Generic Sevco / Rangers meltdown thread

[Jack Hackett]

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How can the glib and shameless one claim at the AGM that he is giving loans but tell the court he is skint?

Is it because he's glib and shameless?

[Keith_M]

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How can the glib and shameless one claim at the AGM that he is giving loans but tell the court he is skint?

Maybe he's only skint cause of all the loans.

[Ozyhibby]

Dave King in court today on contempt charges. Will be interesting to see where this ends for the takeover panel. Their reputation is very much on the line today.


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[Bostonhibby]

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Maybe he's only skint cause of all the loans.

He probably should just owe it all to himself, this form of debt conversion is seen as a quick solution to the hard of thinking and enables them to carry on as if there's nothing wrong.

Owning a bank is another panacea.

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[Ozyhibby]

From SFM site:-


Looks like we will have a full house at the CoS this morning. King and Blair are here. Photographers lurking outside. JC is currently engaged in a conversation with Chris McLaughlin of the BBC.




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[CropleyWasGod]

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From SFM site:-


Looks like we will have a full house at the CoS this morning. King and Blair are here. Photographers lurking outside. JC is currently engaged in a conversation with Chris McLaughlin of the BBC.




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John Collins?
Jason Cummings?
Jesus Christ?
****ing Clarkson?

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[lapsedhibee]

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John Collins?
Jason Cummings?
Jesus Christ?

It's Jaffa Cake, a colleague of Biscuits'.

[CropleyWasGod]

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It's Jaffa Cake, a colleague of Biscuits'.

Is he a cake, or a meringue?

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[Tynie01011973]

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John Collins?
Jason Cummings?
Jesus Christ?
****ing Clarkson?

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Is it not John Clark? He is one of the Celtic Res 12 guys

[HoboHarry]

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Is he a cake, or a meringue?

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Neither, he's a biscuit as well.....

Orange.jpg

[JXM73]

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Is he a cake, or a meringue?

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Naw yer right, its a cake

[CropleyWasGod]

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Naw yer right, its a cake

Thank you, Lex McLean

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[lapsedhibee]

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Is he a cake, or a meringue?

You are. The people have spoken, 55% to 45%.

[Newry Hibs]

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https://www.bbc.co.uk/sport/football/46359606

Seems all is well in the big house

Slightly controversial comment from Gerrard ....

Gerrard paid tribute to the support he has received from King, managing director Stewart Robertson and director of football Mark Allen since his arrival.

"I feel I'm in such a blessed position to be here as manager," he added. "I hope I stay here for a very long time and we share some really good times together."

[Famous Fiver]

Any sign of Mr T to put a spin on things?

[Ozyhibby]

A few snippets from this morning's proceedings

A slip of the tongue from King's QC – he mentioned shares in the "club" and quickly corrected himself to the "company".

Lady Wolffe, when referring to tweeting noted that Lord Hodge had allowed it when dealing with the insolvency of Rangers no. 1.

King is expected to go into the witness box later. It appears that King's side is putting up a defence using "men's rea" in that King's understanding of what he was told was different from TOPs so he didn't know what he was doing /not doing was wrong.

TOP appears to have accepted that the new shares will be included in any offer. That will make it unlikely that King will reach the 50% threshold required to make the offer unconditional.

TOP has received inquiries from several shareholders who wish to sell though.

——————-

From SFM site.


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[Ozyhibby]

https://www.scotsman.com/regions/gla...mpression=true


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[JeMeSouviens]

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A few snippets from this morning's proceedings

A slip of the tongue from King's QC – he mentioned shares in the "club" and quickly corrected himself to the "company".

Lady Wolffe, when referring to tweeting noted that Lord Hodge had allowed it when dealing with the insolvency of Rangers no. 1.

King is expected to go into the witness box later. It appears that King's side is putting up a defence using "men's rea" in that King's understanding of what he was told was different from TOPs so he didn't know what he was doing /not doing was wrong.

TOP appears to have accepted that the new shares will be included in any offer. That will make it unlikely that King will reach the 50% threshold required to make the offer unconditional.

TOP has received inquiries from several shareholders who wish to sell though.

——————-

From SFM site.


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mens rea - no apostrophe, it's latin for "guilty mind".

[oldbutdim]

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mens rea - no apostrophe, it's latin for "guilty mind".

Bonus vir semper tiro.

[Famous Fiver]

What's the Latin for 'The Ba's on the Slates'?

[CropleyWasGod]

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What's the Latin for 'The Ba's on the Slates'?

Datsit fuctus.

[Moulin Yarns]

https://twitter.com/BBCchrismclaug/s...974686209?s=19

King takes the stand tomorrow

[Ozyhibby]

From SFM again.

————————-

Today's Court of Session proceedings were relatively dull, compared to what I might have expected. That was down to all the witnesses having submitted affidavits beforehand, then questioned, first by Dr David Johnston QC for TOP, then cross examined (at length) by Jonathan Mitchell QC for King. The public doesn't get to see the affidavits, so we are limited to the bits and pieces discussed in court.

Johnston limited himself to a few questions to each of the witnesses, just to highlight a few key points, then it was Mitchell's turn. He did his usual and talked a lot about not very much, boring the pants of everyone.

The first of the witnesses, Christopher Jillings, one of three Deputy Director Generals of the Takeover Panel, was the lead person on the King case, so he was party to most of the correspondence and calls that went between King and the TOP.

He knew the code inside out, and on the odd occasion the Mitchell drew his attention to a provision of the Takeover Code, he was was quick to respond, telling Mitchell that he was not reading it properly, e.g. Mitchell referred to the code only applying to listed companies, but Jillings quickly retorted that Rangers was listed at the time of the Concert Party acquisitions, and in any event, if he read the next point he would see that the code applies for 10 years after delisting anyway.

Jillings had a comprehensive record of all the emails that had bounced back and forth and appeared to have been consistent throughout. At one point he confirmed that if King had complied, then the contempt proceedings would most likely have been halted.

The second witness, Jeremy Evans, an Assistant Director General, had taken over the case when Jillings was on holiday, but his expertise appeared to be in relation to the role of "Cash Confirmer" (the person/company who confirms that they hold access to the funds needed to satisfy an offer, preferably in an accredited UK financial institution. King has never had a financial advisor far less a Cash Confirmer, which is the essence of the issue that has allowed King to prevaricate for so long.

The third "expert" witness was Kevin Cron, an attorney from South Africa who has the best part of 40 years experience in exchange controls. It turns out that King, through Laird made an application to clear funds on 6 August, but he then requested that the application be suspended later in the month, prior to the share placing. Cron advised that the level of Laird's application, ZAR 188m, meant that an authorised dealer could approve the transfer of funds to the UK. If the request was for more than ZAR 1bn, then it would have to go to the SA Treasury. Cron thought that Laird's application, was lacking in detail, so may have prompted some questions from Investec, the authorised dealer, but should have been approved within a couple of weeks. Had it gone to the treasury, then it could take up to six weeks for a decision. He also commented that the application didn't need to have a tax compliance statement as the transaction was being carried by for a company rather than an individual.

On completion of the TOP submissions, there was some discussion about tomorrow's witnesses, i.e. King and Blair only. There was a concern about two other affidavits submitted from King's side, as there was no opportunity for the witnesses to be cross examined on their content, if they weren't going to be called. In that case, Lady Wolffe indicated that she would have to consider the weight she gave to their statements.

Mitchell went on to confirm that King had written his statement himself, and described that as "good" as it reflected his state of mind at the appropriate times. (the "mens rea" defence again)

Proceedings resume at 10am tomorrow.

Note: I spoke to a couple of the TOP guys after the court adjourned and asked about the effects of the share placing. They confirmed that it was allowed by Takeover Code with certain restrictions, but they couldn't do anything about the position of the smaller shareholders who wished to sell, and might have been able to do so prior to the share placing, but may not get the chance if the 50% threshold is not met to make the offer unconditional, because of the enlarged share base.

King appears to have a number of irrevocable undertakings from the placees (and Club 1872) confirming that they won't take up the offer. If King can get 50% of the 66% non concert party shares mandated in that way, then he won't have to make an offer at all. I suspect that he is still shy of that mark but it won't stop him making the point tomorrow.

Edit: It was the TOP who recommended to King that he obtained the undertakings, as it would reduce the amount of cash that he has to provide up front when he finally makes an offer.


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[Famous Fiver]

Thanks Ozy.

Might have to get more popcorn in with the weekend's shopping by the sound of things.

[jacomo]

FFS no one is obliged to become a director of a company are they? If you do decide to become a company director (particularly the chairman of a company) you are expected to know the rules.

King is playing the legal system for fools. Just find him in contempt of court already and get one with the next stage.

[Ozyhibby]

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[Ozyhibby]

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[Ozyhibby]

Following the break King has provided the court with an undertaking which will be published on the RFC website by 3rd Dec.

A cash confiirmer to be appointed by 14 Dec.

11 Jan for the cleared funds to be in place in the UK.

25th Jan for the offer to be made.

Appoint a legal advisor familiar with the Takeover code by 14 Dec.

The undertaking is not opposed by TOP.

Lady Wolffe is not minded to discharge the action and will continue the proof until 4 February with King ordained to attend if it goes ahead.

A check will be made on progress by 29 Jan. in a "by order" hearing. If all is in hand by then the proof will be discharged.

Lady Wolffe addressed King directly and made it clear that he will be obliged to attend in February.




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[HoboHarry]

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Following the break King has provided the court with an undertaking which will be published on the RFC website by 3rd Dec.

A cash confiirmer to be appointed by 14 Dec.

11 Jan for the cleared funds to be in place in the UK.

25th Jan for the offer to be made.

Appoint a legal advisor familiar with the Takeover code by 14 Dec.

The undertaking is not opposed by TOP.

Lady Wolffe is not minded to discharge the action and will continue the proof until 4 February with King ordained to attend if it goes ahead.

A check will be made on progress by 29 Jan. in a "by order" hearing. If all is in hand by then the proof will be discharged.

Lady Wolffe addressed King directly and made it clear that he will be obliged to attend in February.




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Now it's really time to sit back with a bucket of popcorn lol.......

[Keith_M]

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Following the break King has provided the court with an undertaking which will be published on the RFC website by 3rd Dec.

A cash confiirmer to be appointed by 14 Dec.

11 Jan for the cleared funds to be in place in the UK.

25th Jan for the offer to be made.

Appoint a legal advisor familiar with the Takeover code by 14 Dec.

The undertaking is not opposed by TOP.

Lady Wolffe is not minded to discharge the action and will continue the proof until 4 February with King ordained to attend if it goes ahead.

A check will be made on progress by 29 Jan. in a "by order" hearing. If all is in hand by then the proof will be discharged.

Lady Wolffe addressed King directly and made it clear that he will be obliged to attend in February.




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Sorry but didn't he basically say all that before and didn't go through with it?


He's just stringing them along, again.