Generic Sevco / Rangers meltdown thread

[CropleyWasGod]

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Where does that leave those who have given loans which are due for repayment? Will those loans be written off in exchange for shares with no actual new money coming into the club? Sorry if I have missed something - this isn't my field of expertise......

IMO, that's the point of this exercise (other than out-flanking the TP, if that is his game). Most of those who are intending to subscribe for these shares are lenders. Those loans will, as you say, be converted into shares.

Ballengeich reckons that the Club 1872 mob will be putting new money in, but there won't be much else.

[HoboHarry]

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IMO, that's the point of this exercise. Most of those who are intending to subscribe for these shares are lenders. Those loans will, as you say, be converted into shares.

Ballengeich reckons that the Club 1872 mob will be putting new money in, but there won't be much else.

Sir Glib promised SG 6 million based on a new share issue did he not? Wonder where that's going to come from?

Heh heh heh.......

[HoboHarry]

Phil Mac has posted this - does this mean Sir Glib is being hounded?

https://philmacgiollabhain.ie/2018/0...t-on-thursday/

[CropleyWasGod]

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Sir Glib promised SG 6 million based on a new share issue did he not? Wonder where that's going to come from?

Heh heh heh.......

There are a few names in the list of new shares that I don't recognise. The new money might come from them.

The issue itself is worth £12.6m. So, if he's to raise £6m for SG, only half are debt-for-equity swaps.

At the last count, they had £16m of soft loans, so that DFE would reduce those to £10m. Still pretty high IMO.

[CropleyWasGod]

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Phil Mac has posted this - does this mean Sir Glib is being hounded?

https://philmacgiollabhain.ie/2018/0...t-on-thursday/

It's probably to check whether the TP offer has been made by the due date, ie tomorrow.

[HoboHarry]

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It's probably to check whether the TP offer has been made by the due date, ie tomorrow.

This has a Christmas Eve feeling about it .......

[ballengeich]

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In the Twitter guy's scenario, the shares can be issued and bought in that 6 day window. If the prospective purchasers are clued-up as to DK's intention, that would work.

On your second point, no scooby. It may be that DK has invested a lot of time and money in coming up with this plan... hence the constant delaying tactics.

To repeat my previous post, if he gets away with this the legislation has to be changed or the TOP can shut down.

It's the sort of loophole that a certain type of businessman employs a certain type of lawyer to discover.

[CropleyWasGod]

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To repeat my previous post, if he gets away with this the legislation has to be changed or the TOP can shut down.

It's the sort of loophole that a certain type of businessman employs a certain type of lawyer to discover.

I asked Twitter guy this, but thus far he hasn't responded.

Leaving the TP aside, do the Easdales (indeed, anyone, but they seem to the most affected) have a case.... and, I don't mean morally, but legally, as in "what laws can be invoked...."?

[ancient hibee]

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IMO, that's the point of this exercise (other than out-flanking the TP, if that is his game). Most of those who are intending to subscribe for these shares are lenders. Those loans will, as you say, be converted into shares.

Ballengeich reckons that the Club 1872 mob will be putting new money in, but there won't be much else.

Isn't Club 1872 run by The Rangers Company Secretary?

[CropleyWasGod]

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Isn't Club 1872 run by The Rangers Company Secretary?

You might be right. Its Registered Office is the same as the Club.



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[greenginger]

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Isn't Club 1872 run by The Rangers Company Secretary?

https://beta.companieshouse.gov.uk/company/SC525940


James Blair is one of five directors of Club 1872, and he is the holder of the one and only share in the Company.

[CropleyWasGod]

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https://beta.companieshouse.gov.uk/company/SC525940


James Blair is one of five directors of Club 1872, and he is the holder of the one and only share in the Company.

That's strange.

That has their RO as Rutland Square. IIRC that is the address of BDO. The Club 1872 website has the RO at Ibrox.

I suspect a form hasn't been filled in

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[stantonhibby]

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That's strange.

That has their RO as Rutland Square. IIRC that is the address of BDO. The Club 1872 website has the RO at Ibrox.

I suspect a form hasn't been filled in

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Rutland Square is the address of Anderson Strathern sols which is where Blair works.

[HoboHarry]

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That's strange.

That has their RO as Rutland Square. IIRC that is the address of BDO. The Club 1872 website has the RO at Ibrox.

I suspect a form hasn't been filled in

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Imperfect but eligible......

[CropleyWasGod]

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Rutland Square is the address of Anderson Strathern sols which is where Blair works.

Gotcha. Ta.

A lawyer not keeping the public records up to date? Deary me.

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[ancient hibee]

I think the members of Club 1872 are mugs.

[Jack Hackett]

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I think the members of Club 1872 are mugs.

The members of Club 2012 are just as bad... if not worse.

[Bostonhibby]

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The members of Club 2012 are just as bad... if not worse.

I nearly said at least they're in the right century, but that wouldn't be right either.

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[jacomo]

Seems to me like the lying King is being allowed to run rings around the TOP here.

How on Earth is he allowed to proceed with a share issue while facing potential contempt of court proceedings?

Yet again, the wealthy and unscrupulous seem able to write their own rules.

[Is It On....]

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Here's another take on it. Guy on Twitter who seems to know what he's talking about reckons it could be a master stroke by DK:-

16/8 = King will make mandatory offer. Must be open for 21 days to 6/9

31/8 = New shares all come into effect.

6/9 = 23m shares needed to accept mandatory offer compared to 13m previously

Easdale and non voting block have 14m.

Mandatory offer fails as 50% not hit.

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I don't think you can make a mandatory offer "conditional" on achieving a certain % of the share count. And the the instruction to offer to buy shares that he doesn't already own at 20p and any placing / rights issue are independent events. I would assume further court action if he doesn't adhere to TOP legal requirements as the credibility of the TOP is in shreds if he doesn't.

[Tornadoes70]

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To repeat my previous post, if he gets away with this the legislation has to be changed or the TOP can shut down.

It's the sort of loophole that a certain type of businessman employs a certain type of lawyer to discover.

The old saying's true - You get what you pay for. He's obviously paid top dollar for his legal team to crawl over the wording of TOP's rules and regulations if indeed it plays out in this way.

If it is the case then TOP will have to put forward an opposing argument that any proposed new share issuing would be contrary to Lord Bannatyne's original ruling unless they themselves are not opposed to it.

[Ozyhibby]

https://www.thescottishsun.co.uk/new...mpression=true


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[HoboHarry]

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https://www.thescottishsun.co.uk/new...mpression=true


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Has it dawned on the TOP that King has found a loophole? Maybe they will try for an injunction to prevent the share issue?

[CropleyWasGod]

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https://www.thescottishsun.co.uk/new...mpression=true


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Postponed until October, ie after the proposed share issue.

[Smartie]

I smell corruption.

[HoboHarry]

Hopefully I will be proved entirely wrong, but it appears that King is running rings around the TOP.......

[jacomo]

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Postponed until October, ie after the proposed share issue.

What a joke.

At the last hearing it was agreed that there was no reason why they couldn’t find a date in August. Now he has another two months. It suits King to keep this going forever.

[Billy Whizz]

I hope they get pumped out of Europe tonight, stuff the coefficient (sorry Ozy), but just a horrible vile club

[Ozyhibby]

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I hope they get pumped out of Europe tonight, stuff the coefficient (sorry Ozy), but just a horrible vile club

Haha, no need to apologies. I hope they get pumped as well. Celtic going into Europa probably helps coefficient anyway and us qualifying will help as well.🤞


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[Billy Whizz]

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Haha, no need to apologies. I hope they get pumped as well. Celtic going into Europa probably helps coefficient anyway and us qualifying will help as well.🤞


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They’ll get another £1m in home gate receipts if they get through as well!