this resolution were passed, it could affect Mr King’s mandatory offer
obligation and substantially increase the number of acceptances from existing shareholders needed for such
an offer to become unconditional. Because shareholders subscribing at 20p per share are unlikely to accept
an offer at the same price, the passing of the resolution may make Mr King’s offer less likely to succeed.

Is that a suggestion that King's offer shouldn't be accepted?

Reads to me that they are saying this a great wheeze to make sure Kings offer doesn’t go unconditional therefore please back the proposal?

[CropleyWasGod]

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Right, that was what I thought. So new share money raised goes to the club to help fund expenses/transfers etc - then King is still going to be seriously out of pocket with any share offer he makes? When is that going to happen?

If I knew that........

[Walter]

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If I knew that........

I don’t understand all this financial mumbo jumbo. All I want to know is are they nearly dead yet ?

[HoboHarry]

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If I knew that........

That's kind of what I was getting at - how can they offer new shares when the ruling hasn't been complied with? Is that legal?