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https://rangers.co.uk/news/headlines...sult-notice-3/
Res 11 is one of the reasons we need HSL to get to 26% although even that is no guarantee as they appear to have persuaded Club 1872 to vote to make their own shares worthless.
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What does Resolution 11 mean in non-CWG language? :wink:Quote:
Originally Posted by Ozyhibby
And what effect (if any) will Lord Bannatyne's judgement have if he finds for the take over panel?
They'll be lucky, with three qualifying rounds before the group stage. Fell at the first hurdle this season.Quote:
Originally Posted by CropleyWasGod
Lets make sure we finish above them then and make qualifying for Europe difficult for them.
CWG will prob correct me on this but I think it means the board can now create more shares and issue them to whoever it chooses at a price that it chooses without offering the same deal to all shareholders.Quote:
Originally Posted by HoboHarry
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Difficult when they are able to use cash from offshore sources not available to teams spending within our means.Quote:
Originally Posted by Captain Trips
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Deserves all he gets, or doesn’t get, if he goes there! No money, no decent players and no trophiesQuote:
Originally Posted by Firestarter
There is a few decent players there, only a few at most with Windass imo being there best. McInnis would be a mug professionally to go there. I like the guy and assume he will have the sense to stay put for now.Quote:
Originally Posted by Joe6-2
Quote:
Originally Posted by HoboHarry
I think it means that they can convert debt owed to the directors into new shares without having to give other shareholders the chance to increase their holdings. That wouldn't bring any fresh money to the club, but it would make it easier for them to comply with UEFA's fair play rules.
They plan to let Club1872 buy more shares as that would actually raise some cash. For other shareholders it means that the value of what they own will be reduced. That means that if Lord Bannatyne finds for the TOP a price of 20p per share could look very attractive to anyone who isn't there purely as a fan.
If King's compelled to offer 20p for all other shares and a significant proportion accept (say the 22% who voted against Resolution 11 plus the off-shore holdings who weren't allowed to vote), it'll cost him several millions in addition to the £7m he's apparently pledged to cover estimated losses up to summer 2019. If I was advising the three bears I'd be suggesting that they make plans for how they'll cope if he doesn't come up with the money when it's wanted.
That's where I am with McInnes - 'Greed' taking priority over 'Common-sense', which would be NOT taking over that basket-case of a club ! !. Earning probably 4-5 times what he's earning at Aberdeen would be the only reason for taking a job where he'll get non-stop grief for the heinous crime of finishing second/behind Septic !Quote:
Originally Posted by stoneyburn hibs
The Clash Should i stay or should i goQuote:
Originally Posted by Deansy
Seems s shoe in if the Media frenzy on the West Coast is to be believed
If Rangers were to win again at Aberdeen and and he jumps ship then And Rangers finish above Aberdeen Aberdeen fans would not be happy
But he isn't really winning things at Aberdeen so if he Doesnt want to go down south he may well fancy the Challenge
If Lord Bannatyne issues the expected interlocutor ordering King to make good the share offer then that is exactly what he will have to do irrespective of any proposed Resolution 11.Quote:
Originally Posted by HoboHarry
If he is its been an unmitigated embarrassment for both him and all concerned. I'd feel really sorry for the sheep fans who'd have been taken for mugs by both McInnes and the unbelievably shockingly biased scottish media and pundits who've once more been cheerleaders in unsettling and ensuring a move.Quote:
Originally Posted by Firestarter
I'd be very angry if I was a sheep fan and this occurred just a few days after the chairman informing the supporters he wasn't going anywhere. I'd probably chuck football altogether.
GGTTH
Especially if they lose 2 games to them in the week preceding it.Quote:
Originally Posted by lgnsh70
Hope McInnes goes to Sevco. He can’t be a success there while Celtic are so cash rich and it upsets Aberdeen. Win win.
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That would be the nail in the coffin or a spark to ignite unprecedented anger. Sportsound midweek has been the loudest in proclaiming McInnes will be the next hun manager while no approach had been made. A disgrace if it happens.Quote:
Originally Posted by high bee
I think he will be a relative success if he goes to sevco, he will improve them in my opinion more than some of the clowns the've had recently.
He wont get near Celtic though, certainly not near enough for the mutants.
How long will they support him being 2nd best?
The Hun have been using their propaganda wing to unsettle McInnes and even after he has said and his chairman has said he is staying they have still kept up the barrage of stories about him being next boss. The media in this country are a total disgrace.
If Mcinnes was serious when he pledged his loyalty to the sheep then nothing the media says would unsettle him. Unless he was using the media himself of course. If he was , don’t shoot the messenger.Quote:
Originally Posted by weecounty hibby
The day after the chairman of Aberdeen stated McInnes had informed him he (Mcinnes) had pledged to remain at Aberdeen Kenny McIntyre's Sportsound Team were speculating if it was the truth or not. Don't shoot the messenger line is pathetic at best.Quote:
Originally Posted by marinello59
Exactly - all that'll change is McInnes will be in a far higher tax-bracket, he'll never be off 'Sportscene' and he'll be heavily touted for Scotland-manager - all within 2 years - TOPS !Quote:
Originally Posted by blackpoolhibs
Meanwhile the Hun-loyal will be proving they're anything but loyal as their attendances plummet due to Septic nearing '10 in-a-row', despite Rangers cementing 'Best of the rest' (whoopee-doo - much the same as the Jambos one-time much proclaimed - '3rd-Best' !!), their debts will be £40m+ and the Scottish 'media' will still be advising them to get further into debt to theoretically challenge Septic !
Sooooooooooooooooooo looking forward to their next administration - surely they'll die this time ??
I will only believe Mcinnes doesn’t want to go to Rangers when he pledges his loyalty from the Pittodrie pitch.Quote:
Originally Posted by lgnsh70
And if he left after that then it could only be the big bad media to blame for forcing him to move against his will.
The media are largely The Rangers supporters so no surprise there.Quote:
Originally Posted by marinello59
The same way McLiesh did at ER. Then th Hun media swung into to action again. Their medIa are a disgrace and are doing rangers job for them and have done e for decadesQuote:
Originally Posted by marinello59
MacLeish didn’t leave us because of the media. He wanted to go and his promise to stay was meaningless. Just like Mcinnes will only leave because he wants to, it will be 100% his choice.Quote:
Originally Posted by weecounty hibby
So, the rumour mill says they will make an approach for McInnes early next week. Personally I think he's the right man from their point of view. I hope they don't get him but end up with big Eck again.
I'm probably in the minority given that McInnes leaving would weaken Aberdeen without enabling Sevco to catch Celtc, but I'd like him to stay put.
The outrage at Ibrox when they realise that they've been knocked back will be worth it.
DM will go if that's what he wants, the media if of a Sevco persuasion will do all they can to unsettle things if those individuals think its in Sevcos best interests. I'm sure he does wish to be Sevco manager at some point and might want to stay at Aberdeen just now but has to be careful not to upset Sevco if it's not interested as they will then in their logic decide he is a ****** B stard
If I recollect ,Judas was meeting with senior figures from ibrox for months while swearing his allegiance to Hibs............hope he goes back,pretty sure he will take them no where fast.Quote:
Originally Posted by marinello59
Apparently not in the dug out tomorrow. Deal already done in the past week which makes you question why he would have been in charge on Wednesday.
Quote:
Originally Posted by Fuzzywuzzy
If this turns out to be true ,that is truly reprehensible, the Dons fans will be furious,as they should.
Hmm,more bad blood between them..........interesting times.
The press through in the West running another article in the lead up to The Rangers game saying The Rangers are bookies favourites to sign John McGinn
They have just announced losses of over seven million ,have to pay off yet another Manager hence dragging their heels appointing a new one clearly as they need to save money
They have no chance of getting Mcginn on the cheap so its about time someone challenged this nonsense
Can we sing a song about this at the game
You cant afford Mcginn
Super John McGinn
you just don't
seem to understand
Your Dirty Cheating Huns
You cannae afford the Funds
We've
Got Super John Mcginn
Bit naff but you get my drift Someone can probably come up with something better
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Quote:
Originally Posted by Ronniekirk
Nice sentiment but more than a little counterproductive. I don’t think we should be lending credibility to this nonsense by acknowledging it and certainly not at a game where the only person like to be in the least affected would be McGinn himself.
This is one to watch! Any truth in such a story would surely represent a clear conflict of interest.Quote:
Originally Posted by Fuzzywuzzy
Plenty truth in the story then they will try and unsettle us by bidding for Super JohnQuote:
Originally Posted by Hibernia&Alba
The Aberdeen Board should of had the bottle to let someone else be in charge for that second game v The Rangers They have gifted them six points and let them leapfrog them into second place then they take their Manager
He didn't accept other jobs down south and that was s clear indication he was biding his time for The Rangers job
No idea how he will do their , but i think The Board will have to back him big style to keep fans on board and look to get beyond European qualifiers Thats key for next Season to their longer term plans The longer they take to do that , the more money needs poured into the Club
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Think JJ has gone completely off his rocker here - claiming Pena is as good as Jim Baxter and that the Sevco attack will run riot against Celtic....... :faf:
He was always completely off his rocker. Pay no heed to him.Quote:
Originally Posted by HoboHarry
With the judicial review now gone and the clubs turning a blind eye, this is almost done now. They have got away with it. There is only the awarding of the UEFA license decision from the compliance officer to go and I expect him to pronounce them guilty but with a slap on the knuckles.
After that, the only fun to be had would be in a possible insolvency for Sevco.
JJ’s hits to his website will be falling dramatically I imagine.
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They appear to be in court this Wednesday with this company in Singapore.
http://www.dailyrecord.co.uk/sport/f...-asian-1593384
Article is from 2013
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They appear to be in court this Wednesday with this company in Singapore.
http://www.dailyrecord.co.uk/sport/f...-asian-1593384
Article is from 2013
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https://uploads.tapatalk-cdn.com/201...fba9c14754.jpg
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His site is a total embarrassment now. Was going on about the faking of the moon landings a few weeks ago.Quote:
Originally Posted by Ozyhibby
I don't see the problem with that, he often blogs on non football matters and shining a light on NASA faking the moon landings provided a welcome break from his daily GASL tirades. I look forward to him exposing the fake chinese moon landings of 2013.Quote:
Originally Posted by Mantis Toboggan
I think he’s wired to the moon.Quote:
Originally Posted by fat freddy
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I don't think even our 'media' in general would run with that story - for 2 reasons -Quote:
Originally Posted by Ronniekirk
1) The Hun are skint - they simply cannot afford SJM
2) It's a well-known fact that SJM is ambitious - 'Greyskull' wouldn't even make the register for the 'last place he'd go to' !
Provide financial support'
The loans took the total debt to £15.9m - of which £6.7m is owed to New Oasis.
The report said: "The board have discussed the club's forecast cash shortfall and have reached an agreement with New Oasis Asset Limited whereby they will provide additional loan facilities as necessary to meet the above requirements.
"Further to this, New Oasis Asset Limited and certain investors have agreed to extend their existing loan facilities to July 2019.
"The board is satisfied that those parties will continue to provide financial support to the group and have satisfied themselves as to the validity of the undertakings.
"The board acknowledge that had these assurances not been secured then a material uncertainty would exist which may cast doubt over the groups' ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business."
I can only think the £16m debt is being extremely generous. More than likely one of the many reasons for McInnes not to go there.
They can't afford him. And I think that any chance they thought they had of getting McLean from Aberdeen is probably screwed when McInnes gives him the lay of the land
Yes, they are financially doped to the eyeballs in order to get one of those euro places ahead of us. I’m not sure why we just accept that.Quote:
Originally Posted by Fuzzywuzzy
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Doesn't look like sevco are moving on from their predecessors, the now defunct Glasgow rangers method of funding success.Quote:
Originally Posted by Ozyhibby
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:agree:Quote:
Originally Posted by Ozyhibby
Quote:
Originally Posted by Ozyhibby
How can we not accept it? Sevco have done nothing legally wrong as far as I can see, and FFP has been shown to be a sham. You'll get nothing there.
I am, however, thinking that serious financial woes might be coming. Best thing Hibs can do is stop them qualifying for Europe.
The latest Court case.
http://www.dailyrecord.co.uk/news/sc...legal-11703666
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Latest from JJ
"
Companies House Bombshell
Date: 11 December
Form: PSC01
Description: Notification of Alastair Johnson as a person with significant control on November 15.
Regan: “Look Dave you’re ****ed. Let Alastair take over or your club will go down the Swanee. Think of my fat cat bonuses from William Hill and Ladbrokes. Since when was the SFA a parochial concern?”
This Companies House bombshell has gone largely unreported in the SMSM. Colour me surprised. So how did Johnston acquire his significant control? One could make a cogent case for Johnston buying out King as it kills two birds with one stone:
1. The ‘Cold Shoulder’ and any Court of Session edicts fall squarely on King, and as a former shareholder the impact on RIFC plc would be mitigated.
2. The £7.2m, promised by King to satisfy the auditors, which would have been a case of throwing bent money after bad, can remain safely ensconced in The British Virgin Islands.
However if (2) holds true, then Campbell Dallas are compromised. Is this announcement the rationale for the auditors recently beating a path to Edmiston Drive?
Is this the reason for Stewart Robertson dropping all communication with McInnes?
Is Sir Bribe & Lie behind the Johnston putsch? Will he step up to provide the £7.2m quantum required to keep the lights on? Or is Johnston going it alone with a view to raising this quantum at The Rinse & Dry Share Issue?
Developing Story"
And is anyone able to translate that into meaningful English?Quote:
Originally Posted by Tynie01011973
As ever, JJ fails to see the wood for the conspirators hiding in the ****ing trees.Quote:
Originally Posted by Golden Fleece
If he actually looked at the Companies House website, he would see that Johnston ( and Barry Scott, one of the Hong Kong guys; why no mention of him?) were registered as Persons of Significant Control because they have "the right to exercise, or actually exercises, significant influence or control over the company."
If AJ had actually bought sufficent shares to take him over a 25% holding, that would have been recorded differently, and would have explicitly said so.
He also ignores the fact that both were appointed as directors on the same day.
Anybody else want to spike his "breaking story"? I need to get my housework done before the game starts.
Barry Scott, is that the guy from the Cillit Bang advert? 😉Quote:
Originally Posted by CropleyWasGod
http://club1872.co.uk/wp-content/upl...GM-2017-QA.pdf
Sevco admitting the are going to need champions league football to break even in questions 6&7.
Ignoring the folly of trying to repeat this and where it led last time, in the meantime it’s clubs like Hibs who are going to lose out here as they qualify for Europe ahead of us. Not sure why Hibs are happy to just let this go?
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https://www.scotcourts.gov.uk/curren...-ff0000d74aa7#
Friday appears to have been marked down as deliverance day for the keenly awaited Lord Bannatyne Judgement!
GGTTH
Quote:
Originally Posted by Ozyhibby
That is staggering.
In order to qualify for the CL group stage, they will need to finish above Celtc and then negotiate the qualifying rounds.
Yet their answer to 'how will you catch Celtc?' is 'play in the CL group stage??
It doesn't actually say that. It talks about the "gulf" between them and Celtic. Celtic have the CL, Rangers don't.Quote:
Originally Posted by Ozyhibby
Q. The most recent financial results are encouraging but highlight the staggering gulf between us
and our nearest competition. Can this board please outline how they plan to deal with this
substantial deficit going forward?*
A. The majority of the deficit is accounted for through qualification for the Champions League
group stages.
It's staggering that they seem to think that the group stages of the CL can be achieved with players like Lee Wallace, Ryan Jack and Josh Windass....... :faf:Quote:
Originally Posted by Ozyhibby
Sorry CWG but there is no doubt in my mind that is what they are inferring....Quote:
Originally Posted by CropleyWasGod
"The majority of the deficit is accounted for through qualification for the Champions Leaguegroup stages. Other income streams such as retail revenue and commercial income areincreasing however there needs to be a recognition of just how valuable qualification forthe group stages of the Champions League has now become. It is worth in the region of30m Euros plus associated gate monies."
Yes, the deficit between them and Celtic. The question was asked by Club 1872 about the gulf between them.Quote:
Originally Posted by HoboHarry
They have already gone on record that, in order to be a Going Concern, they have to qualify for the group stages of the Europa league for 3 out of the next 5 (make it 4 now) seasons.
https://uploads.tapatalk-cdn.com/201...0d54620e93.jpg
Also says that regular European football is necessary to achieve break even.
Who is that European football going come at the expense of? Probably us.
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However what they’re also implying is that Celtic need that money to maintain the gap.If they don’t have it then things would be more equal.(they hope)
I've thought for a while that if we get results right on the park that we could finish them off.
It is ridiculous that a club in their position should be staking so much on something that could quite conceivably not happen.
Why do "certain clubs" have such a problem with the concept of living within your means?
It's not a popular opinion but I genuinely consider them to be the same club. You would think they'd take the second chance they've been given a bit more seriously and heed warnings, given what happened before.
Breaking news on Twitter
A judge has ordered @RangersFC chairman Dave King to make an £11 million offer to the club's remaining shareholders.
More news
http://www.bbc.co.uk/sport/football/42454416
The Judgement's not been published yet on their website however both parties may well have been emailed both the Interlocuters and Written Judgements and they've been leaked to the press first. Lovely news if it is the outcome.Quote:
Originally Posted by Golden Fleece
:aok:
https://www.scotcourts.gov.uk/docs/d...6.pdf?sfvrsn=0
Here it is. Going to read over it.
What if dodgy Dave doesn't have £11 million to make said offer?
He'll scam somebody to get it? :dunno:Quote:
Originally Posted by Hibernia&Alba
Also this. Murty to stay on as manager.
Means they can’t have a share issue now until Dave offers everyone else a chance to get out, which they would be mad not to take as they are about to devalue all existing shares with the issue of new shares.
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At first glance Lord Bannatyne decided there were two main issues raised in the case.
1, The issue of whether Lord Bannatyne had discretionary power not to automatically rule in favor of the Panel.
Lord Bannatyne found in favor of the Respondents (King) that he did indeed have discretionary power not to.
2, Whether or not to find for the Panel and grant the order sought by the Panel that was to make good on the share offer.
Lord Bannatyne found in favor of the Panel and granted the order be made against King to make good on the share offer.
:greengrin
Disgusting decision.Quote:
Originally Posted by grunt
Murty seems like a likeable chap and that is not what Sevco are for. Dereliction of duty from the Sevco board there.
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This court order today should also be a matter for the compliance officer but of course it won’t be.
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They are skint as. :greengrin
1. he'll be in contempt of Court if he (his company/trust, in reality) doesn't make the offer.Quote:
Originally Posted by Hibernia&Alba
2. if he makes the offer, but can't/won't pay, the sellers will sue and we'll be back in Court again.
The wider issue is that any short-term loans that RFC were expecting from him have just disappeared over the horizon.
Ah, CWG, always the bearer of good news :greengrinQuote:
Originally Posted by CropleyWasGod
Crops, who’s paying for all these court feesQuote:
Originally Posted by CropleyWasGod
That in itself is great news, well played the judge :thumbsup:Quote:
Originally Posted by CropleyWasGod
Appoint Hamster Puss as the manager until the end of the season and fall down the league, will that devalue shares?Quote:
Originally Posted by CropleyWasGod
Good question.Quote:
Originally Posted by Billy Whizz
It shouldn't be RFC, as it's not their fight. It should be DK/NOLA on one side, and the taxpayer on the other. Whether DK will get RFC to pay his share, one can only guess :greengrin...... but I'm not sure if orders can be made for the Takeover Panel's costs to be made against DK. One would hope so.
IIRC, they have to offer 20p per share.Quote:
Originally Posted by Firestarter
At the moment, that would be a bad deal for the shareholders. In the scenario you suggest, 20p might be attractive. But, as Ozy says, the new share issue might devalue them anyway... and this judgement will, for sure, as their stability is back in question.
The costs have been reserved for now. Its normally the losing party who pays both sides costs albeit again the Lords have discretionary powers not to award costs against the losing party.Quote:
Originally Posted by CropleyWasGod
Hopefully the TP will at a later date seek a hearing for King to be held liable for their costs as it will run into many thousands of pounds.
:greengrin
Quote:
Originally Posted by Hibernia&Alba
I've seen his wine cellar on TV.
Just needs to sell that, plus any other property he owns, and see how much that raises.
He lost his wine cellar not long after he was daft enough to show it off. SARS (I think) took it off of him.....Quote:
Originally Posted by jacomo
Thanks Cropley.Quote:
Originally Posted by CropleyWasGod
Astonishingly cheery post from you :wink:. When does he have to make the offer by?Quote:
Originally Posted by CropleyWasGod
Just to be clear, though, it's the family trust that has to make the offer. At the moment, his own personal assets shouldn't be in play.Quote:
Originally Posted by jacomo
The emails between Letham and King were damning evidence of them being fully aware of the 30 per cent trigger. They knew what they were about yet chose to leave a trail of evidence. I can't understand for the life of me why they would knowingly seek to bypass the rules yet do it so openly leaving them bang to rights. Total amateurs who deserved to be caught out and to be served up the consequences.
Cropleywasgod was correct on here a few months ago when surmising Kings defence of claiming poverty was irrelevant. Lord Bannatyne made that very point in his Judgement.
This is great news. King is an out and out liar and conman. He's been caught with his pants down so to speak and I hope he's contemplating exiting Scottish Football right now.
GGTTH
It shouldn’t be in his gift to just leave. He has just been called out for lying ina Scottish court and mounting an illegal takeover of a Scottish football club. The SFA should be acting today. Will they though?Quote:
Originally Posted by lgnsh70
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Great points.Quote:
Originally Posted by Ozyhibby
All parties concerned may just be very glad to see the back of him though and to leave it at that. We don't know its without precedent. If he remains it will be enforced no doubt about that or face the consequences if not.
Ha ha ha, i think we all know the answer to that one mate!Quote:
Originally Posted by Ozyhibby
Don't hold your breath, they'll just find a bigger rug and a bigger brushQuote:
Originally Posted by Ozyhibby
Just thinking, this post could maybe have fitted in quite well on the good news stories thread :greengrin :thumbsup:Quote:
Originally Posted by Golden Fleece
It will be enforced even if he "leaves".Quote:
Originally Posted by lgnsh70
If he were to, cough, walk away from Rangers today, the offer would still have to be made.
Theoretically you're correct but this is no normal respectable businessman involved here. There's no telling just what this man is capable of however he may just decide to spend some of his 'children's inheritance' and do as he's been told.Quote:
Originally Posted by CropleyWasGod
No doubt its going to be great viewing whatever happens.
:greengrin
Who's to say what a realistic valuation of Rangers shares is? Was the last price paid not something like 27p for Ashley's shares. However it was being argued on SFM that this was a price agreed between Rangers and Ashley and contained an element of compensation for the ending of the retail deal.Quote:
Originally Posted by CropleyWasGod
The 20p has been set by the Court, as that was the price that was paid for the other shares that were bought at that time.Quote:
Originally Posted by Stonewall
It's up to the offeree to decide how good an offer that is.
Personally, I'd take the money and walk away.
It appears King is having to make the offer.
What about the other members of the 'Concert Party', or have I got it wrong?
Do they have any obligation and if so, to what extent?
CWG, perhaps you can clarify?
The case was only against him. I'm not sure why the others weren't cited as well. Presumably because he was the "leader".Quote:
Originally Posted by Famous Fiver