Dave King's share offer deadline

[Keith_M]

When is the deadline for King to make his offer to other shareholders in the Clumpany?





I had a feeling it was today but nothing in the MSM.

[Ozyhibby]

Tomorrow. No news yet.


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[Is It On....]

I was checking that earlier. Definately 12th April but can't see what sanctions there are if he fails to meet it. The bad news for Disco Dave is that he needs a nominated advisor and it is likely to cost him £500k - £1m to do the "offer documentation". That's before stumping up the cash for those that accept the offer of 20p per share.

[Ozyhibby]

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I was checking that earlier. Definately 12th April but can't see what sanctions there are if he fails to meet it. The bad news for Disco Dave is that he needs a nominated advisor and it is likely to cost him £500k - £1m to do the "offer documentation". That's before stumping up the cash for those that accept the offer of 20p per share.

The penalty appears to be 'cold shouldering' but I've never seen it explained exactly what that means.


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[Jack Hackett]

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The penalty appears to be 'cold shouldering' but I've never seen it explained exactly what that means.


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https://www.law.ox.ac.uk/business-la...-cold-shoulder

Basically anybody connected with the FCA won't touch him with a barge-pole...not that you'd want to anyway

[DaveSo]

That also includes their current bankers who will have to withdraw banking facilities. Sevco will have to revert to a cash only business.
That will be impossible in practice of course.
Interesting times.

[Keith_M]

Thanks for your replies, guys.





So we should hopefully find out tomorrow if Disco Dave is going to comply with the ruling or just carry on regardless.


I didn't realise there were so few immediate penalties for non-compliance, though. Maybe a ban from European Competition would be in order? A removal of his FPP status at the SPFL/SFA?

[Jack Hackett]

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Thanks for your replies, guys.





So we should hopefully find out tomorrow if Disco Dave is going to comply with the ruling or just carry on regardless.


I didn't realise there were so few immediate penalties for non-compliance, though. Maybe a ban from European Competition would be in order? A removal of his FPP status at the SPFL/SFA?

The ruling has no legal status, but in the world of finance it's as good as, and will have very serious consequences as DaveSo states

[DarlingtonHibee]

Cwg can you give us an idiot guide please!

[Jack Hackett]

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Cwg can you give us an idiot guide please!

http://www.hmfckickback.co.uk/index....1-the-terrace/

[Ozyhibby]

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Thanks for your replies, guys.





So we should hopefully find out tomorrow if Disco Dave is going to comply with the ruling or just carry on regardless.


I didn't realise there were so few immediate penalties for non-compliance, though. Maybe a ban from European Competition would be in order? A removal of his FPP status at the SPFL/SFA?

Funny you should say that, Phil reckons they might have a problem there as well.
https://philmacgiollabhain.ie/2017/0...ased-at-ibrox/



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[superfurryhibby]

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That also includes their current bankers who will have to withdraw banking facilities. Sevco will have to revert to a cash only business.
That will be impossible in practice of course.
Interesting times.

They bank with Metro Bank, who mostly provide bespoke banking to wealthy folk in London. I would be very surprised if they were offering any overdraft facilities to Sevco

[DaveSo]

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They bank with Metro Bank, who mostly provide bespoke banking to wealthy folk in London. I would be very surprised if they were offering any overdraft facilities to Sevco

They won't have an overdraft with Metro Bank due to their credit history etc but still need a bank for normal income and outgoings. If banking facilities withdrawn due to "cold shoulder" no idea how they can pay wages for example by cash.
Gonna need big wheelbarrows to move the dosh in and out !

[superfurryhibby]

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They won't have an overdraft with Metro Bank due to their credit history etc but still need a bank for normal income and outgoings. If banking facilities withdrawn due to "cold shoulder" no idea how they can pay wages for example by cash.
Gonna need big wheelbarrows to move the dosh in and out !

Based on the article discussion, it doesn't seem clear to me why Rangers would be cold shouldered? It also says the cold shouldering has only been applied twice? Also wondering if the regulations quoted apply to Scottish companies or if it is UK wide?

No banking facility would surely end Sevco, but Metro Bank won't relish being associated with that surely.

Be interesting to see how this develops.

[Jack Hackett]

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Based on the article discussion, it doesn't seem clear to me why Rangers would be cold shouldered? It also says the cold shouldering has only been applied twice? Also wondering if the regulations quoted apply to Scottish companies or if it is UK wide?

No banking facility would surely end Sevco, but Metro Bank won't relish being associated with that surely.

Be interesting to see how this develops.

Tomorrow can't come quick enough

...and it isn't The Rangers who would be cold-shouldered, it's the company they belong to

[AltheHibby]

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http://www.hmfckickback.co.uk/index....1-the-terrace/

lol

[DaveSo]

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Based on the article discussion, it doesn't seem clear to me why Rangers would be cold shouldered? It also says the cold shouldering has only been applied twice? Also wondering if the regulations quoted apply to Scottish companies or if it is UK wide?

No banking facility would surely end Sevco, but Metro Bank won't relish being associated with that surely.

Be interesting to see how this develops.

The cold shoulder would apply to the company the glib liar acted in concert with others to acquire shares over the legal threshold. i.e. Sevco.
This won't happen immediately unfortunately.
Probably be other consequences to happen first though but what they might be will be interesting.

[ekhibee]

And you have to wonder when Ashley's going to play his cards too. Sevco are still an absolute shambles, and all those fans who think it's only going to take a couple of seasons before they challenge Celtic again? Absolutely no chance.

[CyberSauzee]

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And you have to wonder when Ashley's going to play his cards too. Sevco are still an absolute shambles, and all those fans who think it's only going to take a couple of seasons before they challenge Celtic again? Absolutely no chance.

Ashley's long game is to make the club go under again, create Huns mark III (Rangers UK Limited?) with the assets, then use the club as an ad vehicle to promote his SD 'brand' Europe wide. That was his intention with the current incarnation of the Ibrox Bigots; but unfortunately for him he never banked on a convicted fraudster usurping him with the help of the governing body of Scottish football.

[CropleyWasGod]

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The cold shoulder would apply to the company the glib liar acted in concert with others to acquire shares over the legal threshold. i.e. Sevco.
This won't happen immediately unfortunately.
Probably be other consequences to happen first though but what they might be will be interesting.

The way I see it, it's not Rangers that are at fault here. It was King et al who were the concert party, and it is King who has had the order made against him.

Accordingly, if there is any cold-shouldering to be applied, it should be against King.

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[FilipinoHibs]

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They bank with Metro Bank, who mostly provide bespoke banking to wealthy folk in London. I would be very surprised if they were offering any overdraft facilities to Sevco

Metro bank is for the person/business on the street. Lighter credit sscrutiny than the large established banks. Suit the Gers.

[FilipinoHibs]

Financial Times(FT) thinks it is a bit of a sideshow as Rangers shares delisted from Stock Exchange in 2015. Now trading privately with last transaction at 27.5p in November which is why King think it is pointless exercise as nobody will sell at 20p. FT thinks King will do nothing and Takeover Panel will take him to court. The outcome then is likely to a fine plus financial sanctions.

[greenginger]

RIFC shares did trade on JP Jenkins trading platform.

http://jpjenkins.com/companies/range...tball-club-plc

There is still a listing for them , but no one has bothered to upload their 2016 accounts to their company information page.

Seems to be a complete disinterest in shares in the world's most successful football team.

[Is It On....]

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Financial Times(FT) thinks it is a bit of a sideshow as Rangers shares delisted from Stock Exchange in 2015. Now trading privately with last transaction at 27.5p in November which is why King think it is pointless exercise as nobody will sell at 20p. FT thinks King will do nothing and Takeover Panel will take him to court. The outcome then is likely to a fine plus financial sanctions.

For the FT to say that the recent transactions were done at 27.5p is a bit misleading. The "exchange" where this is taking place is a bit like a bulletin board and transactions are done on an appointment basis (sort of like the stocks that were pumped up at the start of The Wolf of Wall Street) with very limited liquidity. So I would say that if one of the large holders wanted to exit they would not achieve anything like the 27.5p quoted and it would take them months.

[FilipinoHibs]

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For the FT to say that the recent transactions were done at 27.5p is a bit misleading. The "exchange" where this is taking place is a bit like a bulletin board and transactions are done on an appointment basis (sort of like the stocks that were pumped up at the start of The Wolf of Wall Street) with very limited liquidity. So I would say that if one of the large holders wanted to exit they would not achieve anything like the 27.5p quoted and it would take them months.

Yes as I said delisted in 2015 and last transaction done privately at 27.5p. To trade any size you would expect to do at discount to that price but not over 27% discount (more like 5 to 10% discount) which why King will not get any sellers at 20p and use this as argument along with delisting as why forced offer does not make sense. Court likely to rule as an example setting in favour of Takeover Panel. Limited to what they can hand so expect a fine for King and some form of financial sanctions.

[Keith_M]

So, no announcements so far in the MSM of King deciding to play by the rules and make the offer.

Funnily enough, I've seen no articles in the MSM even mentioning today's deadline. A suspicious person would think they're waiting to be told what to print, and what not to print, from within Ibrox.

[CropleyWasGod]

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For the FT to say that the recent transactions were done at 27.5p is a bit misleading. The "exchange" where this is taking place is a bit like a bulletin board and transactions are done on an appointment basis (sort of like the stocks that were pumped up at the start of The Wolf of Wall Street) with very limited liquidity. So I would say that if one of the large holders wanted to exit they would not achieve anything like the 27.5p quoted and it would take them months.

Yup.

The shares are worth what anyone is prepared to pay for them. If DK offers 20p, and a holder is prepared to take that, that is what they're worth.

[FilipinoHibs]

Someone was prepared to pay 27.5p in November but you could not find a buyer for all the shares that King needs to purchase at that level. Any seller will use the 27.5p as a benchmark but will accept a discount to get rid of a large holding but not a 27% discount. They will hold out for a better level. That is the mind set of investors. But in the end may have to take a lower level. Sellers always think tbe share price should be higher and buyers lower. Both end up chasing their tails and loose out. King does not want to pay up so will take a small fine and some sanctions as the lesser of two evils.

[Ozyhibby]

Had a look around on the web and cold shouldering seems to just involve companies not getting involved in any more takeovers with him. Slap on the wrist stuff.


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[CropleyWasGod]

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Had a look around on the web and cold shouldering seems to just involve companies not getting involved in any more takeovers with him. Slap on the wrist stuff.


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So no sanction on the club. That makes sense.